Now that we’re halfway through 2019, there’s no better time than now
to check in on the market to see what the numbers tell us.

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To see how this year’s market compares to last year’s, we’ve tracked several key metrics. Our research has produced some very interesting statistics.

We’ve found that in every price category, inventory has gone on the rise. The only exception here is the range at and below $225,000, which has seen a decrease. Consequently, sales have also gone down.

Here are a few key numbers to pay attention to:

• New listings were up about 3.7%

• Pending sales increased by 6.3%

• Closed sales rose by 1.7%

In the higher price tiers, inventory has increased, but we’ve also seen a steady increase in the number of new pending sales and closed sales, which is great news.

 

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Right now, our general absorption rate
is 5.3 months, which is a very healthy level.

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Additionally, our days on market are down by 1.4%, and homes are now spending an average of 138 days on the market. Each price category is different, of course—because there’s so little inventory below the $225,000 mark, the amount of time homes spend on the market will be much shorter. In the $650,000-and-under range, homes will spend more time on the market simply because there are fewer people who can afford that price.

One of the most important factors to track in our market is our overall months of supply, also called the absorption rate. The absorption rate is the figure that tells us how many months it would take to absorb all of the currently available inventory if no additional homes came on the market at today’s current sales pace. Right now, our general absorption rate is 5.3 months, which is a very healthy level.

If you’d like to see more information about what’s going on in our market, click here to see a PDF file from the Hilton Head Area Association of Realtors, where you’ll find some great information about the overall state of our market.

If you have any questions about selling your home or about real estate in general, please don’t hesitate to reach out to me and my team. We’re experts in the market and we’re here to be your resource.