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
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.
3,653
Georgetown Co. Total
Horry Co.
3,668
Georgetown Co.
820
Residential Lot Horry Co.
377 Total
4,473
# Listings 1,799
Georgetown Co.
4,045
748 Total
2,547
Average List Price $340,547
Average List Price $188,503
Average List Price $125,038
Median List Price $224,900
Median List Price $134,000
Median List Price $59,900
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
1,029
83
Less than $100k
$150k ‐ $250k
1,330
184
$250k ‐ $500k
945
290
$500k ‐ $1.0 MM $1 MM +
260 89
Horry Co.
G’town Co.
1,279
48
$100k ‐ $150k
884
83
$150k ‐ $200k
580
67
$200k ‐ $400k
682
89
146 117
$400k ‐$750k
192
61
$750+
51
29
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Horry Co.
G’town Co.
Less than $25k
324
61
$25k ‐ $50k
658
88
$50k ‐ $75k
261
73
$75k‐100k
171
112
$100k‐175k
184
146
$175k ‐250k
86
127
$250k+
115
141
2
Grand Strand SFR Inventory Trends 5,600 5,400 5,200 5,000 4,800 4,600 4,400 4,200 4,000
December 2012 4,473 December 2010 4,695 December 2011 4,340
Grand Strand Distressed SFR Listings 950 # of Distressed Listings
# of Listings
Grand Strand SFR Inventory
900 850 800
December 2010 847
750
December 2011 781
700 650
December 2012 644
600
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3
Grand Strand Condo Inventory Trends Grand Strand Condo Inventory 5,500 5,000 4,500 4,000
December 2012 4,045
December 2010 4,879 December 2011 4,500
Grand Strand Distressed Condo Listings 1000 950 900 # of Distressed
# of Listings
6,000
850
December 2010 909
800 750 700
December 2011 778
December 2012 600
650 600
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4
Closed Sales ‐ SFR Year to Date
December 351
309
266
2010
2011
2012
3,521
3,705
2010
2011
4,376
2012
Historical Activity 550 500 450
March 2005 500
December 2012 351
400 350 300 250 200
January 2009 149
150 100 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
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Dec 10
Dec 11
Dec 12
5
Average Sales Price ‐ SFR December
Year to Date $230,228
$239,384
$225,338
$216,592
$214,189
$202,330
2010
2011
2012
2010
2011
2012
Historical Activity $375,000
March 2007 $346,428
$345,000 $315,000 $285,000
September 2012 $197,947
$255,000
December 2012 $216,592
$225,000 $195,000 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
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Dec 10
Dec 11
Dec 12
6
Median Sales Price ‐ SFR Year to Date
December $175,000 $173,000
$183,700
$169,900
$172,500 $168,000
2010
2011
2010
2012
2011
2012
Historical Activity $250,000 $240,000 $230,000 $220,000 $210,000 $200,000
June 2006 $242,310 November 2012 December 2012 $154,950 $173,000
$190,000 $180,000 $170,000 $160,000 $150,000 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
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Dec 10
Dec 11
Dec 12
7
Median Sales Price – SFR Distressed & Non‐Distressed $250,000
$225,000
$200,000
Non‐Distressed
$175,000
Distressed Combined $150,000
$125,000
$100,000
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8
Median Sales Price – SFR Cash & Conventional Transactions $225,000
$215,000
$205,000
$195,000
$185,000
$175,000
Cash Conventional Combined
$165,000
$155,000
$145,000
$135,000
$125,000
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9
SFR Sales % Cash vs. % Conventional 80.0%
70.0%
60.0%
50.0%
40.0%
% Cash % Conventional
30.0%
20.0%
10.0%
0.0%
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10
Sold to List Price Ratio ‐ SFR December
Year to Date 91%
91% 89%
89%
88%
88%
2010
2011
2010
2012
2011
2012
Historical Activity 99 97
Dec '05‐ Jan '06 98% December 2012 91%
95 93
April 2011 86%
91 89 87 85 83 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
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Dec 10
Dec 11
Dec 12
11
Closed Sales ‐ Condo December
Year to Date 3,899
292
262
242
2010
2011
2012
3,483
3,491
2010
2011
2012
Historical Activity 1050 850
May 2006 845
December 2012 262
650
January 2009 117
450 250 50 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
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Dec 10
Dec 11
Dec 12
12
Average Sales Price ‐ Condo December
Year to Date $147,190
$148,744
$139,145
$138,698 $134,856
$133,780
2010
2011
2012
2010
2011
2012
Historical Activity $400,000
June 2007 $348,053
$350,000 $300,000 $250,000
December 2012 $147,190
December 2010 $105,000
$200,000 $150,000 $100,000 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
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Dec 10
Dec 11
Dec 12
13
Median Sales Price ‐ Condo December
Year to Date
$119,900 $112,500
$111,250
$107,500
$104,250
$107,500
2010
2011
2010
2012
2011
2012
Historical Activity $275,000
June 2007 $249,921
$225,000 $175,000
November 2011 $93,450
$125,000 $75,000 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
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Dec 10
Dec 11
December 2012 $111,250
Dec 12
14
Median Sales Price – Condo Distressed & Non‐Distressed $140,000
$130,000
$120,000
$110,000
$100,000
Non‐Distressed Distressed Combined
$90,000
$80,000
$70,000
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Dec‐12
Oct‐12
Nov‐12
Sep‐12
Aug‐12
Ju1‐12
Jun‐12
May‐12
Apr‐12
Mar‐12
Jan‐12
Feb‐12
Dec‐11
Nov‐11
Oct‐11
Sep‐11
Aug‐11
Jul‐11
Jun‐11
Apr‐11
May‐11
Mar‐11
Feb‐11
Jan‐11
Dec‐10
$60,000
15
Median Sales Price – Condo Cash & Conventional Transactions $170,000
$150,000
$130,000
Cash
$110,000
Conventional Combined
$90,000
$70,000
Research performed by SiteTech Systems
Dec‐12
Nov‐12
Oct‐12
Sep‐12
Aug‐12
Jul‐12
Jun‐12
May‐12
Apr‐12
Mar‐12
12‐Feb
Jan‐12
Dec‐11
11‐Nov
11‐Oct
Sep‐11
Aug‐11
Jul‐11
Jun‐11
May‐11
Apr‐11
Mar‐11
Feb‐11
Jan‐11
Dec‐10
$50,000
16
Research performed by SiteTech Systems Dec‐12
Nov‐12
Oct‐12
Sep‐12
Aug‐12
Jul‐12
Jun‐12
May‐12
Apr‐12
Mar‐12
12‐Feb
Jan‐12
Dec‐11
11‐Nov
11‐Oct
11‐Sep
Aug‐11
Jul‐11
Jun‐11
May‐11
Apr‐11
Mar‐11
Feb‐11
Jan‐11
Dec‐10
Condo Sales % Cash vs. % Conventional 80.0%
70.0%
60.0%
50.0%
40.0% % Cash
% Conventional
30.0%
20.0%
10.0%
0.0%
17
Sold to List Price Ratio ‐ Condo December
Year to Date 88% 89%
86%
87%
85%
86%
2010
2011
2012
2010
2011
2012
Historical Activity 105 100
December 2005 98%
December 2012 88%
95
April & May 2009 81%
90 85 80 75 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
Research performed by SiteTech Systems
Dec 10
Dec 11
Dec 12
18
Closed Sales – Residential Lot December
Year to Date 1081
77 62
61
767 594
2010
2011
2010
2012
2011
2012
Historical Activity 310 260
April 2006 266
210
December 2012 77
160 110
January 2009 11
60 10 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
Research performed by SiteTech Systems
Dec 10
Dec 11
Dec 12
19
Average Sales Price – Residential Lot December
Year to Date $79,543
$70,108
$83,910
$56,052
2010
2011
2010
2012
$62,901
$65,337
2011
2012
Historical Activity $300,000
July 2008 $275,614
$250,000 $200,000
October 2011 December 2012 $79,543 $35,780
$150,000 $100,000 $50,000 $0 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
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Dec 10
Dec 11
Dec 12
20
Median Sales Price – Residential Lot December
Year to Date $44,900
$43,000
$40,750 $35,000
2010
2011
$30,000
$31,000
2011
2012
2012
2010
Historical Activity $150,000 $125,000
August 2006 $130,000
$100,000
November 2011 $15,000
$75,000
December 2012 $43,000
$50,000 $25,000 $0 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
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Dec 10
Dec 11
Dec 12
21
Median Sales Price – Res. Lot (Non‐Distressed) December
Year to Date $55,000
$67,450
2010
$42,500
$47,000
2011
2012
2010
$45,000
$43,000
2011
2012
Historical Activity $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $‐
January 2011 $85,000 December 2012 $47,000
October 2011 $23,250
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22
Sold to List Price Ratio – Residential Lot December
Year to Date 74%
74%
71%
71%
67% 67%
2010
2011
2012
2010
2011
2012
Historical Activity 110 100
April 2006 99% December 2012 74%
90 80 70 60
November 2011 47%
50 40 Dec 05
Dec 06
Dec 07
Dec 08
Dec 09
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Dec 10
Dec 11
Dec 12
23
Grand Strand Distressed Inventory Single Family Residential
Condo/Townhome
# Listings
Residential Lot
# Listings
# Listings
Horry Co.
578
Horry Co.
565
Horry Co.
250
Georgetown Co.
66
Georgetown Co.
35
Georgetown Co.
86
Total
Total
644
600
Total
336
Average List Price $194,306
Average List Price $115,887
Average List Price $67,901
Median List Price $144,450
Median List Price $88,200
Median List Price $35,350
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
325
21
$150k ‐ $250k
153
25
$250k ‐ $500k
73
15
$500k ‐ $1.0 MM
23
5
$1 MM +
4
‐
Horry Co.
G’town Co.
Less than $100k
357
14
$100k ‐ $150k
89
8
$150k ‐ $200k
56
6
$200k ‐ $400k
54
2
$400k ‐$750k
7
5
$750+
2
‐
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
85
19
$25k ‐ $50k
96
22
$50k ‐ $75k
31
9
$75k‐100k
14
16
$100k‐175k
15
8
$175k ‐250K
5
8
$250K +
4
4
24
Distressed Sales SFR
Total
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Condo
Dec
Feb
Apr
Jun
Aug
Oct
% Total Sales 37 30
32 33
28 28 29 29 29 29 23
Dec
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Dec
Feb
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Apr
Jun
Aug
Oct
25 25
Dec
25
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