Grand Strand Market Report September 2012 Single Family Residential (SFR) sales activity continued its strong quarter as third quarter sales were up over 14% as compared to the third quarter of 2011. Although September SFR sales were seasonally down from August, September sales remained flat with September 2011. Year to Date (YTD), SFR sales are up 13% over 2011 and 18% from 2010. It is forecasted that SFR sales will grow for the fourth straight year as sales activity is back to 2004 levels. Throughout the third quarter, SFR inventory remained flat as the inventory is only down 1.77% from its 2011 level. As SFR inventory remains flat, distressed listings have declined for five consecutive months. After showing signs of stabilization, SFR median sales price declined to $159,900. This decline was primarily fueled by an unexpected drop in the non-distressed median sales price. Although one month does not make a trend, close monitoring of SFR median sales prices in the fourth quarter will determine if market prices have stabilized. Condo sales were down from August and the prior year levels. For the third quarter and YTD, condo sales were up 4.4% and 5.5%, respectively. The median sales price for condos continue to demonstrate some price stability as the median sales price was $105,000, a 4.4% decline from 2011. Another positive trend emerging in the condo market is the growing percentage of financed sales transactions as some financial institutions are crafting ‘common sense’ underwriting guidelines for the high net worth individuals acquiring these units.
Research powered by SiteTech Systems
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