Posted by Preston Richard on Monday, February 14, 2022 at 5:32 PM By Preston Richard / February 14, 2022 Comment
We made it to Valentine's Day. Hard to believe 'cuz it was just like New Year's Day a week ago, it seems like.
Valentine's Day, it's all about love. I love you, Sherry. Happy Valentine's Day and I love real estate and so let's start talking about these real estate numbers.
This week, we're going to do something new and subsequent weeks. We've started to get questions after the live shooting. So, we've created a mailbag. Just click on the link below and anytime you look at the video, you watch this video, you have any questions, click on the mailbag link, drop your question in below, and we'll get it for you just as quick as we possibly can. We always start by talking about Bluffton in this Valentine's Day is no different. We had 21 new listings come on the market in Bluffton this week.
Last week, we had 24.
This week last year, 57.
The the year-to-date inventory so far this year, we've had 158 listings come on the market in Bluffton and at this point last year, it was two hundred and seventy- have an impact on sales. A big impact. 42% decline in the available inventory to purchase.
Sales, we had 10 this week. Last week, we had sixteen.
31 this week last year.
A third, a third of the sales.
Under contract or excuse me, year-to-date sales, 158 so far this year compared to a hundred and seventy-six at this point last year.
Pendings, we had 25 properties go under contract in Bluffton this week last week. We had and this week last year, we had forty-six 21 less, significant amount The pending year to date, a hundred and sixty-six and at this point, last year, we were at two hundred and fifty That's a 34% difference. That is going to affect the sales here in the next couple weeks. Meaning, bringing that sales difference between last year and this year down.
But it's all good news for the average selling price besides being a yucky number with a bunch of sixes. Six hundred and sixty thousand is the average selling price today and at this point last year was four hundred and seventy-nine thousand almost to 40 percent increase in the average selling price. Days on the market only 56 days is the amount of time it takes to sell a property on average. 56 days and at this point last year we're at 118.
Now let's move on to Forest Beach.
Forest Beach and out of Forest Beach and we're going to look at Wexford after this. These numbers are only here to date. So we've had 17 properties come on the market. So far this year. And at this last year. 57 Holy cow, that's a huge difference.
The sales we've had thirty3 sales so far this year and at this point last year, twenty-seven.
So despite the super low inventory compared to last year, the sales are up. Good news. But what's coming? Let's look at the pendings. We've had 35 properties go under contracts so far this year and at this point last year, it was 6-4.
So it it remains to be seen what's going to happen with sales but my guess is as we go through these following weeks, that sales is going to drop. The year to date this year's sales number is going to drop below where we were at the at the same point last year. It has to because of the pending sales.
Average selling price, six hundred 000 and at this point last year was five hundred and seven. 36 percent increase, and days on the market just 40 in Forest Beach compared to a hundred and thirty at this point last year. Wexford, let's talk about Wexford Wexford inventory So far this year, just one.
At this point, last year, they had had nine new properties come on the market.
The sales, we've had five sales so far this year. Those are closed sales. Keep in mind four of those five went under contract last year. And they just closed this year. At this point, last year, we had six.
The pendings, the under contracts, we've had one property go under contract so far this year. And at this point, last year, by comparison, fourteen.
Fourteen a big difference folks. That's a big difference.
Average selling prices all the way up to one point seven million and at this point last year, the average selling price was seven hundred and forty-five thousand. Just adding a million dollars onto it.
Days on the market, 64, 64 days is the average amount of time it takes to sell a property right now in Wexford and at this point last year, that was 210 days. 210 days So for all of you that have been waiting to hear the Hilton Head numbers, here they are 35 new listings came on the market this week. Last week, we had thirty-six In this week, last year, 79.
Big big difference. This should be the amount of the the time of year that all kinds of new inventory is coming on the market and it's just kind of dribbling on right now.
Year-to-date two hundred and seventy-seven properties have come on the market so far this year and at this point last year, it was 425.
Now, having such low inventory with decent sales numbers, that's what's driving the prices up like crazy right now. Sales, we've got twenty sales this week. Last week, we had 41. This week last year, 52. The year-to-date sales, two hundred and sixty-eight properties have closed so far this year and at this point last year, it was 334, 20 percent decrease in the number of sales.
Again, nobody wants to see a sales decrease but when you're seeing inventory so much lower as a percentage, again, that's what's driving prices up. Uh pending sales, properties going contract. We had 71 this week. That's a great number. Remember, we only have 35 listings come on the market and we had 71 sales.
Last week, we had 53 properties go under contract and this week last year, 103. So less than this week last year, but by comparison, looking at inventory, supply versus demand, what a huge, huge difference.
The pending year to date, three hundred 4-seven and at this point last year, we were at 495. So, drum roll, what's this done with the average selling price? Seven hundred and forty-four thousand is the average selling price for Hilton Head Island and at this point last year, that number was at six oh two. 24% increase in the average selling price year over year and finally, days on the market, 48, 48 is the average amount of time it takes for a property to sell.
and at this point last year, it was seventy-nine.
Normally, I have a headset in so that I can hear any questions. Today, it wasn't working. So, I'm going to get a shout out of a question.
We put out physical reports every single month to the different property segments that we market in. If you want to tell us the area you're interested in, actually just fill out a mailbag question. Give us your Email address in the area that you're in and we'll go ahead and start getting you on that market report list for the areas that you're specifically interested in. The year-to- the Hilton Head Island as a whole. We don't put out a report for the island as a whole but maybe that's something we'll think about doing. Thank you so much for the question.
Happy Valentine's Day everybody.
Again, love you, Sherry. Love you, real estate. We'll see you next week.
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