Grand Strand Market Report October 2013 Single Family Residential sales begin Quarter 4 strong; and are up 12.4% from October 2012 Single Family Residential (SFR) sales maintained its double digit year over year sales growth as SFR sales grew 12.4% as compared to October 2012. Year-to-date (YTD), SFR sales are up 21.8% from 2012 levels. In addition to strong SFR sales, the median sales price of SFRs was $176,200, which is in line with full year performance. YTD, the median sales price is up 6.5% for the year. Following improved sales prices, SFR sold to list ratio remains at 93% which is in line with 2007 levels, and has remained steady since July 2013. During October, the inventory of homes is consistent with September and levels are up 4.6% from prior year levels. The inventory of distressed homes for sale has leveled off and is 35.8% below its prior year level. For condos, the inventory has leveled off over the last four months and the current inventory is down 2.2% from October 2012; distressed inventory is down 43.2% over the last year. During October, condo sales have slipped from its October 2012 performance, however year to date condo sales are up 5.3% from 2012. The median sales price for condos is up 6.2% from last year at $110,000, which is consistent with the full year. The sold to list ratio is now at 91%, and has been steady in the low 90’s for the three consecutive months. Residential lot sales performance in October remains in line with October 2012 performance, however, YTD residential lot sales are up 4.9% as compared to YTD 2012. The YTD median sales price is up 34.3%. The improvement in sales prices is still driven by a smaller percentage of distressed sales and stronger pricing on non-distressed sales.
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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.
3,968
Georgetown Co. Total
3,746
Georgetown Co.
853
Residential Lot Horry Co.
385 Total
4,821
# Listings 1,636
Georgetown Co.
796 Total
4,131
2,432
Average List Price
$339,917
Average List Price
$183,391
Average List Price
$132,128
Median List Price
$235,000
Median List Price
$137,500
Median List Price
$64,000
Distribution by Price Range Horry Co.
G’town Co.
982
98
Less than $100k
$150k - $250k
1,389
167
$250k - $500k
1,236
331
Less than $150k
$500k - $1.0 MM $1 MM +
257 104
Horry Co.
G’town Co.
1,226
29
$100k - $150k
956
98
$150k - $200k
628
84
$200k - $400k
734
87
151 106
$400k -$750k
167
63
$750+
35
24
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
344
79
$25k - $50k
488
105
$50k - $75k
271
89
$75k-100k
165
127
$100k-175k
157
148
$175k -250k
102
108
$250k+
109
140
2
Research performed by SiteTech Systems 3
Oct-13
Oct-13
Oct 2012 4,608
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Oct 2010 5,088
Sep-13
600
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
800
Oct-12
Oct 2011 791
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
Dec-10
Nov-10
Oct-10
Oct 2011 4,733
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Oct 2010 799
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
900 Sep-10
Aug-10
Jul-10
Jun-10
May-10
Number of Listings 5,600 5,400 5,200 5,000 4,800 4,600 4,400 4,200 4,000
Oct-10
1,000
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Number of Distressed Listings
Grand Strand SFR Inventory Trends Grand Strand SFR Inventory Oct 2013 4,821
Grand Strand SFR Distressed Inventory Oct 2012 721
700
Oct 2013 463
500
400
Oct-10
Research performed by SiteTech Systems
500
400
4
Oct-13
600
Sep-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct 2012 4,222
Aug-13
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
4,500
Oct-12
Oct 2011 806
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Oct 2010 957
Nov-11
Oct 2010 5,270
Oct-11
Sep-11
Aug-11
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-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
800
Nov-10
900
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Number of Listings 5,000
Aug-10
Jul-10
Jun-10
May-10
Number of Distressed Listings
Grand Strand Condo Inventory Trends Grand Strand Condo Inventory
6,000
Oct 2011 4,787 Oct 2013 4,131
4,000
3,500
Grand Strand Condo Distressed Inventory
1,100
1,000
Oct 2012 614
700
Oct 2013 349
300
Closed Sales - SFR Year to Date
October 444
395
3,135
307
2011
2012
2011
2013
4,450
3,655
2012
2013
August 2013 524
550 500 450 400 350 300 250 200 150 100
October 2013 444
Research performed by SiteTech Systems
5
Oct-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
January 2009 149 Jan-06
Number of SFR Sales
Historical SFR Sales Activity
Average Sales Price - SFR October
Year to Date
$235,729
$225,246
$221,349
$224,881
$213,383
$215,134 2011
2012
2013
2011
2012
2013
Historical SFR Average Sale Prices March 2007 $346,428
$350,000 $300,000
October 2013 $221,349
$250,000 $200,000
Research performed by SiteTech Systems
6
Oct-13
Jul-13
Apr-13
Jan-13
Oct-12
Jul-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
Apr-12
September 2012 $196,933 Jan-06
Average Sales Price
$400,000
Median Sales Price - SFR Year to Date
October $176,200
$179,990
$172,000
$172,273
$167,825
2011
2012
2013
$168,999
2011
2012
2013
Historical SFR Median Sale Prices July 2006 $242,310
$250,000 $230,000 $220,000 $210,000
October 2013 $176,200
$200,000 $190,000 $180,000 $170,000
Research performed by SiteTech Systems
7
Oct-13
Jul-13
Apr-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-13
November 2012 $160,000
$160,000 Jan-06
Median Sales Prices
$240,000
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
Oct-13
Sep-13
Aug-13
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
$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
Oct-13
Sep-13
Aug-13
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
Sold to List Price Ratio - SFR October
Year to Date 93%
92%
93% 91% 88%
88%
2011
2012
2011
2013
2012
2013
January 2006 98%
October 2013 93%
Research performed by SiteTech Systems
11
Oct-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
April 2011 86% 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
May 2009 86% Apr-06
100 98 96 94 92 90 88 86 84 82 80
Jan-06
Sold to List Ratio
Historical SFR Sold to List Ratios
Closed Sales - Condo October
Year to Date 362
3,486
299
265
3,311 3,031
2011
2012
2013
2011
2012
2013
Historical Condo Sales Activity May 2006 845
900
700 600 500
October 2013 299
400 300
January 2009 117
200
Research performed by SiteTech Systems
12
Oct-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
100 Jan-06
Number of Sales
800
Average Sales Price - Condo October
Year to Date
$152,529 $139,947
$145,332
$138,293
$132,630
2011
$134,148
2012
2011
2013
2012
2013
Historical Condo Average Sale Prices June 2007 $348,053
$300,000 $250,000
October 2013 $145,332
$200,000 $150,000 $100,000
Research performed by SiteTech Systems
13
Oct-13
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-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-11
December 2010 $105,000 Jan-06
Average Sales Price
$350,000
Median Sales Price - Condo October
Year to Date
$110,000
$110,000
$109,000
$107,000
$104,000
$103,550
2011
2012
2013
2011
2012
2013
June 2007 $249,921
$250,000 $230,000 $210,000 $190,000 $170,000 $150,000 $130,000 $110,000 $90,000 $70,000 $50,000
October 2013 $110,000
Research performed by SiteTech Systems
14
Oct-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
November 2011 $93,450 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
$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
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
Sold to List Price Ratio - Condo October
Year to Date
91%
92%
89%
88%
86%
86%
2011
2012
2011
2013
2012
2013
Historical Condo Sold to List Ratio March & April 2006 98%
100
90 October 2013 91%
85 80
Research performed by SiteTech Systems
18
Oct-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
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
75
Jan-09
April & May 2009 81% Jan-06
Sold to List Ratio
95
Closed Sales – Residential Lot October
Year to Date 97
926
883
96
620
83
2011
2012
2013
2011
2012
2013
Historical Residential Lot Sales Activity 300
April 2006 266
200 October 2013 96
150 100
January 2009 11
50
Research performed by SiteTech Systems
19
Oct-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
0 Jan-06
Number of sales
250
Average Sales Price – Residential Lot October
Year to Date $68,369
$64,648
$73,038
$35,584
$66,942
2011
2012
2013
$65,372
2011
2012
2013
Historical Residential Lot Average Sale Prices July 2008 $275,614
$250,000 $200,000 $150,000
October 2013 $68,369
October 2011 $35,780
$100,000 $50,000
Research performed by SiteTech Systems
20
Oct-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
$0 Jan-06
Average Sales Prices
$300,000
Median Sales Price – Residential Lot October
Year to Date $41,500
$45,000
$33,375
$33,500
2011
2012
$35,000 $15,899
2011
2012
2013
2013
Historical Residential Lot Median Sale Prices August 2006 $130,000
$140,000
$100,000 October 2013 $41,500
$80,000 $60,000 $40,000 $20,000
Research performed by SiteTech Systems
21
Oct-13
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-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-12
November 2011 $15,000 Jan-06
Median Sales Prices
$120,000
Median Sales Price – Res. Lot (Non-Distressed) October
Year to Date
$47,000
$50,000
$45,000
$50,000
$23,250
$46,000 2011
2012
2013
2011
2012
2013
22
Oct-13
Sep-13
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
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Nov-11
Research performed by SiteTech Systems
Aug-13
October 2013 $45,000
October 2011 $23,250
Feb-11
$90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $-
Jan-11
Median Sales Prices
Historical Residential Lot Median Sale Prices (Non-Distressed) January 2011 $85,000
Sold to List Price Ratio – Residential Lot October
Year to Date 79%
81%
72%
57%
2011
2012
71%
2011
2012
2013
Historical Residential Lot Sold to List Ratios
April 2006 99%
100
2013
71%
80 70
October 2013 72%
60 November 2011 47%
50
Research performed by SiteTech Systems
23
Oct-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
40 Jan-06
Sold to List Ratios
90
Grand Strand Distressed Inventory Single Family Residential
Condo/Townhome
# Listings
Residential Lot # Listings
# Listings
Horry Co.
403
Horry Co.
324
Horry Co.
164
Georgetown Co.
60
Georgetown Co.
25
Georgetown Co.
54
Total
Total
463
Total
349
218
Average List Price
$206,394
Average List Price
$121,308
Average List Price
$66,506
Median List Price
$235,000
Median List Price
$134,900
Median List Price
$60,000
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
224
22
$150k - $250k
111
19
$250k - $500k
51
10
$500k - $1.0 MM
14
8
$1 MM +
3
1
Horry Co.
G’town Co.
Less than $100k
190
3
$100k - $150k
61
9
$150k - $200k
33
7
$200k - $400k
31
4
$400k -$750k
9
2
$750+
-
-
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
69
12
$25k - $50k
51
14
$50k - $75k
16
6
$75k-100k
7
11
$100k-175k
11
7
$175k -250K
4
4
$250K +
6
- 24
Distressed Sales SFR
Total
12Oct
Dec
Feb
Apr
June
Aug
12Oct
0ct 13
Condo
Dec
Feb
Apr
June
13Oct
% Total Sales 23
25 25 27 28 24 26 17
12Oct
Aug
Dec
Feb
Apr
June
Aug
13Oct
12Oct
Dec
Research performed by SiteTech Systems
Feb
Apr
15
June
17 17
Aug
19 15
13Oct
25
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