Grand Strand Market Report 2017 SFR sales activity slides in as full year production flat to 2016. Tightening inventory contributing to SFR sales price growth. Condo sales volume and median sales prices continue growth with a 5.6% and 3.5% increase, respectively. SFR sales volume is down 8.7% compared to 2016 and down 0.6% year-todate. SFR inventory is up seasonally but below comparable levels in 2015 and 2016. Median sales price is up to $215,000, a 6.2% increase from 2016. Sales prices for new construction are also down 6.7% while sales prices of resales have improved by 15.1% when compared to 2016. The average sold-to-list ratio for Single Family Residential sales in was 97%, up basis points compared to the same month in 2016. SFR inventory continues to tighten as inventory is down 1.3% from 2016. Condo sales activity and the median sales price increased 5.6% and 3.5%, respectively, compared to 2016. Condo inventory continued to tighten as inventory is down as compared to prior year levels: down 4.3% compared to 2016. The average sold to list ratio for condo sales in was 92%, flat compared to the same month in 2016. Condo inventory continues to fall as year-over-year inventory has fallen for five consecutive years. Residential lot sales were up 55.6% in compared to 2016. However, the median sales price dropped to $47,250, down 4.5% compared to the same month in 2016. Sold to list ratios are up to 85%, up 300 basis points from 2016. At a glance SFR Condo Residential Lot Sales Inventory Sales Inventory Sales Inventory Month YTD Month Month YTD Month Month YTD Month Median Sales Price Median Sales Price Median Sales Price $215,000 $119,000 $47,250 -
Contents Active Inventory 3 Inventory Trends SFR & Condo 4 Closed Sales SFR 5 Median Sales Price SFR 6 Sold to List Price Ratio SFR 7 New Construction vs Resale SFR % of Total Sales 8 Median Sales Price 9 Closed Sales Condo 10 Median Sales Price Condo 11 Sold to List Price Ratio Condo 11 Closed Sales Residential Lot 12 Median Sales Price Residential Lot 13 Sold to List Price Ratio Residential Lot 13 Be sure to check out our website for daily updates and breaking news in the real estate and financial markets, also Like us on Facebook www.facebook.com/sitetechsystems Follow us on Twitter @SiteTechSystems www.sitetechsystems.com 2
Grand Strand Active Inventory Single Family Residential # Listings Horry Co. 4,340 Georgetown 725 Total 5,065 Average List Price $352,639 Median List Price $257,165 Condo/Townhome # Listings Horry Co. 3,461 Georgetown 362 Total 3,823 Average List Price $200,677 Median List Price $159,900 Distribution by Price Range Horry Co. G town Co. Less than $150k 611 65 $150k - $250k 1,688 91 $250k - $500k 1,564 327 $500k - $1.0 MM 380 152 $1 MM + 97 90 Distribution by Price Range Horry Co. G town Co. Less than $k 822 20 $k - $150k 860 75 $150k - $200k 630 67 $200k - $400k 977 99 $400k - $750k 144 86 $750k + 28 15 Residential Lot # Listings Horry Co. 1,338 Georgetown 587 Total 1,925 Average List Price $134,836 Median List Price $74,900 Distribution by Price Range Horry Co. G town Co. Less than $25k 184 67 $25k - $50k 346 63 $50k - $75k 244 66 $75k - $k 114 72 $k - $175k 212 129 $175k - 250k 118 77 $250k + 120 113 3
May-10 Nov-10 Feb-11 May-11 Aug-11 Feb-12 May-12 Aug-12 Nov-12 May-13 Aug-13 Nov-13 Feb-14 Aug-14 Nov-14 Feb-15 May-15 Nov-15 Feb-16 May-16 Aug-16 May-10 Nov-10 Feb-11 May-11 Aug-11 Feb-12 May-12 Aug-12 Nov-12 May-13 Aug-13 Nov-13 Feb-14 Aug-14 Nov-14 Feb-15 May-15 Nov-15 Feb-16 May-16 Aug-16 Grand Strand Inventory Trends SFR Inventory - 5,204 5,131 5,065 4,559 4,815 2013 2014 5,800 5,600 5,400 5,200 5,000 4,800 4,600 4,400 4,200 4,000 May-10 5,453 Dec-11 4,340 5,065 Condo Inventory 4,162 4,117 4,018 3,993 3,823 2013 2014 6,000 5,500 5,000 4,500 Jun-10 5,748 3,930 3,823 4,000 3,500 3,000 4
Jan-06 May-06 Sep-06 Jan-07 May-07 Jan-08 May-08 Sep-08 Sep-09 Jan-10 May-10 Sep-10 May-11 Sep-11 Jan-12 May-12 Jan-13 May-13 Sep-13 Jan-14 Sep-14 Jan-15 May-15 Sep-15 May-16 Sep-16 Jan-17 Closed Sales SFR 471 900 895 427 430 805 900 800 700 600 500 400 300 200 149 Jun-15 756 430 Year Over Year 480 460 440 420 400 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2017 5
Jan-06 Jun-06 Nov-06 Apr-07 Feb-08 Jul-08 Dec-08 Oct-09 Mar-10 Jun-11 Apr-12 Jul-13 Oct-14 Mar-15 Jun-16 Median Sales Price SFR $215,000 $202,500 $206,455 $202,500 $195,000 $189,000 $250,000 $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000 Jun-06 $242,310 $160,163 $215,000 6
Jan-06 May-06 Sep-06 Jan-07 May-07 Jan-08 May-08 Sep-08 Sep-09 Jan-10 May-10 Sep-10 May-11 Sep-11 Jan-12 May-12 Jan-13 May-13 Sep-13 Jan-14 Sep-14 Jan-15 May-15 Sep-15 May-16 Sep-16 Jan-17 Sold to List Price Ratio SFR 97% 96% 96% 94% 94% 94% 105 95 90 Jan-06 98% 97% 85 80-09 & Apr-11 86% 7
Sep-11 Dec-11 Mar-12 Jun-12 Dec-12 Mar-13 Jun-13 Sep-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 New Construction vs Resale SFR % of Total Sales 66% 62% 67% 67% 67% 66% 34% 38% 33% 33% 33% 34% New Construction Resale New Construction Resale % of Total Sales 90% 0 80% 70% Apr-13 78% Feb-1 67% 900 800 60% 50% 40% 30% Jun-13 64% Jun-13 36% 64% 36% 33% 700 600 500 400 300 20% 10% Apr-13 22% 200 0% 0 Total SFR Sales % New Construction % Resale 8
New Construction vs Resale SFR Median Sales Price $229,208 $231,241 $215,795 $213,000 $175,900 $185,000 $224,500 $231,700 $216,540 $185,000 $195,000 $171,000 New Construction Resale New Construction Resale Median Sales Price $280,000 $260,000 $240,000 $249,440 $215,795 $220,000 $183,320 $200,000 $180,000 $160,000 $140,000 $120,000 $145,000 Aug-14 $184,900 $213,000 New Construction Resale 9
Jan-06 May-06 Sep-06 Jan-07 May-07 Jan-08 May-08 Sep-08 Sep-09 Jan-10 May-10 Sep-10 May-11 Sep-11 Jan-12 May-12 Jan-13 May-13 Sep-13 Jan-14 Sep-14 Jan-15 May-15 Sep-15 May-16 Sep-16 Jan-17 Closed Sales Condo 275 341 360 533 600 675 900 800 700 600 500 400 300 200 May-06 845 117 360 Year Over Year 400 300 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2017 10
Jun-06 Nov-06 Apr-07 Feb-08 Jul-08 Dec-08 Oct-09 Mar-10 Jun-11 Apr-12 Jul-13 Oct-14 Mar-15 Jun-16 Jun-06 Nov-06 Apr-07 Feb-08 Jul-08 Dec-08 Oct-09 Mar-10 Jun-11 Apr-12 Jul-13 Oct-14 Mar-15 Jun-16 Median Sales Price Condo $109,500 $115,000 $119,000 $105,000 $115,000 $125,000 $250,000 $200,000 $150,000 $,000 $50,000 Jun-07 $249,921 $93,450 $119,000 Sold to List Price Ratio Condo 92% 92% 92% 92% 90% 90% 95 90 85 80 75 Apr-09 & -09 81% 92% 11
Jan-06 May-06 Sep-06 Jan-07 May-07 Jan-08 May-08 Sep-08 Sep-09 Jan-10 May-10 Sep-10 May-11 Sep-11 Jan-12 May-12 Jan-13 May-13 Sep-13 Jan-14 Sep-14 Jan-15 May-15 Sep-15 May-16 Sep-16 Jan-17 Closed Sales Residential Lot 63 54 84 121 143 168 300 250 Apr-06 266 200 150 84 50 11 0 Year Over Year 80 60 40 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2017 12
Jan-06 Jun-06 Nov-06 Apr-07 Feb-08 Jul-08 Dec-08 Oct-09 Mar-10 Jun-11 Apr-12 Jul-13 Oct-14 Mar-15 Jun-16 Jan-06 Jun-06 Nov-06 Apr-07 Feb-08 Jul-08 Dec-08 Oct-09 Mar-10 Jun-11 Apr-12 Jul-13 Oct-14 Mar-15 Jun-16 Median Sales Price Residential Lot $43,000 $49,500 $47,250 $45,000 $44,000 $45,000 $150,000 $,000 $50,000 Aug-06 $130,000 $15,000 $47,250 $0 Sold to List Price Ratio Residential Lot 80% 82% 85% 79% 81% 85% 120 80 60 40 Apr-06 99% 47% 85% 13