Explore the Q3 2023 trends in Bluffton/Hilton Head real estate.

Hello everyone, and welcome back to our latest market update for the Bluffton/Hilton Head area as we review the third quarter of 2023. We're eager to dive into the latest trends and statistics to give you a clear picture of what's happening in our local real estate market.

Our analysis begins with a comparison of quarter three to quarter two of this year, focusing on seasonal trends and overall market dynamics. Remarkably, the pricing has remained stable, showing an increase of just 1.4%. This aligns with our predictions, where we didn't expect significant fluctuations, staying within a plus or minus 2% to 3% range annually.

We've noticed a decrease in both pending sales and listings by approximately 15.6% and 15.9%, respectively. This is typical for quarter three, reflecting the usual summer slowdown compared to the bustling period of April, May, and June. Additionally, there's been a slight drop of about 0.3% in the price percentage that sellers are receiving compared to their asking price.

Moving onto the months supply of inventory, which is a crucial indicator of market health, we've seen a gradual increase of 0.3 months. This indicates a slow shift towards a more normalized market, moving away from the pandemic-driven trends. However, we're still in a seller's market, with current inventory levels indicating a sell-out of homes in about 2.6 months if no new listings are added.

“Despite these shifts, the market remains predominantly static.”

Year over year, we're up 1.4% in pricing, which is a significant shift from the first half of this year when we experienced a decline. This change can be attributed to the peak pandemic pricing in the first half of 2022. In terms of sales and listings, there's been a decline of around 9% and 9.8%, respectively, compared to 2022.

Despite these shifts, the market remains predominantly static, with sellers receiving about 98.1% of their asking price. While we are gradually moving towards a balanced market, we're still firmly in a seller's market.

We'll continue to monitor these trends closely and provide you with the most up-to-date information. If you have any questions or need assistance, our team of experts is always here to help. Feel free to reach out to us for any real estate needs. Stay tuned for more updates, and thank you for joining us in this quarter's market analysis!