Grand Strand Market Report December 2012 2012 has proven to be a turnaround year in terms of sales performance. For 2012, all property classes (Single Family Residential, Condo, and Residential Lots) ended the year with double digit sales growth versus 2011 performance. In addition to strong growth, inventories continued to fall to recent lows. For December, Single Family Residential (SFR) inventory continued its seasonal decline and has declined each month since peaking in May. Additionally, distressed inventory has fallen for eight straight months to recent lows. It is anticipated that the inventory will begin its seasonal uptick in the first quarter. December SFR sales activity was flat to November, but up 32% as compared to December, 2011. For the full year, SFR sales are up 18.1% versus 2011 levels. The median SFR sales price rebounded in December to $173,000. For 2012, the SFR median sales price is $168,000, a 2.6% decline from 2011 levels. After peaking in March, condo inventory has experienced a continuous 9 month decline. As compared to December 2011, condo inventory is down 10.1%. Condo sales dropped from November but were up 8.3% versus December, 2011. For 2012, condo sales are up 11.7%. The median sales price was up in December as it was benefited by declining inventories. For the full year, the median sales price for condos was $104,250, a 3.0% decline from 2011. Residential lot sales continued to remain strong as 2012 sales are up 40.9% from 2011 levels. The median sales price remains flat to 2011 at $31,000; however, the non‐distressed median sales price is $43,000. Distressed sales continue to play a role to total sales, but the percent of distressed sales has dropped to 25% in the fourth quarter which is down from previous quarter levels.
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Contents Active Inventory
2
SFR Inventory Trends
3
Condo Inventory Trends
4
Closed Sales – SFR
5
Avg. Sales Price – SFR
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Median Sales Price – SFR
7
Median Sales Price – SFR (Distressed & Non‐Distressed)
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Median Sales Price – SFR (Cash & Conventional Transactions)
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SFR Sales – (% Cash vs. % Conventional)
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Sales to List Price Ratio – SFR
11
Closed Sales – Condo
12
Avg. Sales Price – Condo
13
Median Sales Price – Condo
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Median Sales Price–Condo (Distressed & Non‐Distressed)
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Median Sales Price – Condo (Cash & Conventional Transactions)
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Condo Sales – (% Cash vs. % Conventional)
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Sales to List Price Ratio – Condo
18
Closed Sales – Residential Lot
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Avg. Sales Price – Residential Lot
20
Median Sales Price – Residential Lot
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Median Sales Price – Res. Lot (Non‐Distressed)
22
Sold to List Price Ratio – Residential Lot
23
Distressed Inventory
24
Distressed Sales
25