We have attached the link to the 2010 February Market Study.  This report shows the activity in the real estate market in a very recent snapshot.  Below is a quick summary of this report:

Homes – Hilton Head in February 2010

  • Sales(demand) increased in properties from $550 – 2 million.   
  • Inventories(supply) increased in properties under $550,000
  • The sold properties under 1 million had lower  negotiability in Feb
  • The sold properties over 1 million offered more negotiability

Bottom line for homes

The market is now active in all properly priced homes under $2 million.  Days on the market are decreasing on properties under $750,000 as these inventories show activity.  If you are a buyer timing is still on your side, but do not sit on the sidelines too long now(except for properties with the exception of properties over 2 million)

Villas – Hilton Head February 2010

  • Days on the market decreased on villas under $500,000
  • Sales dropped for villas over $550,000. 
  • Sales for properly priced villas under $350,000 have been steady for the last 2 months
  • Inventories remain high on villas over $350,000

Bottom Line for villas

Prices will continue to correct on villas over $550,000(unless they are priced correctly reflecting the higher inventories and lower number of buyers).  Villas under $350,000 will become less negotiable as we move into season.  Keep in mind, inventory on villas over $750,000 can turn very quickly with a relatively small amount of additional buyers which can happen in season.

Home-sites – Hilton Head February 2010

  • Inventories remain high
  • Sales are occuring at deep discounts

Bottom Line for home-sites

Lots under $350,000 continue to sell if they offer compelling pricing.  Lots will continue to be backburnered in the first half of the year as home purchases may still offer the better value.  Home site inventories will change as homes inventories continues to drop.  These vacant home sites represent a buying opportunity in the market right now.  Keep in mind it is an Island that is 97% developed.

If you would like a market opinion of your property or have questions about the above report, please e-mail me at robbie@robbiebunting.com or call me direct at 800-932-3652.  Thank you.

All the best,

Robbie Bunting

Broker Associate