Good Morning!

Here's hoping you had a great weekend!

Below you'll find the market pulse reflecting last week's activity. After a slow week prior, the market rebounded nicely with a 32% increase in the number of pending properties and a nearly 50% increase in properties reaching a successful closing! We also saw a 7% drop in new properties entering the market over the past seven days.

In mortgage news: Rates improved slightly last week from 6.5% to 6.375% for 30-year fixed; jumbo fixed rates ended the week 7.625% also an improvement!. Rates on 5 year jumbo ARMs remained about the same at 6.75%. (Thanks to Matt Webster at Wachovia for this mortgage update!)

Enjoy these latest numbers and have a great week!

Below is the MLS report for all listings on Hilton Head Island and Bluffton for the week of June 21, 2008. Please review the following and let us know if you have any questions on the statistics.

Active (New listings): 186 (Down 7% from last week)
Homes: 109
Villa: 32
Lots: 45

Pending (Accepted contracts, but not yet closed): 70 (Up 32% from last week)
Homes: 40
Villa: 10
Lots: 20

Sold (Closed contracts):49 (Up 48% from last week)
Homes: 35
Villa: 11
Lots: 3

Price Reductions: 267 (Up 21% from last week)
Homes: 139
Villa: 90
Lots: 38