Midway through the year, real estate sales on Hilton Head Island are having a fairly good year when compared to this juncture last year. The general mood of the market is upbeat and positive. All price points and all types of properties are selling and those that are new, or renovated like new, are finding the most attention with buyers.
Island-wide, home sales have increased 19.4 percent while the median sales price has gained only 1.9 percent. Villa sales are doing better with an increase in closed transactions of 10 percent and the median sales price increasing by 12.3 percent, from $216,450 to $243,000.
Home sales in Sea Pines increased by 10.5 percent but median sales price has been nearly flat with a 1.1 percent gain. Coming on the heels of last year's strong performance, more seller's have put their homes on the market to raise our inventory by 15.4 percent.
Our oceanfront market is having one of it's best years with 7 homes already exchanging ownership compared to 2 last year. Our most expensive oceanfront home, on a single lot, sold for $8,700,000. It was a beautifully built home that lasted 20 days on the market. The result of all this oceanfront activity has been to increase the average selling price for a home in Sea Pines by 20 percent, year over year, to $1,014,266. It's worth noting that from the beginning of 2016 until now, the median sales price for a home in Sea Pines has gained $38,500, from $626,500 to $665,000.
Villa sales in Sea Pines has lagged a tad behind last year with two fewer closed sales, 76 compared to last year's 78. Its nice to see the median sales price has gained 9.86 percent, year over year, from $365,000 to $401,000. Interestingly enough, the median sales price for a villa in Sea Pines has increased $36,000 since the beginning of 2016, from $365,000 to $401,000.
2018 Q2 HILTON HEAD AREA REAL ESTATE MARKET OVERVIEW
2018 Q2 HILTON HEAD AREA REAL ESTATE MARKET REPORTS BY COMMUNITY
We're really excited to let you know the Town of Hilton Head Island has achieved the Audubon International Sustainable Community Certification by Audubon International. The Island becomes the first municipality in South Carolina to receive this distinguished certification and is the seventh community in the country thus far. To learn more about this certification and the Town of Hilton Head Island's commitment to environmentally sustainable growth, please click here.
If you are considering buying or selling, there are a number of steps we can do ahead of time to preposition you for a successful transaction. Please contact us for details.
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