Grand Strand Market Report July 2012 The second quarter sales momentum continued into July. The improving level of sales activity is representing a partial recovery in the Grand Strand real estate market. In July, Single Family Residential (SFR) inventory declined slightly and is down 5.1% as compared to July 2011 levels. As SFR continues to tighten, sales activity remained strong. July’s SFR sales were flat with June’s seasonal high and up 22.8% versus last July. Year to Date (YTD), 2012 SFR sales are up 12.6% as compared to 2011 levels. In addition to strong sales, SFR median sales price rebounded to $175,000 as the inventory of lower price homes continues to tighten. Year to date, SFR median sales price is $169,700, a 2.4% decline from 2011. Condo inventory continues to decline as July’s inventory is 10.1% down from July 2011. This decline is the fourth straight month of inventory decline and the distressed inventory is at the lowest level since tracking began in May 2010. July’s condo sales were 296 which is a decline from the June seasonal peak. As compared to July 2011, condo sales were up 4.6% and up 4.3% year to date. Driven by distressed sales (35+% of total) and cash transactions, the median sales price of condos fell to $95,000. Year to date, the median sales price of condos is down 4.5%. Residential lot sales activity remains strong as 2012 sales activity is up 62.5% as compared to 2011. Residential lot sales prices appear to have stabilized as the 2012 median sales price is $31,750.
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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