Palmetto Dunes/Shelter Cove Market Report February 2016
In a word, rocky. Not as in Balboa, or images of Philadelphia and the famous steps, but rocky lower case "r". The Hilton Head Island, SC market seems to be bouncing around. I'm still optimistic of course, since I'm professional, a full-time Realtor and am working diligently for my sellers and with the buyers but there seems to still be a bit of a coolness to the ocean breeze.
The charts below are not meant to be gibberish but for visual readers, hopefully it will be helpful to illustrate what I'm feeling.
To clarify this location, Palmetto Dunes is an upscale community divided by William Hilton Parkway with beautiful proximity to the Atlantic Ocean on the east and Shelter Cove and Broad Creek on the west side. This particular report is specifically dealing with the sales and market conditions within Shelter Cove.
The Shelter Cove side of Palmetto Dunes has numerous condos with price points and styles based on the size and views to the water - either the Shelter Cove Marina and Harbour, or to the marshes and out to Broad Creek and the Intracoastal. There are primary and second home owners as well as short-term rental property owners.
The following charts will show the basic bouncing that I'm noticing in the market. An important metric to note is that the days on the market is gradually shrinking - from 215 for the 2013-2014 period, to 200 for 2014-2015 and finally to the current 114 for the most recent six months. This illustrates the increase in demand.
The reason for the increase in sale prices is not only because of perceived value, but also because higher priced properties are being offered for sale. Those sellers - primarily at Main Sail and Yacht Club villas - are feeling that they might be finally able to take advantage of some equity.
To put the sold properties into perspective, there are currently only 28 condos on the market in Shelter Cove and there are 6 condos pending. The breakdown in availability of size also gives you an idea of what is offered - there is only 1 one bedroom (priced at $207.900). bit 21 two bedrooms (priced from $229,000 to $699,000 - by the way that's one of those Main Sail villas that I mentioned the owners are willing to try and sell), and finally 6 Three bedrooms (priced from $459,000 to $775,000 - again a Main Sail which properties long ago were easily selling close to $1,000,000).
Time to buy - yes, I'd say so. Still some good opportunities. The inventory is constricting slowly but surely so though the prices aren't climbing yet rapidly - they will.
Whether you're SELLING or BUYING - If you'd like to know your options, I KNOW Shelter Cove - and Palmetto Dunes.
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