Hilton Head Real Estate Sales
By James Wedgeworth on August 4th, 2010CNBC reported today that home sales dropped during the month of June by 2.6%. Realtors had predicted a .6% increase.
These are national numbers and I am really more concerned with statistics on Hilton Head.
We saw an increase in home sales from May to June to July in the Hilton Head MLS - from 149 to 157 to 187.
If you are interested in buying, there are lots of great options available.
We will continue to monitor the numbers and will keep you posted on the Hilton Head Island real estate market.
Speaking of national numbers, an article at moneycentral.com provocatively titled “Believe it or not, a housing shortage” [http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/believe-it-or-not-a-housing-shortage.aspx] points out that continued reduction in new housing starts will eventually force the proverbial pendulum to swing the other way. Future demand for housing from new household formation exceeding 1 million per year on a national scale will trickle down to local ‘hot spots’ where under-building over-reaction was the new normal. I wonder how this trend will exhibit itself on HHI? Will the lack of new construction push up demand for almost new / newer properties? The article talks about a 5 year time frame for shortages to become more widespread. It’s all about supply and demand. It would be interesting to hear your opinion from a local HHI / Lowcountry perspective.
I do think that we will have a large amount of pent up demand. The Hilton Head market is probably worse than most of America and I do think at some time there will be a shortage of new homes.
There are several plantations in fact where there have only been one newer home built in the past year. So I do think we will see this, but not in the next three years.