real estate market outlook

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Year end reports just arrived and guess what? Of the 13 areas that make up Hilton Head Island Real Estate:

9 of them ended the year with less inventory than the same time last year
6 areas had more sales than 2008 
Days on the market dropped in 8 of the 13.

Inventories down, days on the market down, [...]

Here are some questions asked of by Frank Dune of Celebrate Hilton Head about the current real estate market.

1. To put the current real estate “slump” in perspective, how is it similar and how is it different from other cyclical downturns that you have experienced in this market throughout your real estate career? Inventory levels are similar to the 1991 down turn. Today there are about the same number of units on the market, although we have a higher percentage of Short Sales and Real Estate Owned (REO – bank owned) properties. As usual Hilton Head Island entered the down turn later and I believe it will exit the economic down turn before the rest of the country. Another interesting change this market has brought about is that today we have more properties for the end user (non-investment). In 1991 I feel there was a higher percentage of resort rental properties.