It was largely a year of recovery for housing across our nation. Markets resolved to shed their excess weight, appeal to both existing homeowners and renters alike, and learn to play nicer with banks. Hey, three for three isn't too bad. But there's more work to be done. Here's how the final month of 2012 finished up.
New Listings in the Hilton Head region decreased 11.6 percent to 258. Pending Sales were down 2.2 percent to 219. Inventory levels shrank 19.8 percent to 2,366 units.
Prices rallied higher. The Median Sales Price increased 3.6 percent to $238,070. Days on Market was down 18.6 percent to 115 days. Absorption rates improved as Months Supply of Inventory was down 32.4 percent to 8.1 months.
Economic growth is on an upward trend and several prominent housing indices continue to showcase market turnaround. Momentum is on our side, though it won't necessarily be fast, consistent or universal. But after five or six challenging years, it is a welcomed change of pace. Plenty of opportunity lies ahead. Here's to a healthy and prosperous year!
All indicators say THIS IS THE YEAR TO BUY!
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