Grand Strand Market Report September 2013 Single Family Residential sales end Quarter 3 strong; and are up 14.6% from September 2012 Single Family Residential (SFR) sales maintained its double digit year over year sales growth as SFR sales grew 14.6% as compared to September 2012. Year-to-date (YTD), SFR sales are up 21.1% from 2012 levels. In addition to strong SFR sales, the median sales price of SFRs was $180,000, which is in line with full year performance. YTD, the median sales price is up 5.9% for the year. Following improved sales prices, SFR sold to list ratio now a 93% which is in line with 2007 levels. During September, the inventory of homes for sale was up slightly from August and levels are still up 3.6% from prior year levels. The inventory of distressed homes for sale declined 6% from August and is now 38.5% below its prior year level. For condos, the inventory has leveled off over the last four months and the current inventory is down 5.1% from September 2012; distressed inventory is down 45.5% over the last year. During September, condo sales were up 6.8% to prior year levels and year to date condo sales are up 7.3% from 2012. The median sales price for condos is up 13.7% from last year. YTD, the median sales price of condos are up 5.7% and the sold to list ratio is now at 95%. Residential lot sales performance is in line with 2012 performance while the median sales price is up 33.3%. The improvement in sales prices is 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.
4,005
Georgetown Co. Total
3,754
Georgetown Co.
883
Residential Lot Horry Co.
389 Total
4,888
# Listings 1,609
Georgetown Co.
770 Total
4,143
2,379
Average List Price
$340,687
Average List Price
$185,856
Average List Price
$130,412
Median List Price
$234,900
Median List Price
$138,000
Median List Price
$62,000
Distribution by Price Range Horry Co.
G’town Co.
999
99
Less than $100k
$150k - $250k
1,408
173
$250k - $500k
1,225
340
Less than $150k
$500k - $1.0 MM $1 MM +
266 107
Horry Co.
G’town Co.
1,220
28
$100k - $150k
950
98
$150k - $200k
619
79
$200k - $400k
758
94
156 115
$400k -$750k
167
65
$750+
40
25
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
354
85
$25k - $50k
474
100
$50k - $75k
247
86
$75k-100k
164
114
$100k-175k
160
140
$175k -250k
102
111
$250k+
108
134
2
Research performed by SiteTech Systems 3
Sep-13
Sep-13
Sept 2012 4,717
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sept 2010 5,182
Aug-13
600
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Sept 2011 809
Oct-12
800 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
Sept 2011 4,802
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
Sept 2010 781
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
700 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
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Number of Distressed Listings
Grand Strand SFR Inventory Trends Grand Strand SFR Inventory Sept 2013 4,888
Grand Strand SFR Distressed Inventory
1,000
900
Sept 2012 759 Sept 2013 467
500
400
Research performed by SiteTech Systems 4
Sep-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
Sept 2012 4,364
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Sept 2011 816
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
Sept 2010 947
Sep-11
Sept 2010 5,372
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
5,500
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
1,100 1,000 900 800 700 600 500 400 300 Aug-10
Jul-10
Jun-10
May-10
Number of Listings 5,000
Jul-10
Jun-10
May-10
Number of Distressed Listings
Grand Strand Condo Inventory Trends Grand Strand Condo Inventory
6,000
Sept 2011 4,866 Sept 2013 4,143
4,000
3,500
Grand Strand Condo Distressed Inventory
Sept 2012 653 Sept 2013 356
Closed Sales - SFR Year to Date
September
329
2011
376
2012
431
2,828
2011
2013
Historical SFR Sales Activity 550
3,261
2012
3,950
2013 August 2013 524
Number of SFR Sales
500 450 400
Sept 2013 431
350 300 250 200 150 100
January 2009 149
Research performed by SiteTech Systems
5
Average Sales Price - SFR September
Year to Date
$222,688
$222,549
$224,894
$224,108 $215,346
$196,934
2011
2012
2011
2013
2012
2013
Historical SFR Average Sale Prices March 2007 $346,428
$350,000 $300,000
Sept 2013 $222,549
$250,000 $200,000
Research performed by SiteTech Systems
6
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
Sept 2012 $196,933 Jan-06
Average Sales Price
$400,000
Median Sales Price - SFR Year to Date
September $180,000
$179,900
$171,500
$173,000
$169,900
$160,163
2011
2012
2013
2011
2012
2013
Historical SFR Median Sale Prices July 2006 $242,310
$250,000 $240,000 $220,000 $210,000
Sept 2013 $180,000
$200,000 $190,000 $180,000 $170,000
Nov 2012 $160,000
$160,000
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
$150,000 Jan-06
Median Sales Prices
$230,000
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
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 Aug-13 Sep-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
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Oct-12
Nov-12
Sep-12
Aug-12
Jul-12
Jun-12
Apr-12
May-12
Mar-12
Feb-12
Jan-12
Dec-11
Oct-11
Nov-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%
Research performed by SiteTech Systems
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
20.0%
10
Sold to List Price Ratio - SFR September
Year to Date 93%
93%
91%
91%
89%
2011
88%
2012
2011
2013
2012
2013
Sold to List Ratio
Historical SFR Sold to List Ratios 100 98 96 94 92 90 88 86 84 82 80
Jan 2006 98% Sept 2013 93%
May 2009 86%
Research performed by SiteTech Systems
April 2011 86%
11
Closed Sales - Condo September
Year to Date 3,166
312 2,950
288
2011
2,766
292
2012
2011
2013
2012
2013
Historical Condo Sales Activity 900
Number of Sales
800 700
May 2006 845
600 September 2013 312
500 400 300
Jan 2009 117
200 100
Research performed by SiteTech Systems
12
Average Sales Price - Condo September
Year to Date $147,492
$138,742 $137,477
$137,533
$128,173 $134,334
2011
2012
2011
2013
2012
2013
Historical Condo Average Sale Prices June 2007 $348,053
$300,000 $250,000 September 2013 $147,492
$200,000 $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
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 September
Year to Date $116,000
$111,000
$109,900
$109,000 $102,000
2011
$104,000
2012
2013
2011
2012
2013
Historical Condo Median Sales Prices June 2007 $249,921
$250,000 $230,000 $190,000 $170,000
September 2013 $116,000
$150,000 $130,000 $110,000 $90,000
November 2011 $93,450
$70,000
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
$50,000 Jan-06
Median Sales Price
$210,000
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
Sold to List Price Ratio - Condo September
Year to Date 91%
92% 87%
86%
2011
2012
86%
2011
2013
88%
2012
2013
Historical Condo Sold to List Ratio 100
March & April 2006 98%
September 2013 91%
Sold to List Ratio
95 90 85 80
April & May 2009 81%
75
Research performed by SiteTech Systems
18
Closed Sales – Residential Lot September
Year to Date 786
820
2012
2013
537 75
74
74
2011
2012
2011
2013
Historical Residential Lot Sales Activity 300
April 2006 266
Number of sales
250
200 Sept 2013 75
150 100
Jan 2009 11
50 0
Research performed by SiteTech Systems
19
Average Sales Price – Residential Lot September
Year to Date $90,367
$71,649
$73,480
$71,789
$51,237 $65,462
2011
2012
2013
2011
2012
2013
Historical Residential Lot Average Sale Prices July 2008 $275,614
$250,000
$200,000 $150,000
Sept 2013 $90,367
Oct 2011 $35,780
$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 September
Year to Date $50,000
$32,000
$35,000
2011
2012
2013
$44,000
$35,000
$33,000
2011
2012
2013
Historical Residential Lot Median Sale Prices Aug 2006 $130,000
$140,000
$100,000
Sept 2013 $50,000
$80,000 Nov 2011 $15,000
$60,000 $40,000 $20,000
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
$0 Jan-06
Median Sales Prices
$120,000
Median Sales Price – Res. Lot (Non-Distressed) September
Year to Date $55,250
$50,000
$45,100
$82,500 $52,500
$45,000
2011
2012
2013
2011
2012
2013
Jan 2011 $85,000
$90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $-
Sept 2013 $52,500
Research performed by SiteTech Systems
22
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
Feb-11
Oct 2011 $23,250 Jan-11
Median Sales Prices
Historical Residential Lot Median Sale Prices (Non-Distressed)
Sold to List Price Ratio – Residential Lot September
66%
Year to Date
74%
84%
82%
73% 70%
2011
Sold to List Ratios
100
April 2006 99%
2012
2013
2011
2012
2013
Historical Residential Lot Sold to List Ratios
90 80 Sept 2013 84%
70
60 Nov 2011 47%
50 40
Research performed by SiteTech Systems
23
Grand Strand Distressed Inventory Single Family Residential
Condo/Townhome
# Listings
Residential Lot # Listings
# Listings
Horry Co.
402
Horry Co.
330
Horry Co.
173
Georgetown Co.
65
Georgetown Co.
26
Georgetown Co.
55
Total
Total
467
Total
356
228
Average List Price
$206,881
Average List Price
$124,246
Average List Price
$66,990
Median List Price
$234,900
Median List Price
$138,000
Median List Price
$60,000
Distribution by Price Range Horry Co.
G’town Co.
Less than $150k
221
25
$150k - $250k
113
20
$250k - $500k
50
13
$500k - $1.0 MM
14
6
$1 MM +
4
1
Horry Co.
G’town Co.
Less than $100k
189
4
$100k - $150k
63
8
$150k - $200k
33
5
$200k - $400k
38
7
$400k -$750k
7
2
$750+
-
-
Research performed by SiteTech Systems
Horry Co.
G’town Co.
Less than $25k
77
13
$25k - $50k
47
14
$50k - $75k
17
5
$75k-100k
9
11
$100k-175k
13
6
$175k -250K
4
5
$250K +
6
1 24
Distressed Sales SFR
Total
12Sep
Nov
Jan
Mar
May
July
12Sep
13Sep
Condo
Nov
Jan
Mar
May
July
% Total Sales
29
23
25 25
27 28
24
26 17
12Sep
13Sep
Nov
Jan
Mar
May
July
13Sep
12Sep
Nov
Research performed by SiteTech Systems
Jan
Mar
May
15
17 17
July
19
13Sep
25
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