HiltonHeadMarketInfo.com
Has the Hilton Head Island/Bluffton real estate market stabilized?
All across the country, people want to know how their local real estate market is faring. We are asked several times a day by clients, friends and those proverbial 'acquaintances we run into at the grocery store', "How's the real estate market?" We've created this page to answer that question with the facts - not the hype - about our market. We will be updating it monthly so save this page to your Favorites. Then come back periodically to see how we're progressing. And don't hesitate to email or call with any questions. Click here to download our popular new book, 7 Reasons Why Your Timing is Excellent to Buy Real Estate.
~Sales Soar to Highest Level in 6 Years
While real estate in much of the country has languished, as you can see in the chart above sales of homes, lots and villas in the Hilton Head Area MLS in the first quarter s of 2012 surged to their highest level in six years, surpassing 2011 by 9% and 2009 by a whopping 115%! And 2011 as a whole was the best year in five years.
~Home Prices Appear to Have Bottomed Out Last Year
Because of the sustained improvement of the last three years in the number of sales, the median price of homes according to MLS data clearly hit bottom in the first half of 2011 at $256,420. See chart below. Median home prices since then have increased 3.3% to $265,000. Pundits often say, "How do you know when you've reached the bottom of the market? Answer: When you see it in the rear view mirror." We're now seeing what apprears to be the bottom in the rear view mirror!
~Hilton Head Real Estate Market Hottest in South Carolina
The Hilton Head Island/Bluffton area had the highest rate of growth of all the real estate markets in South Carolina in 2011, according to an annual report released on February 25, 2012, by the SC Association of Realtors.
~Last In - First Out
Being the hottest market in the state is not new for the Hilton Head area … especially after a recession. For decades local Realtors have observed that the Hilton Head area is “the last into a recession and the first out.” This is no doubt due to the fact that Hilton Head’s location, ambiance and quality recreational amenities make it one of the most desirable locations on the East Coast.
~Money's Never Been Cheaper
Money's never been cheaper. The traditional 30-year fixed-rate mortgage is now hovering around 3.90%. The chart above displays the historic proportion of these rock bottom interest rates with graphic clarity. MIND-BLOWING. The interest rates of the last 16 months are below all previous records tracked by Freddie Mac. Mortgage money has never been “cheaper” at a time when home prices couldn’t be more attractive.
These history-making low rates combined with an unprecedented drop in home values have made the monthly cost of owning a home today, according to the National Association of Realtors, the lowest since records began in 1970.
~The Pendulum is Swinging Back
The evidence is compelling. The real estate recession in the Hilton Head area is waning. Hopefully we will never return to the unrealistic price increases of 2003-2006, but for those who want to buy, their timing is excellent.
Start your real estate search today here on www.HiltonHeadRealEstateSearch.com. This may be the best time to buy in your lifetime! Email us at info@RickTurnerAndAssociates.com or call 843-816-0796 with your questions or for help in finding the Best Buy for you. And have fun searching!
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