Market Report - July 2020

Dated: August 19 2020

Views: 419

Market Report - July 2020



Strong buyer demand in the face of a constrained supply of homes for sale continues to be the story again this month. New construction activity, in the form of housing starts as reported by the Department of Commerce, has picked up in recent weeks but remains well below levels required to substantially increase the number of homes for sale. Continued low interest rates are expected to maintain healthy buyer activity, while reluctant sellers and the changing season are likely to drag the inventory of homes for sale lower into the late summer and early fall market. For the 12-month period spanning August 2019 through July 2020, Pending Sales in the Hilton Head region were up 12.0 percent overall. The price range with the largest gain in sales was the $650,001 and Above range, where they increased 51.9 percent.

The overall Median Sales Price was up 4.7 percent to $335,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 4.3 percent to $365,000. The price range that tended to sell the quickest was the $100,001 to $225,000 range at 110 days; the price range that tended to sell the slowest was the $650,001 and Above range at 190 days.

Strong buyer demand in the face of a constrained supply of homes for sale continues to be the story again this month. New construction activity, in the form of housing starts as reported by the Department of Commerce, has picked up in recent weeks but remains well below levels required to substantially increase the number of homes for sale. Continued low interest rates are expected to maintain healthy buyer activity, while reluctant sellers and the changing season are likely to drag the inventory of homes for sale lower into the late summer and early fall market. For the 12-month period spanning August 2019 through July 2020, Pending Sales in the Hilton Head region were up 12.0 percent overall. The price range with the largest gain in sales was the $650,001 and Above range, where they increased 51.9 percent.

Blog author image

Ryan Bohr

When the opportunity arose for Ryan Bohr to join a dynamic team of Realtors in Hilton Head Island, he went "All-In" moving his wife and two young children from Raleigh, NC. He was most recently invo....

Latest Blog Posts

Market Report - March 2021

Market Report - March 2021 Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated

Read More

Market Report - February 2021

Market Report - February 2021 Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but

Read More

2020 Hilton Head Island - Investor Report

2020 Hilton Head Island - Investor Report Without a doubt, 2020 was a year that will not be forgotten any time soon. In all of the craziness, it was impossible to predict what was going to happen to

Read More

Market Report - January 2021

Market Report - January 2021 January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an

Read More