Market Report - March 2021

Dated: April 21 2021

Views: 20

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 in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.

New Listings were up 16.0 percent to 862. Pending Sales increased 117.7 percent to 884. Inventory shrank 72.4 percent to 649 units.

Prices moved higher as Median Sales Price was up 6.8 percent to $375,765. Days on Market decreased 23.3 percent to 115 days. Months Supply of Inventory was down 82.4 percent to 0.9 months, indicating that demand increased relative to supply.

While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.

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