Grand Strand Market Report June 2013 Single Family Residential (SFR) sales closed out the second quarter strong with a continued momentum since the beginning of 2013. Historically, sales activity peaks in May and then declines in the second half of the year. This is true for all SFR, Condo, and Res Lot sales activity in the month of June. There were 436 SFR sales in June, which has flat lined compared to June 2012. Year-to-date (YTD), SFR sales are up 19.2% from 2012 levels. In addition to strong SFR sales, the median sales price of SFRs was $182,250, which follows the seasonal trend from May. YTD, the median sales price is up 6.72% for the year. Coupled with stronger sales volume and sales prices, the sold to list ratio was 94%, its highest level since 2007. During June, the inventory of home for sales started its seasonal decline, however levels are still up 6.86% from prior year levels. It is anticipated that after the seasonal peak in May inventory will continue its seasonal decline similar to what occurred in June. The inventory of distressed homes for sale continued to decline and is now 33.8% below its prior year level. For condos, the inventory continues its slow decline and the current inventory is down 8.43% from June 2012 and distressed inventory is sharply down 43.7% over the last year. During June, condo sales declined 10.9% from 2012 but remain up 4.83% for the full year. The median sales price for condo continued to rise after it rebounded last month and is now at 114,700. This continued improvement was driven by fewer distressed sales. YTD, the median sales price of condos remains flat to 2012 levels at $107,000. Residential lot sales are in line with 2012 performance, both in June and YTD total sales. Similar to SFR and condos, the median sales price of residential lots is flat compared to May and the YTD sales price is now up 36.8% 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.
4,175
Georgetown Co. Total
3,749
Georgetown Co.
873
Residential Lot Horry Co.
421 Total
5,048
# Listings 1,628
Georgetown Co.
767 Total
4,170
2,395
Average List Price
$333,367
Average List Price
$186,000
Average List Price
$135,211
Median List Price
$229,000
Median List Price
$136,500
Median List Price
$64,900
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
1,128
84
Less than $100k
$150k - $250k
1,494
177
$250k - $500k
1,181
340
$500k - $1.0 MM $1 MM +
268 104
Horry Co.
G’town Co.
1,218
46
$100k - $150k
934
108
$150k - $200k
638
68
$200k - $400k
747
104
156 116
$400k -$750k
172
68
$750+
40
27
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
298
70
$25k - $50k
556
88
$50k - $75k
221
89
$75k-100k
171
105
$100k-175k
163
153
$175k -250k
93
121
$250k+
126
141
2
Research performed by SiteTech Systems Apr-13 Jun-13
May-13
Jul-12
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
June 2012 4,724
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
June 2010 743 Jun-12
4,800
Jul-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
June 2011 5,042
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jun-11
5,000
Jul-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
5,200
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
5,400
Jul-10
Jun-10
May-10
Number of Listings 5,600
Aug-10
Jul-10
Jun-10
950 900 850 800 750 700 650 600 550 500 May-10
Number of Distressed Listings
Grand Strand SFR Inventory Trends Grand Strand SFR Inventory
June 2010 5,416 June 2013 5,048
4,600
4,400
4,200
4,000
Grand Strand SFR Distressed Inventory June 2011 875 June 2012 800
June 2013 529
3
Research performed by SiteTech Systems Jun-13
May-13
4,500
Jun-13
500 Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
June 2012 4,554
May-13
600
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
800 May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
June 2011 5,119
Jun-12
June 2011 864
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
900 Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
5,000
Jul-11
June 2010 979
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Number of Listings 6,000
Jul-10
1,000
Jun-10
1,100
May-10
Number of Distressed Listings
Grand Strand Condo Inventory Trends Grand Strand Condo Inventory
June 2010 5,748
5,500
June 2013 4,170
4,000
3,500
Grand Strand Condo Distressed Inventory June 2012 771
700
June 2013 434
400
4
Closed Sales - SFR Year to Date
June 423
436
1,829
2,048
2,442
374
2011
2012
2013
2011
2012
2013
Number of SFR Sales
Historical SFR Sales Activity 550 500 450 400 350 300 250 200 150 100
March 2006 500
June 2013 436
January 2009 149
Research performed by SiteTech Systems
5
Average Sales Price - SFR June
Year to Date $227,524
$225,490
$238,846 $227,200
$217,099
$216,954
2011
2012
2013
2011
2012
2013
Historical SFR Average Sale Prices
Average Sales Price
$400,000 $350,000
March 2007 $346,428
$300,000
June 2013 $216,954
$250,000 $200,000
December 2010 $202,330
$150,000
Research performed by SiteTech Systems
6
Median Sales Price - SFR Year to Date
June $185,250
$182,250
$178,483
$174,795 $161,310
2011
2012
$167,250
2013
2011
2012
2013
Median Sales Prices
Historical SFR Median Sale Prices $250,000 $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000
June 2010 $242,310
June 2013 $182,250 January 2011 $160,500
Research performed by SiteTech Systems
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
Research performed by SiteTech Systems
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
$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
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%
20.0%
Research performed by SiteTech Systems
10
Sold to List Price Ratio - SFR June
Year to Date 94%
93%
92%
91%
88%
88%
2011
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% June 2013 94%
May 2009 & April 2011 86%
Research performed by SiteTech Systems
11
Closed Sales - Condo June
Year to Date 393
2,085 1,989
355
2011
2012
350
1,897
2013
2011
2012
2013
Historical Condo Sales Activity 900
May 2006 845
Number of Sales
800 700 600 June 2013 350
500 400 300
January 2009 117
200 100
Research performed by SiteTech Systems
12
Average Sales Price - Condo June
Year to Date $146,188
$140,748
2011
$142,132
$141,835
2012
2013
2011
$136,131
$135,599
2012
2013
Historical Condo Average Sale Prices $350,000
June 2007 $348,053
Average Sales Price
$300,000 $250,000 $200,000
June 2013 $141,835
$150,000 $100,000
December 2010 $105,000
$50,000
Research performed by SiteTech Systems
13
Median Sales Price - Condo June
Year to Date
$109,900
$120,000 $114,700
$107,000
$110,000
2011
$106,000
2012
2013
2011
2012
2013
Historical Condo Median Sales Prices $250,000 $230,000
June 2007 $249,921
Median Sales Price
$210,000 $190,000 $170,000 June 2013 $114,700
$150,000 $130,000 $110,000 $90,000
November 2011 $93,450
$70,000 $50,000
Research performed by SiteTech Systems
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
Research performed by SiteTech Systems
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
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 June
Year to Date 91% 88%
86%
86%
2011
2012
2011
2013
88%
2012
91%
2013
Historical Condo Sold to List Ratio 100
March & April 2006 98%
Sold to List Ratio
95
June 2013 91%
90 85 80
April & May 2009 81%
75
Research performed by SiteTech Systems
18
Closed Sales – Residential Lot June
Year to Date 113 100 70
2011
565
549
2012
2013
333
2012
2013
2011
Historical Residential Lot Sales Activity 300
Number of sales
250
April 2006 266
200
June 2013 100
150 100 50
January 2009 11
0
Research performed by SiteTech Systems
19
Average Sales Price – Residential Lot June
Year to Date
$54,651
$59,049
$68,293
$73,236 $69,993 $62,426
2011
2012
2013
2011
2012
2013
Historical Residential Lot Average Sale Prices Average Sales Prices
$300,000 $250,000
July 2008 $275,614
$200,000 $150,000
June 2013 $68,293
$100,000 $50,000
October 2011 $35,780
$0
Research performed by SiteTech Systems
20
Median Sales Price – Residential Lot June
Year to Date $44,250
$39,000
$37,200 $28,500
$32,400
$25,000
2011
2012
2013
2011
2012
2013
Historical Residential Lot Median Sale Prices $140,000
Median Sales Prices
$120,000
August 2006 $130,000
$100,000 $80,000 June 2013 $44,250
$60,000 $40,000 November 2011 $15,000
$20,000 $0
Research performed by SiteTech Systems
21
Median Sales Price – Res. Lot (Non-Distressed) June
Year to Date $56,530 $57,500 $34,500
$30,000
2011
2012
$47,500
2013
2011
$49,880
2012
2013
Historical Residential Lot Median Sale Prices (Non-Distressed) $90,000 Median Sales Prices
$80,000
January 2011 $85,000 June 2013 $57,500
$70,000
$60,000 $50,000 $40,000 $30,000 $20,000
$10,000
October 2011 $23,250
$-
Research performed by SiteTech Systems
22
Sold to List Price Ratio – Residential Lot June
Year to Date
75%
79%
80% 66%
73% 68%
2011
2012
2013
2011
2012
2013
Historical Residential Lot Sold to List Ratios 100 Sold to List Ratios
90
April 2006 99%
June 2013 80%
80 70 60 November 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.
460
Horry Co.
403
Horry Co.
202
Georgetown Co.
69
Georgetown Co.
31
Georgetown Co.
75
Total
Total
529
434
Total
277
Average List Price
$104,366
Average List Price
$122,143
Average List Price
$70,410
Median List Price
$144,203
Median List Price
$92,950
Median List Price
$34,800
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
267
26
$150k - $250k
114
21
$250k - $500k
60
16
$500k - $1.0 MM
16
6
$1 MM +
3
-
Horry Co.
G’town Co.
Less than $100k
233
10
$100k - $150k
76
7
$150k - $200k
40
6
$200k - $400k
47
5
$400k -$750k
7
3
$750+
-
-
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
85
19
$25k - $50k
63
15
$50k - $75k
20
9
$75k-100k
10
11
$100k-175k
11
12
$175k -250K
5
6
$250K +
8
3
24
Distressed Sales SFR
Total
Jun12
Aug
Oct
Dec
Feb
Apr
Jun13
Condo
Jun12
Aug
Oct
Dec
Feb
Apr
Jun13
% Total Sales 29 29 29 29
27 28 25 25 24 26 23 17 15
Jun12
Aug
Oct
Dec
Feb
Apr
Jun13
Jun12
Aug
Research performed by SiteTech Systems
Oct
Dec
Feb
Apr
Jun13
25
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