April Market Report brought to you by HiltonHead360 & Lowcountry Living & Real Estate and the Hilton Head Association of Realtors.
April 2024 U.S. sales of new residential homes are on the rise again, following a dip in activity the previous month. According to the Census Bureau, new home sales climbed 8.8% month-over-month to a seasonally adjusted annual rate of 693,000 units, the highest level since last September. New-home sales were up in all four regions, but were highest in the Northeast, where sales jumped 27.8% from the previous month. For the 12-month period spanning May 2023 through April 2024, Pending Sales in the Hilton Head Association of REALTORS® region fell 2.4 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales went up 21.0 percent. The overall Median Sales Price were up 7.3 percent to $525,000. The property type with the largest gain was the Condos segment, where prices were up 14.8 percent to $442,000. The price range that tended to sell the quickest was the $150,000 and Below range at 109 days. The price range that tended to sell the slowest was the $350,001 to $500,000 range at 174 days. Market-wide, inventory levels rose 62.2 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale increased 101.7 percent. That amounts to 3.3 months of inventory for Single-Family Homes and 4.3 months of inventory for Condos.
