ExploreHHI.com has just announced the data released by the Reed Report for March 2014.
April 23, 2014 /MM-prReach/ —
ExploreHHI.com has recently released the data compiled by the Reed Report for March 2014. This report states that while the Reed Real Estate Group felt that 2013 was going to see a great increase in real estate sales, the resulting numbers were much more impressive than was initially expected.
According to the report, villas and home sales increased steadily by 30% throughout the year, although lots actually tripled in growth after having increased by 110% in sales. About 31 of the micro markets saw a doubling of their sales growth when compared with the previous five years, while 37 saw their sales increase quite substantially. Ten of the micro markets saw their sales figures triple.
One of the areas that has seen the greatest number of sales in 2013 is Palmetto Hall. This area has seen a 125% rise in sales over the past year when compared with the average number of sales over the past five years. Home sales in this area have gone up 78%, while lot sales have gone up by $262%. Altogether, this means that the number of sales in this area has increased by 124% over the past year.
Folly Field is lagging somewhat with only a 6% increase in sales in 2013. Home sales increased by 0% in this area, while lot sales increased by 150%. Lastly, villa sales have gone up by 4%. While the area might not have seen the same number of sales as Palmetto Hill, the increase in sales is still deemed to be promising by Reed Real Estate Group, as well as future residents of the area.
At this point in time, it is believed that the properties under the $600,000 mark, as well as villas under the $200,000 mark are believed to fall within the seller’s market, but individuals will want to take note that many of the segments still fall within the buyer’s market.
The Reed Real Estate Group feels that the market is getting steadily healthier from the ground up, even though certain sections of the industry are still in the buyer’s market. The organization, which is based on Hilton Head Island, believes that the industry will continue to improve over time, with segments continuing to shift into the seller’s market.
The report released by The Reed Real Estate Group shows that property and lot sales in Sea Pines and Ocean and Heron Point have steadily increased in 2013 when compared with the previous five years.
Reed Real Estate Group
11 Park Lane, Suite 1
Hilton Head Island, SC 29928
Name: Andy Reed
Organization: Reed Real Estate Group
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