Hilton Head Home Sales Soar in 2012 - Local news, weather, sports Savannah | WSAV On Your Side

Hilton Head Home Sales Soar in 2012

1/22/13 -

The housing market in Beaufort County is booming -- especially on Hilton Head Island.

In fact -- Hilton Head leads the state with a 22% increase in sales last year.

And that's just the tip of the iceberg.

It seems to be pretty much good news all around for the Hilton Head housing market. But it's not just overall sales that are making realtors happy, there are also some tell-tale factors they look at to determine how successful a year has been.

The housing market is a traditional case of supply and demand and according to lowcountry realtor Maria Skrip the demand in Hilton Head is high right now.

"When you look at the number of homes that are on the market, that's what we call inventory, and the inventory in 2011-we were averaging an 11 month supply, we are at a little less than 8 months supply now...so we are talking a 31.1% decrease in number of homes on the market, when that inventory goes down, it's like come on let's wait for these prices to keep bumping up, and I think it's going to be a good 2013 I think we have a lot to look forward to."

One of the main things agents are looking at is how average prices aren't really impacting where folks are buying.

"You're looking at a median home price in Sea Pines at about $605K, when you look at Hampton Hall which is a gated community out in Bluffton, you're looking at more like $415K as the median home price."

Yet Skrip says Sea Pines sold 177 homes to Hampton Hall's 47--and while Sea Pines is a bit bigger--we had to wonder why are folks spending an extra $200K to live on the island?

"I hate to use the whole cliche, location, location, location...but when you're talking Sea Pines, you're talking the south end of the island, beach access, the Salty Dog, Harbourtown, the Heritage golf tournament there every year, it's just where people want to be. It's location."

Skrip says she thinks these numbers are a good sign that the housing market, at least in our area is beginning to turn around.

"In my opinion yes, cause like I said inventory is down, it's only a matter of time, there's just not that many homes out there to choose from.so its going to happen, it's is going to happen."

Other lowcountry areas saw increases in sales as well with Beaufort seeing almost a 12% bump.

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