Hilton Head Island and Bluffton Market Report - January 2018
Whether you're a visual person or not - it's always exciting to see the statistics not just in black and white but in vivid color!
The one set of statistics that I didn't add to the chart below is about price/square foot. People coming from other areas are always curious but because of the requirements of building on Hilton Head Island, or requirements due to marsh/water proximity, or developers purchasing large tracts of land and then through economies of scale or "value engineering" are able to take advantage of supply purchases, it just doesn't seem to be that applicable. Having said that, for those to whom this is important, the average sale price/square foot for
Palmetto Bluff $443
Sea Pines $342
Palmetto Dunes $313
Hilton Head Plantation $204
Hampton Lake (Bluffton) $199
However, in three of the most exclusive communities in Bluffton, Colleton, Belfair, and Berkeley Hall, the price/square foot is $220, $188, and $186 respectively - hence my usual unwillingness to use these as any kind of gauge of price. The reason for the lower cost per square foot in those upscale communities is not that the homes are built in an inferior manner - it is because in the past 2 years, owners and builders alike have been able to pick up terrific buys on homesites for only $1 - thus when they build luxurious homes selling for $750,000+, because the homesite was so low, the cost per square foot is stilted.
Another statistic that should explain my thoughts below with reference to where the market is headed geographically is exemplified by the fact that over the past 12 months, there were $293,289,495 of sales volume for Bluffton/Off Plantation, $179,165,094 sales volume in Sun City/Riverbend. Once you get past Sea Pines sterling performance of $269,153,498 of sales volume - it drops fairly precipitously for the other areas on Hilton Head Island.
If you love numbers the way I do, give me a call and I'll produce a chart for your favorite community!
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