The trend that started last year with increased sales activity and decreasing levels of inventory continues in 2013. The overall Hilton Head Island market is experiencing a 25% increase in sales activity year over year.
What is selling in Sea Pines? Of the 33 homes sales closed in the first quarter of 2013, twenty six had a list price under $1,000,000. Twelve of those were listed under $500,000. Of the homes sold at prices over $1,000,000, the majority of those (all but one) were within a walk to the beach.
At the time of this writing, there are thirty seven homes in Sea Pines under contract to close. Eight of those are at list prices over $1,000,000, and two are listed over $2,000,000. Eighteen homes priced in the $500,000 - $1,000,000 range, and eleven homes priced under $500,000 are also under contract.
Villa sales under $800,000 are brisk as well. Twenty three villas closed in first quarter. Villas of all sizes (two, three and four bedroom units) in a variety of locations were sold. There are twenty five villa sales pending and they represent a variety of complexes, all listed at prices below $800,000.
As you travel our Sea Pines roads, you will no doubt notice a marked increase in construction activity – both new homes and remodeling, including two new “spec” homes. With lot prices and interest rates low, and what “feels” like a sustainable resurgence in the market, we expect to see more spec offerings, particularly with new, or like-new, homes being high on the list for many prospective buyers.
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