This weekend I reviewed the sales statistics for Sun City Hilton Head that I have maintained since 2001.  More specifically, I was looking for a comparison between average selling price in 2010 versus 2006.

One interesting point that turned up was that the average size of a home purchased in this community has not changed.  Many working in this market thought that people were buying mostly smaller homes  since the downturn.  Not so.  In 2006 average home size was 1,741sf, while the average in 2010 was 1,749.  On a square footage basis the average SCHH home value fell from $166 per square foot to $122.
 
In 2006, the average selling price was $288,277 versus $212,810 last year or a drop in value of over $75,000.  So, prices have fallen about 26 percent during the period.  There were actually more homes sold in 2010 than in 2006, but that includes some new home sales from Del Webb’s inventory in 2010 that were not a factor in 2006.  Nevertheless, the increased volume is a favorable sign for the market.
 
The moral of the story is common knowledge: lousy time for sellers and a bonanza for buyers.
 
I hope this was of some interest to you.

Hal Meeks

Charter One Realty | Sun City

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