Grand Strand Market Report August 2013 Single Family Residential Sales Soar Up 22.1% in August Single Family Residential (SFR) hit record levels with 524 sales. This level of performance is the highest monthly production in over seven years. For August, sales grew 22.1% as compared to August 2012. Year-to-date (YTD), SFR sales are up 26.5% from 2012 levels. In addition to strong SFR sales, the median sales price of SFRs was $184,500, which is in line with full year performance. YTD, the median sales price is up 4.70% for the year. During August, the inventory of homes for sale continued its seasonal decline, however levels are still up 3.07% from prior year levels. It is anticipated that after the seasonal peak in May, inventory will continue its seasonal decline for the balance of 2013. The inventory of distressed homes for sale continued to decline and is now 57.1% below its prior year level. For condos, the inventory continues its slow decline and the current inventory is down 6.54% from August 2012 and distressed inventory is sharply down 79.6% over the last year. During August, condo sales were flat to prior year levels and year to date condo sales are up 8.2% from 2012. The median sales price for condos is up 13.4% from last year. YTD, the median sales price of condos are up 4.8%. The median sales price of residential lots is flat compared to July and the YTD sales price is up 39.6% from 2012.
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Contents Active Inventory
2
SFR Inventory Trends
3
Condo Inventory Trends
4
Closed Sales – SFR
5
Avg. Sales Price – SFR
6
Median Sales Price – SFR
7
Median Sales Price – SFR (Distressed & Non-Distressed)
8
Median Sales Price – SFR (Cash & Conventional Transactions)
9
SFR Sales – (% Cash vs. % Conventional)
10
Sales to List Price Ratio – SFR
11
Closed Sales – Condo
12
Avg. Sales Price – Condo
13
Median Sales Price – Condo
14
Median Sales Price–Condo (Distressed & Non-Distressed)
15
Median Sales Price – Condo (Cash & Conventional Transactions)
16
Condo Sales – (% Cash vs. % Conventional)
17
Sales to List Price Ratio – Condo
18
Closed Sales – Residential Lot
19
Avg. Sales Price – Residential Lot
20
Median Sales Price – Residential Lot
21
Median Sales Price – Res. Lot (Non-Distressed)
22
Sold to List Price Ratio – Residential Lot
23
Distressed Inventory
24
Distressed Sales
25
Grand Strand Active Inventory Single Family Residential
Condo/Townhome # Listings
# Listings Horry Co.
Horry Co.
3,985
Georgetown Co. Total
3,752
Georgetown Co.
885
Residential Lot Horry Co.
404 Total
4,870
# Listings 1,635
Georgetown Co.
769 Total
4,156
2,404
Average List Price
$340,561
Average List Price
$185,375
Average List Price
$131,504
Median List Price
$230,000
Median List Price
$136,950
Median List Price
$62,450
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
1,023
89
Less than $100k
$150k - $250k
1,411
188
$250k - $500k
1,177
334
$500k - $1.0 MM $1 MM +
270 104
Horry Co.
G’town Co.
1,193
37
$100k - $150k
985
94
$150k - $200k
624
81
$200k - $400k
740
101
158 116
$400k -$750k
172
65
$750+
38
26
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
360
80
$25k - $50k
490
95
$50k - $75k
241
86
$75k-100k
166
112
$100k-175k
164
138
$175k -250k
99
119
$250k+
115
139
2
Research performed by SiteTech Systems 3
Aug-13
Jul-13
650 Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug 2010 5,258
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug 2011 831
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Aug 2011 4,821
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug 2010 776
Aug-11
950
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Number of Listings 5,600 5,400 5,200 5,000 4,800 4,600 4,400 4,200 4,000
Oct-10
Sep-10
Aug-10
Jul-10
850
Jun-10
May-10
Number of Distressed Listings
Grand Strand SFR Inventory Trends Grand Strand SFR Inventory Aug 2013 4,870
Aug 2012 4,725
Grand Strand SFR Distressed Inventory Aug 2012 781
750
Aug 2013 497
550
450
Research performed by SiteTech Systems
550
450
4
Aug-13
Aug-13
4,500
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Aug 2012 4,428
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
750
Oct-12
850
Sep-12
Aug 2011 803
Aug-12
5,000
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Aug 2011 4,864
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug 2010 944
Aug-11
5,500
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Aug 2010 5,542
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
950 Jul-10
Jun-10
May-10
Number of Listings 6,000
Aug-10
1,050
Jul-10
Jun-10
May-10
Number of Distressed Listings
Grand Strand Condo Inventory Trends Grand Strand Condo Inventory
Aug 2013 4,156
4,000
3,500
Grand Strand Condo Distressed Inventory Aug 2012 686
650
Aug 2013 382
350
Closed Sales - SFR Year to Date
August
3,649
524 358
2011
429
2012
2,499
2011
2013
Historical SFR Sales Activity 550
2,884
2012
2013 Aug 2013 524
Number of SFR Sales
500 450 400 350 300 250 200 150
100
Jan 2009 149
Research performed by SiteTech Systems
5
Average Sales Price - SFR August
Year to Date $221,377
$220,313
$224,295
$222,463
$212,222
$217,747
2011
2012
2011
2013
2012
2013
Historical SFR Average Sale Prices $400,000
March 2007 $346,428
$300,000 Aug 2013 $221,377
$250,000 $200,000
Research performed by SiteTech Systems
6
Jul-13
Apr-13
Jan-13
Oct-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
$150,000
Jul-12
Sept 2012 $196,933 Jan-06
Average Sales Price
$350,000
Median Sales Price - SFR Year to Date
August
$178,000
$184,500
$173,000
$175,000 $170,383
$170,000
2011
2012
2013
2011
2012
2013
Historical SFR Median Sale Prices July 2006 $242,310
$250,000 $240,000 $220,000 $210,000
Aug 2013 $184,500
$200,000 $190,000 $180,000 $170,000
Research performed by SiteTech Systems
7
Jul-13
Apr-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
$150,000
Jan-13
Nov 2012 $160,000
$160,000 Jan-06
Median Sales Prices
$230,000
Median Sales Price – SFR Distressed & Non-Distressed $220,000
$200,000
$180,000
Median Sales Price
$160,000
Distressed Sales Median Sales Price Non-Distressed Sales Median Sales Price
$140,000
$120,000
Research performed by SiteTech Systems
Jul-13
Aug-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Jul-12
Aug-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Jul-11
Aug-11
Jun-11
May-11
Apr-11
Mar-11
$100,000
8
Median Sales Price – SFR Cash & Conventional Transactions $195,000
$185,000
$175,000
$165,000
Median Sales Price Cash Median Sales Price
$155,000
Conventional Median Sales Price $145,000
$135,000
Research performed by SiteTech Systems
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
$125,000
9
SFR Sales % Cash vs. % Conventional 80.0%
70.0%
60.0%
Cash % of Closed Sales
50.0%
Conventional % of Closed Sales 40.0%
30.0%
Research performed by SiteTech Systems
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
20.0%
10
Sold to List Price Ratio - SFR August
Year to Date 93%
93% 90%
91%
88%
2011
88%
2012
2011
2013
2012
2013
Sold to List Ratio
Historical SFR Sold to List Ratios 100 98 96 94 92 90 88 86 84 82 80
Jan 2006 98% Aug 2013 93%
May 2009 86%
Research performed by SiteTech Systems
April 2011 86%
11
Closed Sales - Condo August
Year to Date 357
349
2,875
288 2,657 2,468
2011
2012
2013
2011
2012
2013
Historical Condo Sales Activity 900 800
May 2006 845
Number of Sales
700 600 Aug 2013 349
500 400 300
Jan 2009 117
200 100
Research performed by SiteTech Systems
12
Average Sales Price - Condo August
Year to Date $147,250
$138,895
$136,377
$128,909
$135,012
$123,011
2011
2012
2011
2013
2012
2013
Historical Condo Average Sale Prices June 2007 $348,053
$350,000
$250,000 Aug 2013 $147,250
$200,000 $150,000 $100,000
Research performed by SiteTech Systems
13
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
$50,000
Jan-11
Dec 2010 $105,000 Jan-06
Average Sales Price
$300,000
Median Sales Price - Condo August
Year to Date $117,000
$102,750
$103,199
2011
2012
$109,000
$109,000
$104,000
2011
2013
2012
2013
Historical Condo Median Sales Prices June 2007 $249,921
$250,000 $230,000 $190,000 $170,000
Aug 2013 $117,000
$150,000 $130,000 $110,000 $90,000
Nov 2011 $93,450
$70,000
Research performed by SiteTech Systems
14
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
$50,000 Jan-06
Median Sales Price
$210,000
Median Sales Price – Condo Distressed & Non-Distressed $150,000
$140,000
$130,000
$120,000
Median Sales Price
$110,000
Distressed Sales Median Sales Price
$100,000
Non-Distressed Sales Median Sales Price
$90,000
$80,000
$70,000
$60,000
Research performed by SiteTech Systems
15
Median Sales Price – Condo Cash & Conventional Transactions $180,000
$160,000
$140,000
Median Sales Price
$120,000
Cash Median Sales Price Conventional Median Sales Price
$100,000
$80,000
$60,000
Research performed by SiteTech Systems
16
Condo Sales % Cash vs. % Conventional 80.0%
70.0%
60.0%
50.0%
Cash % of Closed Sales
40.0%
Conventional % of Closed Sales
30.0%
20.0%
10.0%
0.0%
Research performed by SiteTech Systems
17
Sold to List Price Ratio - Condo August
Year to Date 91%
92%
88% 86%
2011
86%
2012
2013
2011
88%
2012
2013
Historical Condo Sold to List Ratio 100
March & April 2006 98%
Sold to List Ratio
95 90 Aug 2013 91%
85 80 75
April & May 2009 81%
Research performed by SiteTech Systems
18
Closed Sales – Residential Lot August
Year to Date 97
712 74
770
74
463
2011
2012
2013
2011
2012
2013
Historical Residential Lot Sales Activity 300
April 2006 266
Number of sales
250 200 Aug 2013 97
150 100
Jan 2009 11
50 0
Research performed by SiteTech Systems
19
Average Sales Price – Residential Lot August
Year to Date
$78,976
$73,821
$71,811
$71,417
$52,112 $66,940
2011
2012
2013
2011
2012
2013
Historical Residential Lot Average Sale Prices July 2008 $275,614
$250,000 $200,000 $150,000
Aug 2013 $73,821
$100,000 $50,000
Research performed by SiteTech Systems
20
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
$0
Jan-11
October 2011 $35,780 Jan-06
Average Sales Prices
$300,000
Median Sales Price – Residential Lot August
Year to Date
$32,500
$34,750
2011
2012
$48,500
$35,900
2013
2011
$41,000 $32,250
2012
2013
Historical Residential Lot Median Sale Prices Aug 2006 $130,000
$140,000
$100,000 Aug 2013 $48,500
$80,000 $60,000 $40,000 $20,000
Research performed by SiteTech Systems
21
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
$0
Jan-12
Nov 2011 $15,000 Jan-06
Median Sales Prices
$120,000
Median Sales Price – Res. Lot (Non-Distressed) August
Year to Date $52,675
$83,000
$50,000 $54,500
$45,550
$31,000
2011
2012
2013
2011
2012
2013
Jan 2011 $85,000
$90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $-
Aug 2013 $54,500
Research performed by SiteTech Systems
22
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Oct 2011 $23,250 Jan-11
Median Sales Prices
Historical Residential Lot Median Sale Prices (Non-Distressed)
Sold to List Price Ratio – Residential Lot August
Year to Date 79% 81%
75% 74%
70%
2011
2012
70%
2013
2011
2012
2013
Historical Residential Lot Sold to List Ratios 100 Sold to List Ratios
90 80
April 2006 99% Aug 2013 79%
70 60 Nov 2011 47%
50 40
Research performed by SiteTech Systems
23
Grand Strand Distressed Inventory Single Family Residential
Condo/Townhome
# Listings
Residential Lot # Listings
# Listings
Horry Co.
433
Horry Co.
355
Horry Co.
175
Georgetown Co.
64
Georgetown Co.
27
Georgetown Co.
61
Total
Total
497
Total
382
236
Average List Price
$195,837
Average List Price
$126,425
Average List Price
$67,102
Median List Price
$142,000
Median List Price
$97,000
Median List Price
$29,900
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
248
22
$150k - $250k
119
22
$250k - $500k
48
13
$500k - $1.0 MM
16
7
$1 MM +
2
-
Horry Co.
G’town Co.
Less than $100k
193
7
$100k - $150k
80
5
$150k - $200k
33
6
$200k - $400k
40
7
$400k -$750k
9
2
$750+
-
-
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
79
15
$25k - $50k
49
14
$50k - $75k
16
7
$75k-100k
7
11
$100k-175k
12
8
$175k -250K
5
5
$250K +
7
1 24
Distressed Sales SFR
Total
12Aug
Oct
Dec
Feb
Apr
June
12Aug
13Aug
Condo
Oct
Dec
Feb
Apr
June
% Total Sales
29 29 23
25 25
27 28
24
26 17
12Aug
13Aug
Oct
Dec
Feb
Apr
June
13Aug
12Aug
Oct
Research performed by SiteTech Systems
Dec
Feb
Apr
15
June
17 17
13Aug
25
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