2023 MEDIAKIT
Lawrence Yun is Chief Economist and oversees the Research group at the NATIONAL ASSOCIATION OF REALTORS®. He supervises and is responsible for a wide range of research activity for the association including NAR's Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1 4 million REALTORS® Dr. Yun creates NAR's forecasts and participates in many economic forecasting panels, among them the Blue Chip Council and the Wall Street Journal Forecasting Survey He also participates in the Industrial Economists Discussion Group at the Joint Center for Housing Studies of Harvard University. He appears regularly on financial news outlets, is a frequent speaker at real estate conferences throughout the United States, and has testified before Congress. Dr. Yun has also appeared as a guest on CSPAN's Washington Journal.
Dr. Yun received his undergraduate degree from Purdue University and earned his Ph D from the University of Maryland at College Park
COASTAL CAROLINAS 2022 REAL ESTATE ANNUAL REPORT: MARKET SETTLES INTO A ‘NEW NORMAL’ POST PANDEMIC-FRENZY
MYRTLE BEACH, S.C., February 10, 2023– The Coastal Carolinas Association of REALTORS® (CCAR) has released their 2022 annual report for the Coastal Carolinas real estate market, showing a settling of the market after two record-breaking years
The market noticeably changed throughout the year, as home sales and market activity were impacted by outside factors like inflation, rising interest rates and economic uncertainty, and by typical market dynamics such as significant, and much needed, increase in inventory in response to market demand.
Median home prices for single family homes ended the year up 19 2% at $355,000, and the median sales price for a condo jumped 32 8% to $228,500 Inventory for single family homes ended the year up 61.6%, and condo listings ended the year up 124.1%. New listings declined slightly for both segment by the end of 2022.
“We have been expecting changes in the market for some time, the question was always ‘when’ ” Noted Jamie Broadhurst, President of CCAR. “While the region continues to see remarkable growth trends, many market indicators have returned to 2019 levels with median sales price remaining significantly higher than pre-pandemic numbers – something that is likely to remain a lasting change We are encouraged by the growth in inventory year-over-year, giving more choice and negotiating power to buyers even as rising interest rates eat into their buying power. ”
The monthly number of showings – overall and per listing – has settled in around 2019 levels Buyers can expect a more relaxed showing environment than in 2020 and 2021, and sellers should be prepared for their home to take longer to sell than during the peak months of 2020 and 2021. Proper pricing is a key in this market, with homes of all sizes (< 1,500 sq ft up to 3,001 sq ft and above) selling for at least 98% of list price – a reflection of more accurate pricing data available after two years of a rapidly changing market.
“Working with a knowledgeable, professional REALTOR® is key to navigating this market ” Says Laura Crowther, CEO of CCAR. “Sellers need to price their listings accurately to ensure activity in this market, and while buyers have a bit more wiggle room on offers, they should come prepared to make a serious offer to be competitive on a properly-priced listing ”
Top performing areas in 2022 were Carolina Forest, with a 36.5% growth in median sale price to $385,000, Little River with a 30.8% growth to $340,003 and North Myrtle Beach, with a 28.4% growth to $375,000 Carolina Forest also topped the market in new listings for single family homes vs 2021, ending the year up 13 3%