Posts Tagged ‘The Hilton Head MLS’

Foreclosures Continue in the Best Hilton Head Communities 

Sea Pines has two lots and two villas in foreclosure today.

Today most every gated community on Hilton Head Island and Bluffton has at least one home, villa or lot in foreclosure for sale.  The communities include the best: Sea Pines (2 homes, 2 villas), Wexford (2 lots), Long Cove (2 homes, 2 lots), Shipyard (2 villas), Forest Beach (12 villas), Hilton Head Plantation (3 homes, 3 lots) , Indigo Run 2 homes, 3 lots), Palmetto Dunes (1 home, 1 villa), Folly Field (1 villa, 2 lots) and Palmetto Hall (2 lots).  Off-Island, they include  Colleton River, Belfair, Berkeley Hall, Moss Creek, Rose Hill, Hampton Hall, Hampton Lake, Buckwalter communities and more. 

The latest statistics about foreclosures from the Hilton Head Multiple Listing Service* are:

• Homes- today 3.3% of all homes in the Hilton Head area for sale are foreclosures, 81 homes of 2,445 total.  In June, there were 2.9% foreclosures for sale, 80 of 2,779.   On Hilton Head Island alone, foreclosures for sale are only 2.2% of the total, just 22 of 1,000 homes.  
• Villas – today 3.2% of all villas for sale are foreclosures, 37 of the 1,146 total for sale.  In June, 4.3% of all villas for sale were foreclosures, 55 of 1,279.  On Hilton Head Island only, excluding Bluffton, Hardeeville and other areas across the bridge from the Island, 3.0% of villas for sale are foreclosures, 31 of 1,030 total.  
• Lots – today3.8% of all lots for sale are foreclosures, 65 of 1,722 for sale.  On Hilton Head Island, 6.3% of all lots for sale are foreclosures, 26 of 412.  I did not report the statistics for lot foreclosures in June.  

Remember that a great deal is not always a foreclosure!  Look at all properties that meet your needs and have good prices.   To find these properties, search them on gogated.com and gather the information that you want, then connect with a good and experience agent who can help you with your search, answer your questions and advise you about your concerns and set you up with the  Buyer’s Advantage™ system, the best way to monitor the market and find a bargain. 

To get a super-bargain, you must know about it right away and that is what a good agent and Buyer’s Advantage™ does.  There is no better way to monitor the market.  To receive the Buyer’s Advantage™ system without cost or obligation and for more information about foreclosures and good deals of all kinds, please contact me, the Hilton Head Gated Communities Specialist® today!

*The MLS of Hilton Head Island requires this disclaimer: “The statistical data contained herein has not been verified by the Multiple Listing Service of Hilton Head Island, Inc. and the publication of information hereof is not a representation or warranty of any fact whatsoever.”

Richard Kadesch, Owner and Broker-in-Charge The Gated Community Specialist ® Go Gated Realty ® Hilton Head Island, South Carolina Rich@gogated.com www.GoGated.com 1-800-333-5025 Read Some of My Clients’ Success Stories

Hilton Head Home Prices Search for the Bottom

Sep 07 Oct   Nov   Dec  Jan 08  Feb   Mar   Apr     May   Jun    Jul    Aug   Sep

600     611    507    601    576   399   569    501   520    537   452    513   536

 Hilton Head Home Sales Prices x $1,000.

We don’t need the Go Gated Blog to tell us that Hilton Head home prices have fallen.  Statistically, home prices have fallen from September 2007 to September 2008 by 10.8%.  But, are prices at the bottom and if not, when will this happen?  The fact is that  nobody knows exactly when prices will bottom and economic events like that are impossible to predict accurately.  But, we can study our local housing numbers as we do in this blog and draw our own conclusions about what may happen next.  

The best statistics about Hilton Head home sales for us to study come from the Hilton Head Multiple Listing Service and come with this disclaimer:  “The statistical data presented herein has not been verified by the Multiple Listing Service of Hilton Head Island Inc, Richard Kadesch or Go Gated Realty.   The publication of the information hereof is not a representaiton of any fact whatsoever.”  

The Number of Hilton Head Homes Sold

Sep 07 Oct   Nov   Dec  Jan 08  Feb   Mar   Apr     May   Jun    Jul    Aug   Sep

169      90     87    143   66     113   107   140     156   129   148    106    83

A Summary of Hilton Head Home Sales Data

Here is a summary of some 13-month statistics taken from the HIlton Head MLS: 

• The average sales prices of homes shows a gradual decline in the past 13 months (see the graph, above).  The average home sale in September 2007 was $600,496 vs the average home sold in September, 2008 of $535,719 shows a decline in average sales price of $64,777 or 10.8% year to year for September.  We will probably see some lower average sales prices in 2009 and we will have to monitor the data to see when we hit bottom. 
• The number of homes sold shows a gradual decline (see the graph, above).  169 homes sold in September 2007 vs 83 sold in September 2008. This is a decline of 50.9% for these  two months year to year.  Okay, so there are fewer buyers but to speculate about why is to ask if prices are still too high, credit is too tight and if buyers are waiting for the presidential election or some other event as a buying signal.  
• The dollar volume of Hilton Head homes sold declined from $101,483,835. in September 2007 to $44,464,691. in September 2008 ( see the graph, below). This is a decline of 56.2%.  This number, together with the number of homes sold data tells me that more homes are selling in the lower price range, at least in September, 2008.    
• The average days on the Market to sell is up from 125 in September 2007 to 149 in September 2008 (see the graph, below).  This is an increase of 24 days, or 19.2%.

 Hilton Head Home Sales in Millions of Dollars

Sep 07 Oct   Nov   Dec  Jan 08  Feb   Mar   Apr     May   Jun    Jul    Aug   Sep

101    55      44      86      38     45      61    70     81      69      67      54      44

 What Must Change For Prices to Recover

• The supply and factors must change.  Demand must increase more than the supply increases.  The supply must decrease.  We see this happening and many sellers do not renew listings and withdraw properties from the market.  In September of 2007 there were 2,904 Hilton Head homes for sale vs 2,842 homes for sale in September, 2008 – a reduction of 2%.  
• The rate of foreclosures must diminish.  While foreclosures are a small part of the sales inventory, they depress prices at the low end..
• Credit must be available for buyers and at attractive interest rates.   The government is not committed to this issue.
• Buyer confidence must improve.  Many buyers are waiting for the market to settle down and to me, this means that they expect to get lower prices by waiting or they must sell before buying.  Buyers also don’t like uncertainty in general and there is a lot of that right now.  We need to have the Presidential election to eliminate the uncertainly about who will be our next President.  We need more assurance that the national and world economy will improve. 

The Go Gated Blog will be monitor events and HIlton Head home prices.  The needed changes will happen slowly.  National experts see a housing recovery underway but that will take several years to complete.  Hilton Head is typically among the last places to feel a recession and among the first to recover.  This is in part because there are many affluent buyers of prime Hilton Head Island real estate.  It is also true that Beaufort County is among the fastest growing counties in the State of South Carolina.  There are many new jobs here and baby boomer demographics favor the Hilton Head retirement and second home housing market.  

 Some Good News for Hilton Head Home Sellers

• The gradual decline in prices gives sellers a reasonable expectation of what buyers will pay.     
• There are buyers in the marketplace. 
• We are probably at or near the bottom of home prices.
• Banks do have money to lend and interest rates are generally pretty good. 
• If you sell low now and will buy again, you will probably buy low too. 

Average Days on the Market to Sell

Sep 07 Oct   Nov   Dec  Jan 08  Feb   Mar   Apr     May   Jun    Jul    Aug   Sep

125   128    101    146   130    139   145    162    151   118   149   147   149

 What is a Hilton Head Home – Statistically?

All sales from the entire HIlton Head MLS area is used for the data in this article.  Yes, the Hilton Head statistial home is a combination of some trailers down the road, a few ocean front mansions and numerous other homes.  Please ask the Gated Communities Specialist ® about the sub-market of the neighborhood that interests you.  Recently a client who bought a house from me last year in Hilton Head Plantation called to find out how much he believed home prices must have fallen in his neighborhood.  The numbers told me that prices where he lives have not fallen at all.  He loves his home and has no regrets.  He could not have bought it now for the low price that he got even if it was for sale today.   

Remember, this data describes homes - not villas or lots.  That data will be presented in separate blog posts ASAP.  Most sales of the Hilton Head Multiple Listing Service occur on Hilton Head Island or in Bluffton, South Carolina.   Other areas that are part of the Hilton Head MLS include Ridgeland and Hardeeville, both in Jasper County.  Also included are homes in Barnwell, Hampton, and Orangeburg counties.

Richard Kadesch, Owner and Broker-in-Charge The Gated Community Specialist ® Go Gated Realty ® Hilton Head Island, South Carolina Rich@gogated.com www.GoGated.com 1-800-333-5025 Read Some of My Clients’ Success Stories