I ran some Hilton Head real estate activity based on pending date, which in our business is much more important.

For the first two months of 2008, we had 118 homes go under contract on Hilton Head Island with an average sales price of $1,357,000. 

For the first two months of 2009, we had 68 homes go under contract on Hilton Head Island with an average sales price of $887,000. 

The total volume sales for the first two months of 2008 were $48,834,000 versus $24,600,000 in 2009.

One statistic I saw a big discrepancy in was list price versus sales price.  In 2008 we had 92% and in 2009 we had 86% – quite a change. 

There was a minor change in days on the market; 151 days in 2008 and 169 in 2009. 

What does all this mean?  I do not know for sure, but you do not have to be a rocket scientist to figure out the market is slower now than it was then, but I think this also means that there are some great values out there for people who have “dry powder”.