We have seen a steady increase in listings for sale on Hilton Head. Compared to 12 months ago, there are 25% more homes for sale and 19% more condos for sale. This increase in inventory has not yet had a negative effect on pricing. Homes have seen a 7% appreciation and condo pricing has remained flat.
Setting the initial list price has become more of a critical decision. A few years ago during our low inventory market, many sellers would price high and be pleasantly surprised by the positive response from buyers. Now, if a property is not priced correctly, it can easily be forgotten in a few weeks. Buyers checking new listings need a good reason to act. If they don’t see one, they will wait.
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