grand strand monthly sales trend broker may
DESCRIPTION
May 2013 Housing Report for Myrtle BeachTRANSCRIPT
Grand Strand Market Report 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
May 2013
Research powered by
SiteTech Systems
Single Family Residential sales remain hot in May while sales prices continue to improve.
After a strong start in 2013, Single Family Residential (SFR) sales continued its momentum as May’s performance was the best May since 2006. During May, SFR sales topped 473 homes which is an 18.3% improvement from 2012 and a 47.4% improvement from 2011. May’s performance was the best single month of sales since June 2006. 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 $190,000, the best monthly performance since Q3 2010. The improvement in sales price was driven by fewer distressed sales. YTD, the median sales price is up 5.03% for the year. As SFR sales continue to grow, more homes are coming back onto the market. During May, the inventory of home for sales continued its seasonal rise and is up 5.6% from prior year levels. It is anticipated that the inventory has peaked and will begin its seasonal decline in June. Offsetting the growth in SFR inventory, the inventory of distressed homes for sale continued to decline and is now 31.1% below its prior year level. For condos, the inventory continues it slow decline and the current inventory is down 10.8% from May 2012 and distressed inventory is sharply down 39.3% over the last year. During May, condo sales declined slightly from 2012 and remain up 6.8% for the full year. The median sales price for condo rebounded in May to $110,500. This improvement was driven by fewer distressed sales. YTD, the median sales price of condos remains flat to 2012 levels at $105,000. Residential lot sales rebounded in May and full year sales are in line with 2012 performance. Similar to SFR and condos, the median sales price of residential lots improved in May and the YTD sales price is now up 17.8% from 2012.
Grand Strand Active Inventory
Single Family Residential
# Listings
Horry Co. 4,169
Georgetown Co. 877
Total 5,046
Average List Price $331,126
Median List Price $225,000
Condo/Townhome
# Listings
Horry Co. 3,840
Georgetown Co. 431
Total 4,271
Average List Price $185,400
Median List Price $135,000
Horry Co.
G’town Co.
Less than $150k 1,122 84
$150k - $250k 1,542 187
$250k - $500k 1,141 328
$500k - $1.0 MM 263 163
$1 MM + 101 115
Horry Co.
G’town Co.
Less than $100k 1,255 43
$100k - $150k 981 113
$150k - $200k 631 73
$200k - $400k 758 103
$400k -$750k 177 68
$750+ 38 31
Distribution by Price Range
2 Research performed by SiteTech Systems
Residential Lot # Listings
Horry Co. 1,615
Georgetown Co. 777
Total 2,392
Average List Price $130,640
Median List Price $62,950
Horry Co.
G’town Co.
Less than $25k 292 77
$25k - $50k 559 90
$50k - $75k 222 87
$75k-100k 166 103
$100k-175k 166 157
$175k -250k 93 125
$250k+ 117 138
Grand Strand SFR Inventory Trends
Research performed by SiteTech Systems 3
May 2010 5,453
May 2011 5,087
May 2012 4,777
May 2013 5,046
4,000
4,200
4,400
4,600
4,800
5,000
5,200
5,400
5,600
Nu
mb
er
of
List
ings
Grand Strand SFR Inventory
May 2010 752
May 2011 880 May 2012
807
May 2013 556
500
550
600
650
700
750
800
850
900
950
Nu
mb
er
of
Dis
tre
sse
d L
isti
ngs
Grand Strand SFR Distressed Inventory
Grand Strand Condo Inventory Trends
Research performed by SiteTech Systems 4
May 2010 5,820
May 2011 5,198
May 2012 4,789
May 2013 4,271
3,500
4,000
4,500
5,000
5,500
6,000
Nu
mb
er
of
List
ings
Grand Strand Condo Inventory
May 2010 968
May 2011 928
May 2012 801
May 2013 486
400
500
600
700
800
900
1,000
1,100
Nu
mb
er
of
Dis
tre
sse
d L
isti
ngs
Grand Strand Condo Distressed Inventory
Closed Sales - SFR
May Year to Date
5 Research performed by SiteTech Systems
321400
473
2011 2012 2013
1,455 1,6251,968
2011 2012 2013
March 2006 500
January 2009 149
May 2013 473
100
150
200
250
300
350
400
450
500
550
Jan
-06
Mar
-06
May
-06
Jul-
06
Sep
-06
No
v-0
6
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7
Jan
-08
Mar
-08
May
-08
Jul-
08
Sep
-08
No
v-0
8
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9
Jan
-10
Mar
-10
May
-10
Jul-
10
Sep
-10
No
v-1
0
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1
Jan
-12
Mar
-12
May
-12
Jul-
12
Sep
-12
No
v-1
2
Jan
-13
Mar
-13
May
-13
Nu
mb
er
of
SFR
Sal
es
Historical SFR Sales Activity
Average Sales Price - SFR May Year to Date
6 Research performed by SiteTech Systems
$218,387$209,711
$237,341
2011 2012 2013
$224,614
$214,470
$227,184
2011 2012 2013
March 2007 $346,428
December 2010 $202,330
May 2013 $237,341
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Ave
rage
Sal
es
Pri
ce
Historical SFR Average Sale Prices
Median Sales Price - SFR May
$174,000$170,000
$190,000
2011 2012 2013
Year to Date
7 Research performed by SiteTech Systems
$170,000 $169,000
$177,495
2011 2012 2013
June 2006 $242,310
January 2011 $160,500
May 2013 $190,000
$150,000
$160,000
$170,000
$180,000
$190,000
$200,000
$210,000
$220,000
$230,000
$240,000
$250,000
Me
dia
n S
ale
s P
rice
s
Historical SFR Median Sale Prices
Median Sales Price – SFR Distressed & Non-Distressed
8 Research performed by SiteTech Systems
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
$220,000
Mar
-11
Ap
r-1
1
May
-11
Jun
-11
Jul-
11
Au
g-1
1
Sep
-11
Oct
-11
No
v-1
1
De
c-1
1
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
MedianSales Price
Distressed SalesMedian Sales Price
Non-Distressed SalesMedian Sales Price
Median Sales Price – SFR Cash & Conventional Transactions
9 Research performed by SiteTech Systems
$125,000
$135,000
$145,000
$155,000
$165,000
$175,000
$185,000
$195,000
Ap
r-1
1
May
-11
Jun
-11
Jul-
11
Au
g-1
1
Sep
-11
Oct
-11
No
v-1
1
De
c-1
1
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
MedianSales Price
CashMedian Sales Price
ConventionalMedian Sales Price
SFR Sales % Cash vs. % Conventional
Research performed by SiteTech Systems 10
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Cash% of Closed Sales
Conventional% of Closed Sales
Sold to List Price Ratio - SFR
May
89%
91%
93%
2011 2012 2013
Year to Date
11 Research performed by SiteTech Systems
88%
90%
92%
2011 2012 2013
January 2006 98%
May 2009 & April 2011 86%
May 2013 93%
80
82
84
86
88
90
92
94
96
98
100
Sold
to
Lis
t R
atio
Historical SFR Sold to List Ratios
Closed Sales - Condo May
350
405394
2011 2012 2013
Year to Date
12 Research performed by SiteTech Systems
1,5421,596
1,704
2011 2012 2013
May 2006 845
January 2009 117
May 2013 394
100
200
300
400
500
600
700
800
900
Jan
-06
Mar
-06
May
-06
Jul-
06
Sep
-06
No
v-0
6
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7
Jan
-08
Mar
-08
May
-08
Jul-
08
Sep
-08
No
v-0
8
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9
Jan
-10
Mar
-10
May
-10
Jul-
10
Sep
-10
No
v-1
0
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1
Jan
-12
Mar
-12
May
-12
Jul-
12
Sep
-12
No
v-1
2
Jan
-13
Mar
-13
May
-13
Nu
mb
er
of
Sale
s
Historical Condo Sales Activity
Average Sales Price - Condo May Year to Date
13 Research performed by SiteTech Systems
$139,496
$134,653 $134,827
2011 2012 2013
$148,700
$143,432
$141,305
2011 2012 2013
June 2007 $348,053
December 2010 $105,000
May 2013 $141,305
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
Ave
rage
Sal
es
Pri
ce
Historical Condo Average Sale Prices
Median Sales Price - Condo May
$110,000
$106,000
$110,500
2011 2012 2013
Year to Date
14 Research performed by SiteTech Systems
$106,700
$104,950 $105,000
2011 2012 2013
June 2007 $249,921
November 2011 $93,450
May 2013 $110,500
$50,000
$70,000
$90,000
$110,000
$130,000
$150,000
$170,000
$190,000
$210,000
$230,000
$250,000
Me
dia
n S
ale
s P
rice
Historical Condo Median Sales Prices
Median Sales Price – Condo Distressed & Non-Distressed
15 Research performed by SiteTech Systems
$60,000
$70,000
$80,000
$90,000
$100,000
$110,000
$120,000
$130,000
$140,000
$150,000
MedianSales Price
Distressed SalesMedian Sales Price
Non-Distressed SalesMedian Sales Price
Median Sales Price – Condo Cash & Conventional Transactions
16 Research performed by SiteTech Systems
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
CashMedian Sales Price
ConventionalMedian Sales Price
MedianSales Price
Condo Sales % Cash vs. % Conventional
Research performed by SiteTech Systems 17
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Cash% of Closed Sales
Conventional% of Closed Sales
Sold to List Price Ratio - Condo
May
86%
89%90%
2011 2012 2013
Year to Date
18 Research performed by SiteTech Systems
86%
88%
89%
2011 2012 2013
March & April 2006 98%
April & May 2009 81%
May 2013 90%
75
80
85
90
95
100
Jan
-06
Mar
-06
May
-06
Jul-
06
Sep
-06
No
v-0
6
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7
Jan
-08
Mar
-08
May
-08
Jul-
08
Sep
-08
No
v-0
8
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9
Jan
-10
Mar
-10
May
-10
Jul-
10
Sep
-10
No
v-1
0
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1
Jan
-12
Mar
-12
May
-12
Jul-
12
Sep
-12
No
v-1
2
Jan
-13
Mar
-13
May
-13
Sold
to
Lis
t R
atio
Historical Condo Sold to List Ratio
Closed Sales – Residential Lot
43
90
130
2011 2012 2013
Year to Date
19
May
Research performed by SiteTech Systems
236
452 447
2011 2012 2013
April 2006 266
January 2009 11
May 2013 130
0
50
100
150
200
250
300
Nu
mb
er
of
sale
s
Historical Residential Lot Sales Activity
Average Sales Price – Residential Lot May Year to Date
20 Research performed by SiteTech Systems
$88,812
$59,000 $72,252
2011 2012 2013
$78,182
$63,270 $70,530
2011 2012 2013
July 2008 $275,614
October 2011 $35,780
May 2013 $72,252
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Ave
rage
Sal
es
Pri
ces
Historical Residential Lot Average Sale Prices
Median Sales Price – Residential Lot
May
$50,000
$27,000
$42,750
2011 2012 2013
Year to Date
21 Research performed by SiteTech Systems
$38,000
$32,250
$38,000
2011 2012 2013
August 2006 $130,000
November 2011 $15,000
May 2013 $42,750
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
Me
dia
n S
ale
s P
rice
s
Historical Residential Lot Median Sale Prices
Median Sales Price – Res. Lot (Non-Distressed)
May
$72,000$58,750
$48,500
2011 2012 2013
Year to Date
22 Research performed by SiteTech Systems
$56,530
$51,500
$48,000
2011 2012 2013
January 2011 $85,000
October 2011 $23,250
May 2013 $45,800
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
Me
dia
n S
ale
s P
rice
s
Historical Residential Lot Median Sale Prices (Non-Distressed)
Sold to List Price Ratio – Residential Lot May Year to Date
72%
69%
79%
2011 2012 2013
23 Research performed by SiteTech Systems
76%
71%
84%
2011 2012 2013
April 2006 99%
November 2011 47%
May 2013 84%
40
50
60
70
80
90
100
Sold
to
Lis
t R
atio
s
Historical Residential Lot Sold to List Ratios
Grand Strand Distressed Inventory
Single Family Residential
# Listings
Horry Co. 489
Georgetown Co. 67
Total 556
Average List Price $189,740
Median List Price $141,000
Condo/Townhome
# Listings
Horry Co. 455
Georgetown Co. 31
Total 486
Average List Price $120,270
Median List Price $90,000
Horry Co.
G’town Co.
Less than $150k 280 25
$150k - $250k 123 22
$250k - $500k 66 14
$500k - $1.0 MM 18 6
$1 MM + 2 -
Distribution by Price Range
24 Research performed by SiteTech Systems
Residential Lot
# Listings
Horry Co. 182
Georgetown Co. 80
Total 262
Average List Price $71,205
Median List Price $34,850
Horry Co.
G’town Co.
Less than $25k 75 21
$25k - $50k 54 15
$50k - $75k 20 9
$75k-100k 10 13
$100k-175k 13 13
$175k -250K 3 5
$250K + 7 4
Horry Co.
G’town Co.
Less than $100k 265 8
$100k - $150k 86 8
$150k - $200k 45 7
$200k - $400k 51 6
$400k -$750k 8 2
$750+ - -
Distressed Sales Total
12-May
Jul Sept Nov Jan Mar 13-May
SFR
12-May
Jul Sept Nov Jan Mar 13-May
Condo
25 Research performed by SiteTech Systems
12-May
Jul -13 Nov Jan Mar 13-May
% Total Sales
28 29 29 29 29
23 25 25 27 28 24 26
17
12-May
Jul Sept Nov Jan Mar 13-May
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