Grand Strand Market Report June 2012 June represented another solid month of real estate sales activity and some improving performance indicators. As anticipated, Single Family Residential (SFR) inventory declined in June to 4,724 homes, a 6.3% decline from prior year levels. It is anticipated that the inventory will continue to decline throughout the year. Distressed SFR inventory fell for the third consecutive month. Although SFR sales were flat to prior month and prior year levels, Year-to-Date (YTD) sales are up 8.7% as compared to 2011 levels. Offsetting solid sales activity, the median sales price fell to $164,000 in June. Year to date, SFR median sales price is down 3.1% versus 2011. This decline is anticipated as it is forecasted that 2012 median sales price will be down 3 – 5%. Condo inventory continues to decline as June was the third consecutive month of declining inventory. As compared to prior year levels, inventory is down 11% and almost at a 24 month low (since tracking began). Additionally, distressed condo inventory fell for the third straight month and the lowest level since tracking began (over 24 months). Similar to 2011, June condo sales fell from May to 352 units which is flat to June, 2011. Year to date, condo sales are up 2.2% from 2011 while the median sales price is $106,000, a 3.6% decline from 2011. Residential lot sales continue to outpace 2011 levels as they are up 62%. This increase in sales activity is at the expense of sales price with an YTD median sales price of $30,000 which is a decline of 19.4% as compared to 2011.
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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
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Median Sales Price – Res. Lot (Non-Distressed)
22
Sold to List Price Ratio – Residential Lot
23
Distressed Inventory
24
Distressed Sales
25