You may have heard of the unparalleled success of the real estate market in the Hilton Head area, which had a record-setting year in 2013.
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It looks as though this positive trend will continue as the first quarter of 2014 has continued to show the impressive prosperity of the Hilton Head Island area real estate market.
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Home sale numbers have stayed historically high and median sale prices, while still low, are nearing the highest they have been in the past 5 years.
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Hilton Head Homes Sales in the First Quarter of 2014
Take a look at the number of home sales chart that I have included below.
As you can see, 529 Hilton Head area homes have sold in the first quarter of 2014. This is among the three most successful first quarters of any year in the history of the Hilton Head area real estate market! Coming off of last year's recording-breaking 578 homes sold in the first quarter, this quarter's 529 sold homes hints at another prosperous year for our local market.
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Median Hilton Head Area Home Prices Are RisingÂ
The rate of home sales is not the only encouraging statistic in the Hilton Head area real estate market in the first quarter of 2014. The median price of homes sold in this year's first quarter rose to $269,890, up 8.2% from the first quarter of last year's median price of $249,333. While the median price has increased since the "bottom" 18 months ago, prices are still historically low. In fact, at the end of 2013, the median sale price was still nearly 28% below the peak of $395,000 set in the beginning of 2007.
So what does this mean for potential buyers and investors like yourself? This is the time to take advantage of the current market success and purchase property in the Hilton Head area. Trends seen in the local and national markets indicate that with the increase in sales and prices, along with the decrease in inventory, these low prices will not stay this way for long. Homes purchased now are highly likely to increase in value in the coming years.
1st Quarter Reports Suggest Another Great Year in the Hilton Head Area Market
Experts believe that these numbers are reflective of another successful year in the Hilton Head area real estate market. The second quarter (spring) always brings a significant increase in real estate buying and selling activity. Buyers are more motivated during this time to purchase their dream homes. This year, experts expect to see the strongest purchasing market seen in the last decade.Â
A few factors contribute to this projection: The Millennials generation, Baby boomers, and rising home prices and mortgage rates. The Millennial generation, despite popular belief, is eager and excited to become homeowners. In fact, the latest NAR's demographic study showed that this generation has recently accounted for a greater percentage of all buyers than any other age group.
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The "Baby Boomer" generation has been stuck in their prevous homes because of low or negative equity over the last several years. But that is all changing and this generation is now able to make a change. This new freedom of choice should release a great deal of pent-up demand in sellers who are ready to "move on up" to their dream homes or a vacation/ retirement home. And what better place to find your dream home than on Hilton Head Island?!Â
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As the national economy improves, the county is gaining faith in the positive trend of their own personal finances. This will encourage buyers to take advantage of great real estate opportunities like those in the current Hilton Head real estate market.Â
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Your Hilton Head Real Estate Expert
If you were waiting for just the right time to buy and catch prices on the upswing, then now is your moment! Log onto the best real estate search engine in the area, HiltonHeadRealEstateSearch.com, and select some properties of interest. Then contact us with your questions or to schedule an appointment. We will look back a year or two from now and realize this winter was an incredible time to buy real estate: low, low interest rates and rock-bottom, but rising, prices!
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