Each month we will be providing a national & regional real estate market update. To that end, we’ll dive right in with an emphasis on brevity and specifics:
- Existing home sales continued to improve in August and the national median price rose on a year over year basis for the sixth straight month. (NAR)
- The national average commitment rate for a 30 year, conventional, fixed-rate mortgage rose to 3.60 percent in August from a record low 3.55 percent in July. (Freddie Mac)
- The last time there were six back-to –back monthly price increases from a year earlier was from Dec 2005 to May 2006. The August increase was the strongest since Jan 2006 when the median price rose 10.2 percent from a year earlier. (NAR)
Local: Hilton Head / Bluffton MLS:
(Homes, Villas, & Lots Sales for the first 3 quarters of 20012 vs. the first 3 quarters of 2011)
- Total unit sales up 16% (2,883 vs. 2479)
- Home sales up 10% (1,172 vs. 1,551)
- Villa sales up 21% (786 vs. 649)
- Lot sales up 38% (385 vs. 279)
It’s worth noting two contextual observations:
- The total unit sales YTD is the highest number of unit sales in 7 years!!!
- The Hilton Head / Bluffton MLS is the hottest market in SC
The unit sales story in the Lowcountry is incredibly positive, and will be the fundamental driver in the recovery of values. Prices for homes and villas have reset by approximately 40% since the market’s peak according to MLS data, providing remarkable buying opportunities for anyone with the appetite to enjoy ownership in the Lowcountry.