A View from South Beach
The past twelve months have been a period of uncertainty for millions of Americans. What has remained certain during this period, however, is a healthy housing market here on Hilton Head Island. With record-breaking numbers across the island, Clark, Cramer & Frank continued to lead the Sea Pines market with one of our strongest years ever.
The number of closings in Sea Pines peaked in July; most of these were homebuyers who started searching shortly after the pandemic arrived on U.S. soil. From golfing to boating, outdoor dining to beach reclining, the Sea Pines myriad amenities in offers solace throughout the year. As Americans leave high-density urban areas and more companies shift to remote work models, markets like Hilton Head Island have seen a healthy growth in home sales. Low interest rates have also contributed to a strong year, and many who planned to retire within the next three to five years have expedited that schedule thanks to a resilient economy and their portfolio performance.
Over the past six months, high demand has been met with declining inventory, creating a historically strong sellers’ market. Correctly priced homes and villas continue to sell within days of being listed—some the very same day—meaning buyers must move quickly with any offers or risk losing out on the opportunity. We highly recommend that motivated buyers begin the financing process as soon as possible, as current market conditions necessitate moving quickly and decisively.
Combined with upcoming projects such as the renovation of the Quarterdeck restaurant in Harbour Town, the return of the regularly scheduled PGA Heritage tournament, and ongoing infrastructure investments throughout Sea Pines, our market remains a strong investment for both primary and secondary homeowners alike. Rental properties are performing well with record numbers, and many have already booked through 2021. Buyers with long term plans to retire on the island are also buying now and renting in order to capture the healthy rental revenue.
While rental projections continue to rise, we expect the buying boom to cool later this year as urban markets correct and vaccinations will allow for the safe reopening of numerous industries. For current property owners, the next few months may be the best opportunity to sell that we have seen in decades. For buyers, 2020 has proven that a home in Hilton Head Island is one of the best investments one can make. Whether interested in learning more about selling your property, or looking to join the island with a home of your own, the Clark, Cramer & Frank team is here to help. Reach us at (843) 363-4523 or at info@wesellseapines.com.
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