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Year to Date Pending Real Estate Sales on Hilton Head Island

January through May homes and villas that went under contract on Hilton head Island are down 10% from 2013 pendings during the same time period.  The only month in 2014 that exceeded contracts pending for both homes and villas was January which was 8% over for homes and 2% over for villas.

To try to ascertain what is happening in our market, we look at Sea Pines.  This resort community is a grand indicator of the health and stability of all of the resort markets on the island.  Sea Pines homes going under contract was down a considerable 28% Jan.-May, while  Sea Pines villas was down 31%.

So, coming off a very healthy 2013, what is happening?  What we think is happening has to do with inventory and expectations.  As the inventory decreases on Hilton Head Island,  sellers are not having to negotiate as much as they have in the past 5 years.  Prices are not going up per se, but they are not continuing to slide down. Buyers are having a difficult time finding what they want at prices they want.  Buyers are also still in the get it really cheap mode and sellers are not.  This is contributing to the slowdown.  But, we are seeing well priced properties come on the market, sell quickly and sometimes with multiple offers. Buyers are still asking the question, can we still get good deals.  The answer is yes, if you have realistic expectations of fair market value.

We will be watching very carefully what happens over the next couple of months.

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