We have had 393 sales on Hilton Head Island from January 1, 2010 through March 31, 2010 (homes, lots and villas).  Area sales are as follows:

Sea Pines Plantation – 41
Forest Beach - 55
Shipyard – 16
Wexford Plantation - 7
Long Cove Club – 3
Palmetto Dunes/Shelter Cove – 50
Folly Field – 20
Port Royal Plantation – 4
Hilton Head Plantation - 60
Palmetto Hall Plantation – 11
Indigo Run Plantation – 18
Spanish Wells - 3
Windmill Harbour – 10
Off Plantation – 95

During this same time period last year there were only 219 sales – so we have seen quite an increase in activity.

Monday morning, two comparable properties had been reduced in price and the pricing that had been determined on Friday that was correct, was now in fact incorrect.  It was hard to believe that she was right on Friday and wrong on Monday. 

We had to step back and realize that all markets, especially the real estate market, changes from day to day. 

I once had a client who owned a lot in Sea Pines Plantation.  He called to get an updated market analysis on his property and I told him that the lot was worth $600,000. 

Six months later I heard from my client; he was so excited because he had someone offer him $600,000 for his lot and he had signed a contract.  I then told him that his lot at this point was actually worth somewhere around $700,000.  My client was distraught because I had previously told him that his lot was worth $600,000. 

Again, the market changes from day to day.  This is why I think it is important to consult your Realtor regularly as to the value of your property.  Remember, you can be right on Friday and wrong on Monday.

I recently went to list a 2nd row ocean home in Sea Pines Plantation.  When the homeowner told me what they thought their home was worth I was shocked.  I went on to tell them that oceanfront homes similar to theirs had not sold for that price. 

They came back and said that being 2nd row was better because you did not have people in your backyard all the time. 

I understand that this might be what they prefer, but it does not change the market. 

It is kind of like if you wanted to sell your Mercedes for more than a Bentley.  Just because you might like your Mercedes more, this does not mean that it is worth more than a Bentley. 

In my 29 years of selling real estate on Hilton Head I have learned that everyone has their opinion – but again, these opinions don’t always alter the market.

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Just listed in the heart of Harbour Town – this beautiful Lighthouse II penthouse is immaculate.  Rarely on the market, this is a great opportunity in Sea Pines Plantation. 

Two bedrooms were combined to form huge master suite with spectacular bathroom.  Details abound in this villa – crown molding, coffered ceilings, teak floors and fabulous views.

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I recently had some clients who were several years away from retirement, but a house came on the market that they absolutely loved.  They said, “only if this house would be available in two years” to which I replied that the chances of that happening would be slim to none.

I always tell my clients that if they find the property they are looking for, buy it.  It does not matter if it is six months too early, a year too early or a year and a half too early.  For years, you will be happy with the decision you have made.

About 15 years ago, I had a client who told me that they always wanted to own a home on S. Calibogue Cay (there are only about eight or nine homes on that street.  One came available that was a great buy and he said that he wished it was on the market at a different time.  I told him that down the road this house probably would not be available.  After some thought, he decided to buy and to this day he is thankful for buying when they did and they love their home.

Villa sales were as follows:  Sea Pines Plantation - 61, Forest Beach - 120, Shipyard – 42, Palmetto Dunes - 98, Folly Field – 53, Hilton Head Plantation - 7, Hilton Head Off Plantation – 124, Windmill Harbour - 1, and Indigo Run - 4 for a total of 510 sales. 

Unfortunately, there were only 47 lots sold on the island during 2009. 

The total home sales volume was $399,000,000, villa sales volume was $133,000,000 and lot sales volume was $20,000,000 for a total of $552,000,000 in sales.

32 Water Oak

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Of the homes that just came on the market on Hilton Head Island, 14 were in Sea Pines Plantation, one in Forest Beach, one in Shipyard, one in Wexford, 9 in Palmetto Dunes/Shelter Cove, one in Port Royal, 5 in Hilton Head Plantation, 2 in Palmetto Hall, one in Indigo Run, one in Spanish Wells Plantation, one in Windmill Harbour and 6 were in off plantation areas. 

Of the homes that just came on the market in the Bluffton area, 22 were in off plantation areas, 5 were in Moss Creek, one in Colleton River, 6 in Belfair, 8 in Rose Hill, and 14 in Sun City. 

Sales seemed to increase slightly with 19 homes on Hilton Head and 25 homes in the Bluffton area going under contract; 3 in Sea Pines Plantation, one in Forest Beach, one in Shipyard Plantation, one in Folly Field, one in Port Royal, 6 in Hilton Head Plantation, 3 in Indigo Run, one in Windmill Harbour, 2 in Hilton Head Island off plantation areas, 14 in Bluffton off plantation areas, one in Moss Creek, two in Colleton River, 2 in Rose Hill, one in Berkeley Hall and 2 in Sun City.

We also had 12 villas and 3 lots go under contract. 

There are some great buys available and if you are in the market – now is a great time to buy.  Please visit my website at www.JamesWedgeworth.com to view all my best buys in the Hilton Head Island Real Estate market!

We had 96 new homes come on the market so inventory is continuing to increase which is not good for us. 

We had 11 villas go under contract last week – one in Sea Pines Plantation, 3 in Forest BEach, one in Shipyard, 3 in Palmetto Dunes and 4 in off plantation areas.  Of the villas that went under contract, only one was listed above $500,000 – a 3-bedroom Inverness Villa in Palmetto Dunes.

We had 44 new villas come on the real estate market last week. 

We had no lot sales last week and 28 new lots came on the market.

Spring is here and March is traditionally the best time of the year for real estate sales.  Hopefully we will see more activity this coming week because there are more people on the island.  The cold weather has hurt us a little – people usually do not buy a lot of real estate when it is cold on Hilton Head.  We are looking forward to spring right around the corner.

As far as home sales, we had two go under contract in Sea Pines, two in Palmetto Dunes, one in Port Royal, two in Hilton Head Plantation, three in Palmetto Hall and one in Allenwood which is near the rec center.

As far as villa sales, we had one go under contract in Sea Pines, one in North Forest Beach, one in Shipyard, three in Palmetto Dunes, one in Hilton Head Beach and Tennis and one at Tabby Walk Villas.

We did not have any lots go under contract in Hilton Head MLS last week which is hard to believe. 

It is good that we did have some homes sell last week but when you have 88 new homes coming on the market and only 11 selling, we are headed in the wrong direction. 

There are some excellent properties available this time of year.  I would encourage all of you if you have friends that NOW is a great time to buy.  Please feel free to give us a call with any questions concerning your real estate needs.