Lowcountry Real Estate Market Report - July 2021Posted by Paige Rose on Monday, August 16th, 2021 at 12:18pm
After months of declines, the inventory of homes for sale nationwide is beginning to increase as more sellers come to the market, looking to capitalize on record-high sales prices while providing a much-need boost of supply to America’s epic housing shortage. This is encouraging news for homebuyers, who have struggled with a lack of supply and rocketing sales prices during the pandemic.
For the 12- month period spanning August 2020 through July 2021, pending sales in the Hilton Head region were up 38.0 percent overall. Market-wide, inventory levels were down 59.2 percent. The property type that lost the least inventory was the condo segment, where it decreased 48.1 percent. That amounts to 1 month supply for single-family homes and 1.2 months supply for condos.
Year to date in 2021, new listings of homes for sale on Hilton Head were down -2.9% percent overall. Closed home sales on Hilton Head were up +33.9 percent and the median sales price increased +32.5 percent. Inventory levels of homes for sale were down -61.2 percent compared to July 2020.
Year to date in 2021, new listings of condos/villas for sale on Hilton Head were up +27.4 percent overall. Closed condo/villas sales on Hilton Head were up +45.8 percent and the median sales price increased by +25.1 percent. Inventory levels of condos/villas for sale were down -49.2 percent compared to July 2020.
Year to date in 2021, new listings of homes for sale on the Mainland were up +1.8 percent overall. Closed home sales on the Mainland were up +37.8 percent and the median sales price increased by +12.4 percent. Inventory levels of homes for sale were down -68.2 percent compared to July 2020.
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