Grand Strand Market Report May 2013 Single Family Residential sales remain hot in May while sales prices continue to improve. After a strong start in 2013, Single Family Residential (SFR) sales continued its momentum as May’s performance was the best May since 2006. During May, SFR sales topped 473 homes which is an 18.3% improvement from 2012 and a 47.4% improvement from 2011. May’s performance was the best single month of sales since June 2006. Year-to-date (YTD), SFR sales are up 21.1% from 2012 levels. In addition to strong SFR sales, the median sales price of SFRs was $190,000, the best monthly performance since Q3 2010. The improvement in sales price was driven by fewer distressed sales. YTD, the median sales price is up 5.03% for the year. As SFR sales continue to grow, more homes are coming back onto the market. During May, the inventory of home for sales continued its seasonal rise and is up 5.6% from prior year levels. It is anticipated that the inventory has peaked and will begin its seasonal decline in June. Offsetting the growth in SFR inventory, the inventory of distressed homes for sale continued to decline and is now 31.1% below its prior year level. For condos, the inventory continues it slow decline and the current inventory is down 10.8% from May 2012 and distressed inventory is sharply down 39.3% over the last year. During May, condo sales declined slightly from 2012 and remain up 6.8% for the full year. The median sales price for condo rebounded in May to $110,500. This improvement was driven by fewer distressed sales. YTD, the median sales price of condos remains flat to 2012 levels at $105,000. Residential lot sales rebounded in May and full year sales are in line with 2012 performance. Similar to SFR and condos, the median sales price of residential lots improved in May and the YTD sales price is now up 17.8% 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.
4,169
Georgetown Co. Total
3,840
Georgetown Co.
877
Residential Lot Horry Co.
431 Total
5,046
# Listings 1,615
Georgetown Co.
777 Total
4,271
2,392
Average List Price
$331,126
Average List Price
$185,400
Average List Price
$130,640
Median List Price
$225,000
Median List Price
$135,000
Median List Price
$62,950
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
1,122
84
Less than $100k
$150k - $250k
1,542
187
$250k - $500k
1,141
328
$500k - $1.0 MM $1 MM +
263 101
Horry Co.
G’town Co.
1,255
43
$100k - $150k
981
113
$150k - $200k
631
73
$200k - $400k
758
103
163 115
$400k -$750k
177
68
$750+
38
31
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
292
77
$25k - $50k
559
90
$50k - $75k
222
87
$75k-100k
166
103
$100k-175k
166
157
$175k -250k
93
125
$250k+
117
138
2
Grand Strand SFR Inventory Trends Grand Strand SFR Inventory 5,600
May 2011 5,087
5,200 5,000 4,800
May 2012 4,777
May 2013 5,046
4,600
4,400 4,200 4,000
Grand Strand SFR Distressed Inventory Number of Distressed Listings
Number of Listings
5,400
May 2010 5,453
950 900 850 800 750 700 650 600 550 500
May 2011 880 May 2010 752
May 2012 807
May 2013 556
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3
Grand Strand Condo Inventory Trends Grand Strand Condo Inventory May 2010 5,820 May 2011 5,198
5,500
May 2012 4,789
5,000
May 2013 4,271
4,500
4,000 3,500
Grand Strand Condo Distressed Inventory 1,100 Number of Distressed Listings
Number of Listings
6,000
1,000
May 2010 968 May 2011 928
900
May 2012 801
800 700 May 2013 486
600 500 400
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4
550
500
300
250
Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13
Number of SFR Sales
Closed Sales - SFR
May Year to Date
321
2011
400
2012
473
1,455
2013
2011
March 2006 500
Research performed by SiteTech Systems
1,625
2012
1,968
2013
Historical SFR Sales Activity May 2013 473
450
400
350
January 2009 149
200
150
100
5
Average Sales Price - SFR May
Year to Date $237,341
$227,184
$224,614
$218,387 $209,711
2011
2012
$214,470
2013
2011
2012
2013
Historical SFR Average Sale Prices $400,000
Average Sales Price
$350,000
March 2007 $346,428
$300,000 May 2013 $237,341
$250,000 $200,000
December 2010 $202,330
$150,000
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6
Median Sales Price - SFR Year to Date
May
$177,495
$190,000 $174,000
2011
$170,000
$169,000
2011
2012
$170,000
2012
2013
2013
Historical SFR Median Sale Prices $250,000 $240,000
June 2006 $242,310
Median Sales Prices
$230,000 $220,000
$210,000 May 2013 $190,000
$200,000 $190,000 $180,000 $170,000
$160,000 $150,000
January 2011 $160,500
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7
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
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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
$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
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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%
20.0%
Research performed by SiteTech Systems
10
Sold to List Price Ratio - SFR May
Year to Date 93%
92%
91%
90%
89%
2011
88%
2012
2013
2011
2012
2013
Sold to List Ratio
Historical SFR Sold to List Ratios 100 98 96 94 92 90 88 86 84 82 80
January 2006 98% May 2013 93%
May 2009 & April 2011 86%
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11
Mar-09
Research performed by SiteTech Systems Jan-12
12
May-13
Mar-13
500
Jan-13
Nov-12
Sep-12
Jul-12
May-12
2012
Mar-12
394
Nov-11
Sep-11
Jul-11
May-11
Mar-11
2011
Jan-11
Nov-10
Sep-10
Jul-10
2013
May-10
350
Mar-10
Jan-10
Nov-09
May
Sep-09
Jul-09
May-09
300
Jan-09
2012
Nov-08
405
Sep-08
Jul-08
May-08
Mar-08
Jan-08
Nov-07
2011
Sep-07
Jul-07
May-07
Mar-07
Jan-07
Nov-06
Sep-06
800
Jul-06
May-06
Mar-06
Jan-06
Number of Sales
Closed Sales - Condo Year to Date 1,704
1,542 1,596
2013
Historical Condo Sales Activity
900
May 2006 845
700
600
May 2013 394
400
January 2009 117
200
100
Average Sales Price - Condo May
Year to Date $148,700
$139,496 $143,432 $141,305
2011
2012
2013
2011
$134,653
$134,827
2012
2013
Historical Condo Average Sale Prices $350,000
Average Sales Price
$300,000
June 2007 $348,053
$250,000 $200,000
May 2013 $141,305
$150,000
$100,000
December 2010 $105,000
$50,000
Research performed by SiteTech Systems
13
Median Sales Price - Condo May
Year to Date $110,500
$110,000
$106,700
$106,000
2011
2012
2013
2011
$104,950
$105,000
2012
2013
Historical Condo Median Sales Prices $250,000 $230,000
June 2007 $249,921
Median Sales Price
$210,000 $190,000 $170,000 $150,000 May 2013 $110,500
$130,000 $110,000 $90,000
November 2011 $93,450
$70,000 $50,000
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14
Median Sales Price – Condo Distressed & Non-Distressed $150,000
$140,000
$130,000
$120,000
$110,000
Median Sales Price Distressed Sales Median Sales Price
$100,000
Non-Distressed Sales Median Sales Price
$90,000
$80,000
$70,000
$60,000
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15
Median Sales Price – Condo Cash & Conventional Transactions $180,000
$160,000
$140,000
Cash Median Sales Price
$120,000
Conventional Median Sales Price Median Sales Price
$100,000
$80,000
$60,000
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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
100
80
Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13
Sold to List Ratio
Sold to List Price Ratio - Condo
May Year to Date
89%
2011 2012
90%
86%
2013
89%
88%
86%
2011
95
Research performed by SiteTech Systems
2012 2013
Historical Condo Sold to List Ratio
March & April 2006 98% May 2013 90%
90
85
April & May 2009 81%
75
18
Closed Sales – Residential Lot May
Year to Date 130
452
447
2012
2013
90
236 43
2011
2012
2013
2011
Historical Residential Lot Sales Activity 300
Number of sales
250
April 2006 266
200
May 2013 130
150 100 50
January 2009 11
0
Research performed by SiteTech Systems
19
Average Sales Price – Residential Lot May
Year to Date $88,812 $72,252
$78,182
$59,000
2011
2012
$63,270
2013
2011
2012
$70,530
2013
Historical Residential Lot Average Sale Prices Average Sales Prices
$300,000 $250,000
July 2008 $275,614
$200,000 $150,000
October 2011 $35,780
$100,000
May 2013 $72,252
$50,000 $0
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20
Median Sales Price – Residential Lot May
Year to Date $38,000 $50,000
$42,750
$32,250
$27,000
2011
$38,000
2012
2013
2011
2012
2013
Historical Residential Lot Median Sale Prices $140,000
August 2006 $130,000
Median Sales Prices
$120,000
$100,000 $80,000 November 2011 $15,000
$60,000
May 2013 $42,750
$40,000 $20,000 $0
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21
Median Sales Price – Res. Lot (Non-Distressed) May
Year to Date $56,530 $72,000
$58,750
2011
2012
$51,500
$48,500
2013
$48,000
2011
2012
2013
Historical Residential Lot Median Sale Prices (Non-Distressed) $90,000
Median Sales Prices
$80,000 $70,000
January 2011 $85,000 May 2013 $45,800
$60,000 $50,000 $40,000
$30,000 $20,000
October 2011 $23,250
$10,000 $-
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22
Sold to List Price Ratio – Residential Lot May
Year to Date 84%
79%
76% 72%
71%
2011
2012
69%
2013
2011
2012
2013
Historical Residential Lot Sold to List Ratios 100 Sold to List Ratios
90
April 2006 99%
May 2013 84%
80 70
60 November 2011 47%
50 40
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23
Grand Strand Distressed Inventory Single Family Residential
Condo/Townhome
# Listings
Residential Lot
# Listings
# Listings
Horry Co.
489
Horry Co.
455
Horry Co.
182
Georgetown Co.
67
Georgetown Co.
31
Georgetown Co.
80
Total
Total
556
486
Total
262
Average List Price
$189,740
Average List Price
$120,270
Average List Price
$71,205
Median List Price
$141,000
Median List Price
$90,000
Median List Price
$34,850
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
280
25
$150k - $250k
123
22
$250k - $500k
66
14
$500k - $1.0 MM
18
6
$1 MM +
2
-
Horry Co.
G’town Co.
Less than $100k
265
8
$100k - $150k
86
8
$150k - $200k
45
7
$200k - $400k
51
6
$400k -$750k
8
2
$750+
-
-
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
75
21
$25k - $50k
54
15
$50k - $75k
20
9
$75k-100k
10
13
$100k-175k
13
13
$175k -250K
3
5
$250K +
7
4
24
Distressed Sales SFR
Total
12May
Jul
Sept
Nov
Jan
Mar
13May
Condo
12May
Jul
Sept
Nov
Jan
Mar
13May
% Total Sales 28 29 29 29 29
27 28 25 25 24 26 23 17
12May
Jul
-13
Nov
Jan
Mar
13May
12May
Jul
Research performed by SiteTech Systems
Sept
Nov
Jan
Mar
13May
25
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