Grand Strand Market Report 2017 Grand Strand market activity took a slight step back in after 3 months of steady growth. SFR sales volume dropped 5.7% for the month but is still up 7.2% year-to-date. The SFR median sales price is also up 6.2%. Condo sales volume and median sales price are also up 6.4% and 8.0%, respectively. SFR sales in the Grand Strand were down slightly with sales volume dropping 5.7% compared to 2016. Year-to-date sales, however, continue their strong growth: up 7.2% year-to-date. Median sales price is up to $233,000, a 6.2% increase from 2016. Sales prices for new construction and resales are up 2.4% and 9.8%, respectively, when compared to 2016. The average sold-to-list ratio for Single Family Residential sales in was 95%, down basis points compared to the same month in 2016. SFR inventory continues to tighten as inventory is down 2.2% from 2016. Condo sales volume and the median sales price increased 6.4% and 8.0%, respectively, compared to 2016. Year-to-date, condo sales are up 17.2% and condo median sales prices are up 8.6%. Condo inventory has tightened as inventory is down compared to prior year levels: down 12.1% compared to 2016. The average sold to list ratio for condo sales in was 94%, up basis points compared to the same month in 2016. Residential lot sales were down 29.6% in compared to 2016 but are up 2.4% year-to-date. The median sales price rose to $54,900, up 9.8% compared to the same month in 2016. Sold to list ratios are at 86%, flat compared to 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 $233,000 $128,000 $54,900
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. 4,554 Georgetown 730 Total 5,284 Average List Price $358,503 Median List Price $259,900 Condo/Townhome # Listings Horry Co. 3,200 Georgetown 347 Total 3,547 Average List Price $204,991 Median List Price $162,000 Distribution by Price Range Horry Co. G town Co. Less than $150k 494 56 $150k - $250k 1,887 97 $250k - $500k 1,667 326 $500k - $1.0 MM 393 152 $1 MM + 113 99 Distribution by Price Range Horry Co. G town Co. Less than $k 745 13 $k - $150k 793 69 $150k - $200k 568 59 $200k - $400k 929 97 $400k - $750k 140 94 $750k + 25 15 Residential Lot # Listings Horry Co. 1,351 Georgetown 592 Total 1,943 Average List Price $137,876 Median List Price $77,000 Distribution by Price Range Horry Co. G town Co. Less than $25k 156 70 $25k - $50k 353 60 $50k - $75k 240 60 $75k - $k 138 71 $k - $175k 211 122 $175k - 250k 131 84 $250k + 122 125 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 Feb-17 May-17 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 Feb-17 May-17 Grand Strand Inventory Trends SFR Inventory - 5,370 5,437 5,401 5,284 5,048 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 5,284 Condo Inventory 4,170 4,356 4,056 4,035 3,547 2013 2014 6,000 5,500 5,000 4,500 4,000 3,500 3,000 Jun-10 5,748 3,930 3,547 4
Jan-06 Closed Sales SFR 755 775 3,563 3,820 731 3,294 900 800 700 600 500 400 300 200 Jan-09 149 Jun-15 756 731 Year Over Year 0 800 600 400 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2017 5
Jan-06 Median Sales Price SFR $233,000 $215,625 $219,300 $205,000 $206,000 $198,400 $250,000 $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000 $242,310 $160,163 $233,000 6
Jan-06 Sold to List Price Ratio SFR 97% 96% 96% 95% 95% 95% 105 95 90 Jan-06 98% 95% 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 Jun-15 Sep-15 Dec-15 Mar-16 Sep-16 Dec-16 Mar-17 New Construction vs Resale SFR % of Total Sales 64% 67% 68% 66% 64% 67% 36% 33% 32% 34% 36% 33% New Construction Resale New Construction Resale % of Total Sales 90% 800 80% Apr-13 78% 700 70% 600 60% 50% 40% 30% Jun-13 64% Jun-13 36% 64% 36% 68% 500 400 300 20% 10% Apr-13 22% 32% 200 0% 0 Total SFR Sales % New Construction % Resale 8
Sep-11 Dec-11 Mar-12 Jun-12 Dec-12 Mar-13 Jun-13 Sep-13 Mar-14 Jun-14 Sep-14 Dec-14 Jun-15 Sep-15 Dec-15 Mar-16 Sep-16 Dec-16 Mar-17 New Construction vs Resale SFR Median Sales Price $237,167 $240,005 $245,876 $205,000 $225,000 $185,000 $232,492 $228,581 $177,050 $190,000 $238,177 $206,000 New Construction Resale New Construction Resale Median Sales Price $280,000 $260,000 $249,440 $245,876 $240,000 $220,000 $183,320 $200,000 $180,000 $225,000 $160,000 $140,000 $120,000 $145,000 Aug-14 $184,900 New Construction Resale 9
Jan-06 Closed Sales Condo 430 535 569 2,325 2,502 2,932 900 800 700 May-06 845 569 600 500 400 300 200 Jan-09 117 Year Over Year 600 500 400 300 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2017 10
Median Sales Price Condo $128,000 $126,500 $120,000 $118,500 $113,500 $116,500 $250,000 $200,000 $150,000 $,000 $50,000 Jun-07 $249,921 $93,450 $128,000 Sold to List Price Ratio Condo 92% 93% 94% 92% 92% 94% 95 90 85 80 75 Apr-09 & -09 81% 94% 11
Jan-06 Closed Sales Residential Lot 107 115 540 81 498 510 300 250 Apr-06 266 200 150 81 50 Jan-09 11 0 Year Over Year 150 50 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2017 12
Jan-06 Jan-06 Median Sales Price Residential Lot $59,950 $50,000 $54,900 $50,000 $46,000 $48,250 $150,000 $,000 $50,000 Aug-06 $130,000 $15,000 $54,900 $0 Sold to List Price Ratio Residential Lot 84% 86% 86% 82% 83% 85% 120 80 60 40 Apr-06 99% 47% 86% 13