Market Mondays- 01/10/22
Neighborhoods featured this week:
-Spanish Wells (sort of)
-Hilton Head Island
Transcript:Welcome to our first live edition of Market Mondays. It's 2022. We're just a couple days into the new year. So the numbers aren't incredibly meaningful but we ask you to come back week after week and you'll be able to identify the trends along with us and see where the market's going. It'll be your crystal ball into the future. Of the real estate market.
Also in addition to talking about Hilton Head Islands real estate market, we've implemented this ticker and each week, we are going to talk about Bluffton and Hilton Head but we're also going to pick some small local communities or larger local communities and do a market update for those individual communities.
When is your community going to come up? Well, stay tuned. The next couple days, we're going to put out a schedule for you so you'll know. We hope you come every week to watch Hilton Head in Bluffton but we'll know when your specific community is going to be featured.
in our market update.
Also, we're going to take questions at the end. So, if you have any questions, just type them in below. We're monitoring the questions and we'll answer them. Any questions that we have in the end. Finally, this is our first time doing this. This is live. We think we've worked out all the kinks.
But give us give us a pass if we mess anything up this first time that we do it. So, let's get started with Bluffton Fifteen properties come on the market so far this year. The same period of time last year, 35. Pretty significant difference in inventory year over year. You're going to see this across all the markets. Inventory is way down compared to where it was at this time last year. We had 21 sales so far this last year. By comparison, the same period of time last year, we had 30, 30 percent decline, and the number of closed sales. The pending transaction, these will turn into closed sales, a month, six two months from now.
We had 15 so far this year in Bluffton.
Thirty-five over this period of time.
Last year, the average selling price, four hundred and seventy-nine thousand compared to eight oh five at this point last year but again, remember, we're only looking at roughly 10 days. So, it's such a small set of data that is just not reliable. So, don't believe for one minute that the average selling price in Bluffton is down almost 40 percent.
It's not it's just we had some big sales at this time last year or conversely we've had some really small sales to start out this year. In cumulative days on the market, 15. We're at 15 days on average through the first 10, 11 days of the year and at this point, last year, cumulative days on the market was 109. Again, small set, the value comes in coming week after week after week as we build up this big pool of data and we can really, really analyze the numbers.
So, that is it for Bluffton. Let's talk about sea pines. We had two properties come on the market so far this year during this period of time. Last year, we had three. So, very similar. The sales, we had six sales so far this year compared with nine through the same period of time last year. So, the same percentage.
Pending, we had three pending sales.
Uh so far this year During this period of time last year, we had fifteen So, there's a big difference. Uh much, much less than where we were at this point last year. The average selling price, nine and 52000 so far this year and at the end of or through this period of time last year was 815, 00017% increase in the average selling price and cumulative days on the market in Sea Pines 36 to start off this year and at this point in in time last year we're at forty-nine Spanish Wells is the next area and what you need to know about Spanish Wells is it's just too small of a community and nothing has happened so far.
So we'll be getting to Spanish Wells again in a couple weeks but for now we're just going to skip Spanish Wells. Hilton island overall. Let's talk about the island. So, inventory, twenty-two properties have come on the market so far this year. Through this point last year, fifty-six.
Fifty-six. That's a big big difference. So, you're going to continue to see that number out of whack. Uh we go through this year. That's going to be bad for sales and for buyers. It's going to be really, really good for seeing the average selling price go literally through the roof.
29 sales so far this year compared to 65 through the same period of time last year.
The pendings, we had 45 properties go under contract so far this year. That's pretty good. 68 over the same period of time last year.
And then the average selling price five hundred 000 is the average selling price for the first ten days. Five hundred and fifty through the through the same period of time last year through these 10 days. Cuban of days on the market. 55 is the average amount of time for a property to go under contract to start off this year in the same period of time last year was 58. So almost identical and you have gone through our first live market Monday.
The Perdome team at Perdome Team is the best way to follow us on social media on all of our channels, Facebook, Instagram, I believe that we might be on TikTok. Uh the best way to follow us, please do follow us. Thumbs up, like our pages, subscribe if you're on YouTube, and that's it.
Wasn't too painful. We'll see you again next week. I'm Dan Prud'homme with the Prud'homme Team and Carolina Realty Group.