Real Estate Report Hilton Head and Bluffton July 2020

[Kevin Quat]

Good Afternoon,

Please find sales information on our real estate market from our local Board of Realtors/MLS and long term rental information from Absolute Island Management, Inc. (the best property management company ever)

Sales:

The overall Median Sales Price was up 4.7 percent to $335,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 4.3 percent to $365,000. The price range that tended to sell the quickest was the $100,001 to $225,000 range at 110 days; the price range that tended to sell the slowest was the $650,001 and Above range at 190 days

Market-wide, inventory levels were down 27.8 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 26.2 percent. That amounts to 3.4 months supply for Single- Family homes and 3.1 months supply for Condos.

Rentals:

Based on a long term rental portfolio of roughly 275 homes and villas in Hilton Head and Bluffton, our activity for the month was as follows:

309 inquiries for rental

79 showings completed

40 applications received (greater than 50% closing), 27 approved

22 converted to a lease

Occupancy is running 88.9% (we have new properties added or we would otherwise be high 90s)