Market Mondays LIVE- 01/31/22
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00:01:14Last week, only eleven by comparison this week last year.
00:01:22Significant, significant decrease in inventory. As can see. The year-to-date numbers are the ones I want to pay the most attention to. Ninety-two so far this year and at this point last year, a hundred and seventy-nine.
00:01:35Roughly half, right? Roughly half. What's, how does that affect sales? So, sales, we had 16 closed sales this week. Last week, we had 13 and this week last year, we had 38.
00:01:47The year to date again, the year-to-date numbers are the ones that are most interested.
00:01:51One sixteen so far this year and at this point, Last year, 129. So just 10%.
00:02:00So if you're worried about the market, I think this is good news for Bluffton, right? Inventories down by almost fifty percent but sales are down just 10%.
00:02:14It's pretty strong market. That's a pretty strong market. Now, we can see, you know, what's the future hold for Bluffton? Well, we can see that with the pending sales. The 29 properties go under contract this week. We had twenty-six last week and at this week last year, we had 38. But again, I want to focus on the year-to-date numbers. A hundred and 15 so far this year compared to a hundred and sixty-five last year.
00:02:41So, this is off 30%. So what this tells me is most likely that difference of roughly 50% on the inventory side and 10% on the sales side is going to moderate a little bit. Those sales are going to come down. It's not going to be only a 10% decline. It might be a 20 or 25% decline because chances of every single pending transaction moving closing, you know, stuff happens.
00:03:06So, good news for Bluffton. The market looks really strong. Uh this is representative by these prices. The average selling price in Bluffton right now, seven hundred and twenty thousand. The average selling price. That's insane. At this point, last year, the average selling price was five hundred and four thousand. 44 percent increase year over year. Now, I think we probably had a couple big sales early on that have pushed that number up.
00:03:33I don't think Bluffton's appreciated quite at 44% but is it above 20 percent? You bet it is You bet it is. And finally, cumulative days on the market, 57 is the average amount of days that it takes to sell a property that you bring onto the market in the town of Bluffton and at this point last year, that number was 110, 000.
00:03:53So that's it for Bluffton. What do we have next? I think it is and it is. It's Port Royal Plantation. So, with Port Royal and then, after Port Royal, we're going to look at Long Cove. We're just going to look at year-to-date numbers just to keep things moving along. So far, this year, we've had two come on the market in Port Royal and at this point last year, we had four.
00:04:13So, half the new inventory coming on. Sales, five sales so far this year and at this point last year, five sales. Well, that's pretty good. Half the inventory and the same amount of sales. We'll take that every time. That's an indication of prices going way up. The future of sales are the pendings. We've had three properties go under contract so far this year and at this point last year, we were at nine.
00:04:37So, you can see that disparity that we have that plays in our favor, more sales than listings is going to shrink just like we talked about in Bluffton but the numbers are still good and these numbers really affect the average selling price. Average selling price in Port Royal is up to just a little over a million dollars. and at this point last year, that number was just under seven hundred thousand and six ninety-three.
00:05:01A 49% increase in the average selling price. If you want to buy a property in Port Royal, in the community of Port Royal on Hilton Head Island and days on the market, thirteen Thirteen. If you're interested in buying property in Port Royal, do not blink. You will miss it.
00:05:18And at this point, last year, that was 103. Let's take out the zero.
00:05:23Thirteen, That's the smallest days on the market that I've seen on Hilton Head. So far. Now, if you're interested in Long Cove, this is the time you've been waiting for. Long Cove, new inventory So far this year, we've had five. At this point last year, we had five The sales, two this year so far. At this point last year, we had five. There's lots of fives in Long Cove. I don't know what it was. Five, the pendings five, at this point last year, we had five.
00:05:59Good news is the average selling price is higher than five. It's seven hundred and 000. At this point this year, and at this point, last year, the average selling price in Long Cove was six hundred and seventy-seven thousand. 14% increase. I think it's actually more than that. But again, we're only talking about the first month of the year. So, as we get a couple months in, I think you'll see this number creep up more towards the 20s 'cuz that's what we've been seeing across the board and I just don't think Long Cove is really any different than anywhere else right now. Cumative days on the market for Long Cove 48. Nothing to sneeze at.
00:06:35That's really great and at this point, last year, we're at sixty-eight.
00:06:39So if you're interested in Hilton Head Island, this is the time we talk about it only after I ask you to follow us on all of our social media including Instagram. You get to see like Ron here. Uh Ron's a pretty cool guy. He's he's a lot of fun to follow on social media and I encourage you to follow us and follow Ron. You're welcome, Ron. So, Hilton Head Island. Let's talk about Hilton Head Island.
00:07:02We always start with inventory.
00:07:0441 properties came on the market this week. Last week, it was 33. In this same week last year, 77 The year-to-date inventory, 1 74 properties have come on the market so far this year and on this date year. We're at two hundred and sixty-three 34 percent decrease in inventory. The sales we had 40 sales this week. Last week, we reported 28 and this week last year, we're at 66, 39% increase 39% sounds familiar to me. If you're paying attention, you'll remember that number from the inventory.
00:07:40The year-to-date sales, a hundred and seventy-three sales so far this year compared to two hundred and thirty-four through this day last your 26% decrease in sales. 39% decrease in inventory, 26% increase in sales. That's a good sign. That's a good sign. You worry if your sales are dropping more than your inventory. That's the sign that the market could be moving in not such a positive direction. But those ratios as long as you're you know you're you're maintaining those ratios between sales and inventory.
00:08:15You're good to go.
00:08:16Pending under contracts. These are the numbers that influence our sales here in the next four to six, eight weeks.
00:08:2359 properties went under contract this week. Last week, it was 60 and this week last year is 9three, thirty7 percent. So, you'll see that, that'll push that sales number down a little bit, potentially. Uh the year-to-date pending two hundred and twenty-nine properties have gone under contract on Hiltonhead Island. So far in 2022 and on this date last year, we were sitting at 3 ten.
00:08:4826% change. year over year. What about sales price? It's up to seven hundred 000 on Hilton Head Island and at this point last year, it was five hundred and seventy-four thousand 32 percent, increase in the average sale price. That might be a real number. That might be a real number and if it is, we're looking at the best or the highest increased year-over-year ever average selling price increase in the history of the island, at least that I've ever seen it. Um but it's it's no surprise. I've never seen inventory this low, right? Now, sales are down compared to last year but inventory is down even more and that's the message I want you to take away today.
00:09:31Those people that are saying the market's going to go in the other direction.
00:09:34You'll know it here first because we're going to talk about inventory going up. That will be the precursor for this market to move in the wrong direction. If you come week in, week out, we'll be the first to talk about it. I promise you that and then, We always finish up with cumulative days on the market. The amount of time it takes to sell a property on Hilton Head Island. That number is down to thirty-seven days. That's amazing. And at this point last year, the market was on fire and it was 6-1 days.
00:10:03So, that's it.