Hilton Head Island, SC Zip Code 29928 Property for Sale 2/8/14
This is a summary of single family homes for sale on Hilton Head Island, SC as well as a market update at the end of January, 2014 and comparison of the market as of the end of January 2013. Market information is compiled from the Hilton Head Multiple Listing Service (HHIMLS) and deemed accurate from the source.
The boundaries are defined by Port Royal Sound to the north, the Atlantic Ocean to the east, Calibogue Sound to the south, and Intracoastal Waterway to the west. The primary neighborhoods as defined by the HHIMLS as: Windmill Harbour, Spanish Wells, Hilton Head Plantation, Indigo Run, Palmetto Hall Plantation, Port Royal Plantation, Palmetto Dunes Resort, Long Cove, Wexford Plantation, Shipyard, Sea Pines Resort, and Hilton Head Off-Plantation. There are also numerous other neighborhoods that are delineated in the MLS and their numbers will be included in this report. Hilton Head Island has 38,366 full-time residents and the population swells to 275,000 in the summer months with resort visitors.
Hilton Head Island, SC Zip Code 29928 Homes for Sale and Market Update
There are currently 636 homes on the market ranging in price from $132,100 for a bank-owned property off plantation to $13,000,000 for a stunning oceanfront home in Sea Pines. Fifty homes closed in January 2014 ranging in price from $129,900 for a bank-owned home off-plantation to a large oceanfront fixer-upper in Sea Pines for $2,900,000. The average sale price was $550,954 and the median price was $498,750. Average price/square foot was $192.90 with an average list price to sale price of 92%
The comparison of 2013 sales is that there were 38 homes that closed ranging in sale price from $144,900 for a bank-owned property on the north end of the island to a tide-waterfront builder masterpiece for $4,085,000. The average sale price was $753,232 and median was $567,000. The average price per square foot last January was $218.80 and list price to sale price ratio was 91%.
One month does not dictate or indicate a general trend; what it does do is give a solid line from which to build as the year progresses. We are seeing a shortening of the days on the market and as the inventory continues to tighten, there will be some attempt to elevate list prices. The bottom line is that it is exciting to see that buyers are much more willing to make offers, and homes that are priced according to the sales history are selling in less than 4 months.