Grand Strand Market Report - SiteTech Systems
Grand Strand Market Report February 2017 SFR sales activity slides in February 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 February 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 February 2016. Sales prices for new construction are also down 6.7% while sales prices of resales have improved by 15.1% when compared to February 2016. The average sold-to-list ratio for Single Family Residential sales in February was 97%, up 100 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 February 2016. Condo inventory continued to tighten as inventory is down as compared to prior year levels: down 4.3% compared to February 2016. The average sold to list ratio for condo sales in February 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 February 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 February 2016.
At a glance… SFR Sales Month
Inventory
YTD
Month
Condo Sales Inventory Month
YTD
Month
Residential Lot Sales Inventory Month
YTD
Month
Median Sales Price
$215,000
Median Sales Price
$119,000
Research performed by
Median Sales Price
$47,250
Contents Active Inventory Inventory Trends – SFR & Condo Closed Sales – SFR Median Sales Price – SFR Sold to List Price Ratio – SFR New Construction vs Resale – SFR % of Total Sales Median Sales Price
3
Closed Sales – Condo Median Sales Price – Condo Sold to List Price Ratio – Condo
10
Closed Sales – Residential Lot Median Sales Price – Residential Lot Sold to List Price Ratio – Residential Lot
12
4 5 6 7 8 9
11 11
13 13
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2 Research performed by
Grand Strand Active Inventory Single Family Residential Horry Co. Georgetown Total Average List Price Median List Price
Distribution by Price Range
# Listings 4,340 725 5,065 $352,639 $257,165
Condo/Townhome Horry Co. Georgetown Total Average List Price Median List Price
Total Average List Price Median List Price
G’town Co. 65 91 327 152 90
Distribution by Price Range
# Listings 3,461 362 3,823 $200,677 $159,900
Residential Lot Horry Co. Georgetown
Less than $150k $150k- $250k $250k- $500k $500k- $1.0 MM $1 MM +
Horry Co. 611 1,688 1,564 380 97
Less than $100k $100k- $150k $150k- $200k $200k- $400k $400k- $750k $750k +
Horry Co. 822 860 630 977 144 28
G’town Co. 20 75 67 99 86 15
Distribution by Price Range
# Listings 1,338 587 1,925 $134,836 $74,900
Less than $25k $25k- $50k $50k- $75k $75k- $100k $100k- $175k $175k- 250k $250k +
Horry Co. 184 346 244 114 212 118 120
G’town Co. 67 63 66 72 129 77 113
3 Research performed by
Grand Strand Inventory Trends SFR Inventory - February 5,204
5,131
5,065
2015
2016
2017
4,815 4,559
2013
2014
Historical Data 5,800 5,600 5,400 5,200 5,000 4,800 4,600 4,400 4,200 4,000
May-10 5,453
Feb-17
Nov-16
Aug-16
May-16
Feb-16
Nov-15
Aug-15
May-15
Feb-15
Nov-14
Aug-14
May-14
Feb-14
Nov-13
Aug-13
May-13
Feb-13
Nov-12
Feb-17 5,065
Aug-12
May-12
Feb-12
Nov-11
Aug-11
May-11
Feb-11
Nov-10
Aug-10
May-10
Dec-11 4,340
Condo Inventory – February 4,162
4,117 4,018
3,993 3,823
2013
2014
2015
2016
2017
Historical Data Jun-10 5,748
6,000 5,500 5,000
Feb-17 3,823
Dec-13 3,930
4,500 4,000 3,500
4 Research performed by
Feb-17
Nov-16
Aug-16
May-16
Feb-16
Nov-15
Aug-15
May-15
Feb-15
Nov-14
Aug-14
May-14
Feb-14
Nov-13
Aug-13
May-13
Feb-13
Nov-12
Aug-12
May-12
Feb-12
Nov-11
Aug-11
May-11
Feb-11
Nov-10
Aug-10
May-10
3,000
Closed Sales – SFR February
Year to Date
471
430
427
2015
2016
900
895
2016
2017
805
2015
2017
Historical Data 900 800
Jun-15 756
700 600 500
Jan-09 149
400 300
Feb-17 430
200
Jan-17
Sep-16
May-16
Jan-16
Sep-15
Jan-15
May-15
Sep-14
Jan-14
May-14
Sep-13
Jan-13
May-13
Sep-12
Jan-12
May-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
Jan-09 May-09
Sep-08
Jan-08
May-08
Sep-07
Jan-07
May-07
Sep-06
Jan-06
May-06
100
Year Over Year 480 460 440 420 400 Jan
Feb
Mar
Apr
May
Jun
Jul
2016
2017
Aug
Sep
Oct
Nov
Dec
5 Research performed by
Median Sales Price – SFR February
Year to Date $206,455
$215,000 $202,500 $202,500 $189,000
$195,000
2015
2016
2015
2017
2016
2017
Historical Data $250,000 $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000
Feb-17 $215,000 Jun-06 $242,310
Nov-16
Jun-16
Jan-16
Aug-15
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Apr-12
Nov-11
Jun-11
Jan-11
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
Jan-06
Sep-12 $160,163
6 Research performed by
Jan-06
Research performed by
Jan-06 98%
Jan-17
105
Sep-16
May-16
2016
Jan-16
97%
Sep-15
2015
Jan-15
94%
May-15
94%
Sep-14
May-14
Jan-14
Sep-13
2017
Jan-13
February
May-13
94%
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
80
Jan-10
85
Sep-09
2016
Jan-09 May-09
Sep-08
May-08
2015
Jan-08
Sep-07
May-07
Jan-07
Sep-06
100
May-06
Sold to List Price Ratio – SFR Year to Date 96%
96%
2017
Historical Data
Feb-17 97%
95
90
February-09 & Apr-11 86%
7
New Construction vs Resale – SFR % of Total Sales
February
Year to Date
66%
62%
67%
67%
67%
66%
34%
38%
33%
33%
33%
34%
2015
2016
2017
2015
2016
2017
New Construction
New Construction
Resale
Resale
Historical Data – % of Total Sales 90%
1000
80%
Apr-13 78%
Feb-1 67%
900 800
70%
700
60%
Jun-13 64%
Dec-13 64%
600
50% Feb-17 500 33%
40%
Dec-13 36%
Jun-13 36%
400
30%
300
20%
200
Apr-13 22%
10%
100
Total SFR Sales
% New Construction
Dec-16
Sep-16
Jun-16
Mar-16
Dec-15
Sep-15
Jun-15
Mar-15
Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
Sep-12
Jun-12
Mar-12
Dec-11
0
Sep-11
0%
% Resale
8 Research performed by
New Construction vs Resale – SFR Median Sales Price
February
Year to Date
$231,241
$229,208 $175,900
2015
$185,000
2016 New Construction
$215,795 $213,000
$231,700
$224,500 $171,000
2017
2015
Resale
$216,540 $195,000
$185,000
2016 New Construction
2017 Resale
Historical Data – Median Sales Price $280,000 Feb-17 $215,795
$249,440
$260,000 $240,000 $220,000
$183,320
$200,000 $180,000
Feb-17 $213,000
$160,000 $140,000 $120,000
Aug-14 $184,900 Nov-11 $145,000
New Construction
Resale
9 Research performed by
Closed Sales – Condo February
Year to Date 360
341
675
275
600
533
2015
2016
2015
2017
2016
2017
Historical Data May-06 845
900 800 700
Feb-17 360
600 500 400 Jan-09 117
300 200
Jan-17
Sep-16
May-16
Jan-16
Sep-15
Jan-15
May-15
Sep-14
Jan-14
May-14
Sep-13
Jan-13
May-13
Sep-12
Jan-12
May-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
Jan-09 May-09
Sep-08
Jan-08
May-08
Sep-07
Jan-07
May-07
Sep-06
Jan-06
May-06
100
Year Over Year 400 300 200 100 0 Jan
Feb
Mar
Apr
May
Jun
Jul
2016
2017
Aug
Sep
Oct
Nov
Dec
10 Research performed by
Median Sales Price – Condo February
Year to Date $119,000 $125,000
$115,000 $115,000 $109,500
$105,000
2015
2016
2015
2017
2016
2017
Historical Data Jun-07 $249,921
$250,000 $200,000
Feb-17 $119,000
Nov-11 $93,450
$150,000 $100,000
Nov-16
Jun-16
Jan-16
Aug-15
Mar-15
Oct-14
May-14
Jul-13
Dec-13
Feb-13
Sep-12
Apr-12
Nov-11
Jan-11
Jun-11
Aug-10
Mar-10
Oct-09
Dec-08
May-09
Jul-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
$50,000
Sold to List Price Ratio – Condo February 92%
Year to Date 92%
92%
92%
2016
2017
90%
90%
2015
2016
2015
2017
Historical Data 100 95 90 85 80 75
Apr-09 & February-09 81%
Nov-16
Jun-16
Jan-16
Aug-15
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Apr-12
Nov-11
Jun-11
Jan-11
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
Feb-17 92%
11 Research performed by
Closed Sales – Residential Lot February
Year to Date 168
84 143
63
121
54
2015
2016
2015
2017
2016
2017
Historical Data 300
Apr-06 266
250 200
Feb-17 84
150 100
Jan-09 11
50
Jan-17
Sep-16
May-16
Jan-16
Sep-15
Jan-15
May-15
Sep-14
Jan-14
May-14
Sep-13
Jan-13
May-13
Sep-12
Jan-12
May-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
Jan-09 May-09
Sep-08
Jan-08
May-08
Sep-07
Jan-07
May-07
Sep-06
Jan-06
May-06
0
Year Over Year 100 80 60 40 20 0 Jan
Feb
Mar
Apr
May
Jun
Jul
2016
2017
Aug
Sep
Oct
Nov
Dec
12 Research performed by
Median Sales Price – Residential Lot February $49,500
Year to Date $47,250 $45,000
$43,000
$45,000 $44,000
2015
2016
2015
2017
2016
2017
Historical Data Aug-06 $130,000
$150,000 $100,000
Feb-17 $47,250
Nov-11 $15,000
$50,000
Nov-16
Jan-16
Jun-16
Aug-15
Oct-14
Mar-15
May-14
Jul-13
Dec-13
Feb-13
Apr-12
Sep-12
Nov-11
Jan-11
Jun-11
Aug-10
Oct-09
Mar-10
May-09
Jul-08
Dec-08
Feb-08
Apr-07
Sep-07
Nov-06
Jan-06
Jun-06
$0
Sold to List Price Ratio – Residential Lot February
Year to Date 85%
85% 82%
80%
81%
79%
2015
2016
2015
2017
2016
2017
Historical Data Apr-06 99%
120 100
Feb-17 85%
80 60
Nov-16
Jun-16
Jan-16
Aug-15
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Nov-11
Jun-11
Jan-11
Aug-10
Mar-10
Oct-09
May-09
Jul-08
Dec-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
Jan-06
40
Apr-12
Nov-11 47%
13 Research performed by
At a glance… SFR Sales Month
Inventory
YTD
Month
Condo Sales Inventory Month
YTD
Month
Residential Lot Sales Inventory Month
YTD
Month
Median Sales Price
$215,000
Median Sales Price
$119,000
Research performed by
Median Sales Price
$47,250
Contents Active Inventory Inventory Trends – SFR & Condo Closed Sales – SFR Median Sales Price – SFR Sold to List Price Ratio – SFR New Construction vs Resale – SFR % of Total Sales Median Sales Price
3
Closed Sales – Condo Median Sales Price – Condo Sold to List Price Ratio – Condo
10
Closed Sales – Residential Lot Median Sales Price – Residential Lot Sold to List Price Ratio – Residential Lot
12
4 5 6 7 8 9
11 11
13 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 Research performed by
Grand Strand Active Inventory Single Family Residential Horry Co. Georgetown Total Average List Price Median List Price
Distribution by Price Range
# Listings 4,340 725 5,065 $352,639 $257,165
Condo/Townhome Horry Co. Georgetown Total Average List Price Median List Price
Total Average List Price Median List Price
G’town Co. 65 91 327 152 90
Distribution by Price Range
# Listings 3,461 362 3,823 $200,677 $159,900
Residential Lot Horry Co. Georgetown
Less than $150k $150k- $250k $250k- $500k $500k- $1.0 MM $1 MM +
Horry Co. 611 1,688 1,564 380 97
Less than $100k $100k- $150k $150k- $200k $200k- $400k $400k- $750k $750k +
Horry Co. 822 860 630 977 144 28
G’town Co. 20 75 67 99 86 15
Distribution by Price Range
# Listings 1,338 587 1,925 $134,836 $74,900
Less than $25k $25k- $50k $50k- $75k $75k- $100k $100k- $175k $175k- 250k $250k +
Horry Co. 184 346 244 114 212 118 120
G’town Co. 67 63 66 72 129 77 113
3 Research performed by
Grand Strand Inventory Trends SFR Inventory - February 5,204
5,131
5,065
2015
2016
2017
4,815 4,559
2013
2014
Historical Data 5,800 5,600 5,400 5,200 5,000 4,800 4,600 4,400 4,200 4,000
May-10 5,453
Feb-17
Nov-16
Aug-16
May-16
Feb-16
Nov-15
Aug-15
May-15
Feb-15
Nov-14
Aug-14
May-14
Feb-14
Nov-13
Aug-13
May-13
Feb-13
Nov-12
Feb-17 5,065
Aug-12
May-12
Feb-12
Nov-11
Aug-11
May-11
Feb-11
Nov-10
Aug-10
May-10
Dec-11 4,340
Condo Inventory – February 4,162
4,117 4,018
3,993 3,823
2013
2014
2015
2016
2017
Historical Data Jun-10 5,748
6,000 5,500 5,000
Feb-17 3,823
Dec-13 3,930
4,500 4,000 3,500
4 Research performed by
Feb-17
Nov-16
Aug-16
May-16
Feb-16
Nov-15
Aug-15
May-15
Feb-15
Nov-14
Aug-14
May-14
Feb-14
Nov-13
Aug-13
May-13
Feb-13
Nov-12
Aug-12
May-12
Feb-12
Nov-11
Aug-11
May-11
Feb-11
Nov-10
Aug-10
May-10
3,000
Closed Sales – SFR February
Year to Date
471
430
427
2015
2016
900
895
2016
2017
805
2015
2017
Historical Data 900 800
Jun-15 756
700 600 500
Jan-09 149
400 300
Feb-17 430
200
Jan-17
Sep-16
May-16
Jan-16
Sep-15
Jan-15
May-15
Sep-14
Jan-14
May-14
Sep-13
Jan-13
May-13
Sep-12
Jan-12
May-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
Jan-09 May-09
Sep-08
Jan-08
May-08
Sep-07
Jan-07
May-07
Sep-06
Jan-06
May-06
100
Year Over Year 480 460 440 420 400 Jan
Feb
Mar
Apr
May
Jun
Jul
2016
2017
Aug
Sep
Oct
Nov
Dec
5 Research performed by
Median Sales Price – SFR February
Year to Date $206,455
$215,000 $202,500 $202,500 $189,000
$195,000
2015
2016
2015
2017
2016
2017
Historical Data $250,000 $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000
Feb-17 $215,000 Jun-06 $242,310
Nov-16
Jun-16
Jan-16
Aug-15
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Apr-12
Nov-11
Jun-11
Jan-11
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
Jan-06
Sep-12 $160,163
6 Research performed by
Jan-06
Research performed by
Jan-06 98%
Jan-17
105
Sep-16
May-16
2016
Jan-16
97%
Sep-15
2015
Jan-15
94%
May-15
94%
Sep-14
May-14
Jan-14
Sep-13
2017
Jan-13
February
May-13
94%
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
80
Jan-10
85
Sep-09
2016
Jan-09 May-09
Sep-08
May-08
2015
Jan-08
Sep-07
May-07
Jan-07
Sep-06
100
May-06
Sold to List Price Ratio – SFR Year to Date 96%
96%
2017
Historical Data
Feb-17 97%
95
90
February-09 & Apr-11 86%
7
New Construction vs Resale – SFR % of Total Sales
February
Year to Date
66%
62%
67%
67%
67%
66%
34%
38%
33%
33%
33%
34%
2015
2016
2017
2015
2016
2017
New Construction
New Construction
Resale
Resale
Historical Data – % of Total Sales 90%
1000
80%
Apr-13 78%
Feb-1 67%
900 800
70%
700
60%
Jun-13 64%
Dec-13 64%
600
50% Feb-17 500 33%
40%
Dec-13 36%
Jun-13 36%
400
30%
300
20%
200
Apr-13 22%
10%
100
Total SFR Sales
% New Construction
Dec-16
Sep-16
Jun-16
Mar-16
Dec-15
Sep-15
Jun-15
Mar-15
Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
Sep-12
Jun-12
Mar-12
Dec-11
0
Sep-11
0%
% Resale
8 Research performed by
New Construction vs Resale – SFR Median Sales Price
February
Year to Date
$231,241
$229,208 $175,900
2015
$185,000
2016 New Construction
$215,795 $213,000
$231,700
$224,500 $171,000
2017
2015
Resale
$216,540 $195,000
$185,000
2016 New Construction
2017 Resale
Historical Data – Median Sales Price $280,000 Feb-17 $215,795
$249,440
$260,000 $240,000 $220,000
$183,320
$200,000 $180,000
Feb-17 $213,000
$160,000 $140,000 $120,000
Aug-14 $184,900 Nov-11 $145,000
New Construction
Resale
9 Research performed by
Closed Sales – Condo February
Year to Date 360
341
675
275
600
533
2015
2016
2015
2017
2016
2017
Historical Data May-06 845
900 800 700
Feb-17 360
600 500 400 Jan-09 117
300 200
Jan-17
Sep-16
May-16
Jan-16
Sep-15
Jan-15
May-15
Sep-14
Jan-14
May-14
Sep-13
Jan-13
May-13
Sep-12
Jan-12
May-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
Jan-09 May-09
Sep-08
Jan-08
May-08
Sep-07
Jan-07
May-07
Sep-06
Jan-06
May-06
100
Year Over Year 400 300 200 100 0 Jan
Feb
Mar
Apr
May
Jun
Jul
2016
2017
Aug
Sep
Oct
Nov
Dec
10 Research performed by
Median Sales Price – Condo February
Year to Date $119,000 $125,000
$115,000 $115,000 $109,500
$105,000
2015
2016
2015
2017
2016
2017
Historical Data Jun-07 $249,921
$250,000 $200,000
Feb-17 $119,000
Nov-11 $93,450
$150,000 $100,000
Nov-16
Jun-16
Jan-16
Aug-15
Mar-15
Oct-14
May-14
Jul-13
Dec-13
Feb-13
Sep-12
Apr-12
Nov-11
Jan-11
Jun-11
Aug-10
Mar-10
Oct-09
Dec-08
May-09
Jul-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
$50,000
Sold to List Price Ratio – Condo February 92%
Year to Date 92%
92%
92%
2016
2017
90%
90%
2015
2016
2015
2017
Historical Data 100 95 90 85 80 75
Apr-09 & February-09 81%
Nov-16
Jun-16
Jan-16
Aug-15
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Apr-12
Nov-11
Jun-11
Jan-11
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
Feb-17 92%
11 Research performed by
Closed Sales – Residential Lot February
Year to Date 168
84 143
63
121
54
2015
2016
2015
2017
2016
2017
Historical Data 300
Apr-06 266
250 200
Feb-17 84
150 100
Jan-09 11
50
Jan-17
Sep-16
May-16
Jan-16
Sep-15
Jan-15
May-15
Sep-14
Jan-14
May-14
Sep-13
Jan-13
May-13
Sep-12
Jan-12
May-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
Jan-09 May-09
Sep-08
Jan-08
May-08
Sep-07
Jan-07
May-07
Sep-06
Jan-06
May-06
0
Year Over Year 100 80 60 40 20 0 Jan
Feb
Mar
Apr
May
Jun
Jul
2016
2017
Aug
Sep
Oct
Nov
Dec
12 Research performed by
Median Sales Price – Residential Lot February $49,500
Year to Date $47,250 $45,000
$43,000
$45,000 $44,000
2015
2016
2015
2017
2016
2017
Historical Data Aug-06 $130,000
$150,000 $100,000
Feb-17 $47,250
Nov-11 $15,000
$50,000
Nov-16
Jan-16
Jun-16
Aug-15
Oct-14
Mar-15
May-14
Jul-13
Dec-13
Feb-13
Apr-12
Sep-12
Nov-11
Jan-11
Jun-11
Aug-10
Oct-09
Mar-10
May-09
Jul-08
Dec-08
Feb-08
Apr-07
Sep-07
Nov-06
Jan-06
Jun-06
$0
Sold to List Price Ratio – Residential Lot February
Year to Date 85%
85% 82%
80%
81%
79%
2015
2016
2015
2017
2016
2017
Historical Data Apr-06 99%
120 100
Feb-17 85%
80 60
Nov-16
Jun-16
Jan-16
Aug-15
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Nov-11
Jun-11
Jan-11
Aug-10
Mar-10
Oct-09
May-09
Jul-08
Dec-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
Jan-06
40
Apr-12
Nov-11 47%
13 Research performed by
