Grand Strand Market Report July 2013 Single Family Residential Sales Grew 12.5% in July Single Family Residential (SFR) sales continued its strong first half performance as SFR sales volume is up 12.5% as compared to July 2012. Year-to-date (YTD), SFR sales are up 20.1% from 2012 levels. In addition to strong SFR sales, the median sales price of SFRs was $177,836, which is in line with full year performance. YTD, the median sales price is up 4.77% for the year. During July, the inventory of home for sales continued its seasonal decline, however levels are still up 4.54% 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 32.6% below its prior year level. For condos, the inventory continues its slow decline and the current inventory is down 8.43% from July 2012 and distressed inventory is sharply down 43.7% over the last year. During July, year over year condo sales improved 17.0%. The median sales price for condo is up 16.4% from last year. YTD, the median sales price of condos are up 2.6%. Residential lot sales are in line with 2012 performance, both in July and YTD total sales. The median sales price of residential lots is flat compared to June and the YTD sales price is up 26.0% 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.
4,046
Georgetown Co. Total
3,777
Georgetown Co.
904
Residential Lot Horry Co.
390
Total
4,950
# Listings 1,599
Georgetown Co.
756 Total
4,167
2,355
Average List Price
$337,899
Average List Price
$185,118
Average List Price
$131,260
Median List Price
$230,000
Median List Price
$135,000
Median List Price
$60,000
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
1,035
90
Less than $100k
$150k - $250k
1,462
184
$250k - $500k
1,174
352
$500k - $1.0 MM $1 MM +
274 101
Horry Co.
G’town Co.
1,208
45
$100k - $150k
965
91
$150k - $200k
649
70
$200k - $400k
740
96
163 115
$400k -$750k
175
62
$750+
40
26
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
355
73
$25k - $50k
499
93
$50k - $75k
228
89
$75k-100k
150
104
$100k-175k
158
147
$175k -250k
92
115
$250k+
117
135
2
Research performed by SiteTech Systems Jul-13
Jun-13
700
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
July 2011 847
Grand Strand SFR Distressed Inventory
1,000
July 2012 789
800
July 2013 532
600
500
3
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
5,000
Aug-12
Jun-12
July 2011 4,992
Jul-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
5,200
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
July 2010 5,378
Jun-12
July 2010 750
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
900
Jul-10
5,400
Jul-10
Jun-10
May-10
5,600
Jun-10
May-10
Number of Distressed Listings
Number of Listings
Grand Strand SFR Inventory Trends Grand Strand SFR Inventory July 2013 4,950
July 2012 4,735
4,800
4,600
4,400
4,200
4,000
Research performed by SiteTech Systems 4
Jul-13
500
Jun-13
600
May-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
July 2012 4,509
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
800
Sep-12
July 2011 850
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
4,500
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
5,000
Aug-11
900
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
5,500
Oct-10
1,000 Aug-10
Jul-10
Jun-10
May-10
Number of Listings 6,000
Sep-10
1,100
Aug-10
Jul-10
Jun-10
May-10
Number of Distressed Listings
Grand Strand Condo Inventory Trends Grand Strand Condo Inventory
July 2010 5,655 July 2011 5,014 July 2013 4,167
4,000
3,500
Grand Strand Condo Distressed Inventory
July 2010 981
July 2012 727
700
July 2013 423
400
Research performed by SiteTech Systems 5 Jul-13
500
Apr-13
550
Jan-13
Oct-12
2012
Jul-12
2,544
Apr-12
Jan-12
2011
Oct-11
2,141
Jul-11
458
Apr-11
Jan-11
Oct-10
2013
Jul-10
314
Apr-10
Jan-10
Oct-09
July
Jul-09
Apr-09
Jan-09
2012
Oct-08
407
Jul-08
Apr-08
Jan-08
Oct-07
2011
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Number of SFR Sales
Closed Sales - SFR Year to Date 2,949
2013
Historical SFR Sales Activity July 2013 458
450
400
350
300
250
200
150
100
Average Sales Price - SFR July
Year to Date $226,314
$219,217 $218,301
$218,229
2012
2013
$223,687 $217,299
2011
2011
2012
2013
Historical SFR Average Sale Prices $350,000 $300,000
July 2013 $218,229
$250,000 $200,000
Research performed by SiteTech Systems
6
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
$150,000 Jan-06
Average Sales Price
$400,000
Median Sales Price - SFR Year to Date
July $177,836
$178,000
$174,000 $170,250
$171,080
2011
2012
$169,900
2013
2011
2012
2013
$250,000 $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000
Research performed by SiteTech Systems
7
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
July 2013 $177,836
Jan-06
Median Sales Prices
Historical SFR Median Sale Prices
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
Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13
$100,000
Research performed by SiteTech Systems
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
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%
20.0%
Research performed by SiteTech Systems
10
Research performed by SiteTech Systems 11
Jul-13
85
Apr-13
Jan-13
Oct-12
2012
Jul-12
93%
Apr-12
Jan-12
Oct-11
2011
Jul-11
91%
Apr-11
Jan-11
Oct-10
Jul-10
89%
Apr-10
Jan-10
July
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
2012
Jul-08
Apr-08
Jan-08
Oct-07
2011
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Sold to List Ratio
Sold to List Price Ratio - SFR Year to Date 93%
91%
88%
2013
2013
Historical SFR Sold to List Ratios
100
95
90
July 2013 93%
80
Research performed by SiteTech Systems 12
Jul-13
Apr-13
500
Jan-13
Oct-12
2012
Jul-12
365
Apr-12
Jan-12
Oct-11
Jul-11
2011
Apr-11
Jan-11
Oct-10
Jul-10
2013
Apr-10
Jan-10
July
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
2012
Jul-08
Apr-08
Jan-08
2011
Oct-07
283
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Number of Sales
Closed Sales - Condo Year to Date 2,475
312 2,301
2,180
2013
Historical Condo Sales Activity
900
800
700
600
July 2013 365
400
300
200
100
Average Sales Price - Condo July
Year to Date $142,635
$140,993 $134,838
$135,956
$132,389
2011
2012
2011
2013
$134,970
2012
2013
Historical Condo Average Sale Prices $300,000 $250,000 $200,000
July 2013 $132,389
$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
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
Average Sales Price
$350,000
Median Sales Price - Condo July
Year to Date
$110,000
$110,000
$110,000 $107,000
$94,500
2011
$104,250
2012
2013
2011
2012
2013
$250,000 $230,000 $210,000 $190,000 $170,000 $150,000 $130,000 $110,000 $90,000 $70,000 $50,000
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
July 2013 $110,000
Jan-06
Median Sales Price
Historical Condo Median Sales Prices
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
Research performed by SiteTech Systems 18
Jul-13
95
Apr-13
100
Jan-13
Oct-12
Jul-12
2012
Apr-12
2011
Jan-12
95%
Oct-11
88%
Jul-11
86%
Apr-11
Jan-11
Oct-10
Jul-10
2013
Apr-10
88%
Jan-10
July
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
2012
Oct-07
Jul-07
2011
Apr-07
86%
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Sold to List Ratio
Sold to List Price Ratio - Condo Year to Date
94%
2013
Historical Condo Sold to List Ratio July 2013 95%
90
85
80
75
Research performed by SiteTech Systems
150
19
Jul-13
200
Apr-13
2013
Jan-13
2012
Oct-12
389 642
Jul-12
73
638
Apr-12
Jan-12
Oct-11
Jul-11
2011
Apr-11
86
Jan-11
Oct-10
2013
Jul-10
56
Apr-10
Jan-10
July
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
2012
Jan-08
Oct-07
Jul-07
2011
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Number of sales
Closed Sales – Residential Lot Year to Date
Historical Residential Lot Sales Activity
300
250
July 2013 86
100
50
0
Average Sales Price – Residential Lot July
Year to Date $116,911 $71,879
$84,456
$70,447
$53,871
$68,660
2011
2012
2013
2011
2012
2013
Historical Residential Lot Average Sale Prices $250,000 $200,000 July 2013 $84,456
$150,000 $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
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-06
Average Sales Prices
$300,000
Median Sales Price – Residential Lot July
Year to Date $40,000
$36,000
$31,750
$59,000 $46,500 $30,750
2011
2012
2011
2013
2012
2013
$140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0
Research performed by SiteTech Systems
21
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
July 2013 $46,500
Jan-06
Median Sales Prices
Historical Residential Lot Median Sale Prices
Median Sales Price – Res. Lot (Non-Distressed) July
Year to Date
$61,000
$50,000
$50,000
2011
2012
2013
$51,000
$38,000
2011
$50,000
2012
2013
Historical Residential Lot Median Sale Prices (Non-Distressed) July 2013 $51,000
$80,000 $60,000 $40,000 $20,000
Research performed by SiteTech Systems
22
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
$Jan-11
Median Sales Prices
$100,000
Sold to List Price Ratio – Residential Lot July
Year to Date 79%
95%
79%
82%
73% 70%
2011
2012
2013
2011
2012
2013
Historical Residential Lot Sold to List Ratios July 2013 95%
90 80 70 60 50
Research performed by SiteTech Systems
23
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
40 Jan-06
Sold to List Ratios
100
Grand Strand Distressed Inventory Single Family Residential
Condo/Townhome
# Listings
Residential Lot # Listings
# Listings
Horry Co.
454
Horry Co.
393
Horry Co.
179
Georgetown Co.
78
Georgetown Co.
30
Georgetown Co.
70
Total
Total
532
Total
423
249
Average List Price
$194,538
Average List Price
$121,966
Average List Price
$65,450
Median List Price
$144,900
Median List Price
$95,000
Median List Price
$30,000
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
259
29
$150k - $250k
121
23
$250k - $500k
55
18
$500k - $1.0 MM
18
8
$1 MM +
1
-
Horry Co.
G’town Co.
Less than $100k
220
10
$100k - $150k
77
7
$150k - $200k
44
6
$200k - $400k
45
5
$400k -$750k
7
2
$750+
-
-
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
75
21
$25k - $50k
56
15
$50k - $75k
19
8
$75k-100k
6
11
$100k-175k
10
9
$175k -250K
6
5
$250K +
7
1 24
Distressed Sales SFR
Total
12Jul
Sept
Nov
Jan
Mar
May
12Jul
13Jul
Condo
Sep
Nov
Jan
Mar
May
13Jul
% Total Sales 29 29 29 23
25 25
27 28
24
26
17
12Jul
Sept
Nov
Jan
Mar
May
13Jul
12Jul
Sep
Research performed by SiteTech Systems
Nov
Jan
Mar
May
15
17
13Jul
25
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