Grand Strand Market Report June 2016 Single Family Residential sales activity was the second strongest month in the last ten years. Year-to-date sales volume and prices are up 5.2% and 3.0%, respectively. Condo sales activity was strong in June with sales up 18.1% compared to June 2015 and year-to-date sales volume up 6.0%. For the year, the median sales prices of condos are up 2.2%. June’s SFR sales volume was the second highest monthly production in the last ten years. Despite this level, SFR sales are down 6.6% from June 2015 record level. Year-to-date, SFR sales are up 5.2% compared to 2015. Median sales price increased to $216,166, up 4.9% for the month and up 3.0% in 2016. SFR sales continue to rise to their annual peak during the summer months. The average sold-to-list ratio for Single Family Residential sales in June was 96%, a slight decrease compared to the same month in 2015. Condo sales increased 18.1% in June and up 6.0% year-to-date compared to 2015. Condo inventory decreased 0.5% in June. Median sales price decreased 2.3% to $117,250 in June and maintained its growth at 2.2% for the year. The average sold to list ratio for condo sales in June was 93%, the same level compared to the same month in 2015. Residential lot sales increased 2.8% in June compared to 2015 and are down 9.4% year-to-date. Median sales price is down 16.6% for the month compared to 2015 and down 8% year-to-date. Sold to list ratios are slightly up for the month with the average sold-to-list ratio for residential lots at 86% year-to-date, compared to 2015.
At a glance… SFR Sales Month
Condo Inventory
YTD
Month
Sales Month
Residential Lot
Inventory
YTD
Month
Sales Month
Inventory YTD
Month
Median Sales Price
$216,166
Median Sales Price
$117,250
Research performed by
Median Sales Price
$50,000
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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Grand Strand Active Inventory Single Family Residential Horry Co. Georgetown Total Average List Price Median List Price
Distribution by Price Range
# Listings 4,620 781 5,401 355,533 254,000
Condo/Townhome Horry Co. Georgetown Total Average List Price Median List Price
Total Average List Price Median List Price
G’town Co. 63 115 348 154 101
Distribution by Price Range
# Listings 3,656 379 4,035 197,452 150,000
Residential Lot Horry Co. Georgetown
Less than $150k $150k- $250k $250k- $500k $500k- $1.0 MM $1 MM +
Horry Co. 730 1,763 1,601 400 126
Less than $100k $100k- $150k $150k- $200k $200k- $400k $400k- $750k $750k +
Horry Co. 957 941 583 975 173 27
G’town Co. 25 92 67 97 76 22
Distribution by Price Range
# Listings 1,522 665 2,187 137,688 69,880
Less than $25k $25k- $50k $50k- $75k $75k- $100k $100k- $175k $175k- 250k $250k +
Horry Co. 272 433 246 137 198 123 113
G’town Co. 68 84 65 73 142 85 148
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Grand Strand Inventory Trends SFR Inventory - June 5,370
5,437
5,401
2014
2015
2016
5,048 4,724
2012
2013
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-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
Dec-11 4,340
May-16
Jun-16 5,401
Condo Inventory – June 4,554 4,356 4,170
2012
2013
2014
4,056
4,035
2015
2016
Historical Data Jun-10 5,748
6,000 5,500 5,000
Jun-16 4,035
Dec-13 3,930
4,500 4,000
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
3,500
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Closed Sales – SFR June
Year to Date
756
706
581
3,296
3,468
2015
2016
2,739
2014
2015
2014
2016
Historical Data 800
Jun-15 756
700 600 500 Jan-09 149
400
Jun-16 706
300 200
Jan-16
May-16
Sep-15
Jan-15
May-15
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
Jan-11
May-11
Sep-10
Jan-10
May-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-07
May-07
Jan-07
Sep-06
Jan-06
May-06
100
Year Over Year 800 600 400 200 0 Jan
Feb
Mar
Apr
May
Jun
Jul
2015
2016
Aug
Sep
Oct
Nov
Dec
5 Research performed by
Median Sales Price – SFR June
Year to Date $216,166
$205,000 $198,950
$206,000 $188,540
$199,000
2014
2015
2014
2016
2015
2016
Historical Data $250,000 $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000
Jun-16 $216,166 Jun-06 $242,310
Jan-16
May-16
Sep-15
Jan-15
May-15
Sep-14
May-14
Jan-14
Sep-13
Jan-13
May-13
Sep-12
Jan-12
May-12
Sep-11
May-11
Jan-11
Sep-10
Jan-10
May-10
Sep-09
Jan-09
May-09
Sep-08
May-08
Jan-08
Sep-07
May-07
Jan-07
Sep-06
Jan-06
May-06
Sep-12 $160,163
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Jan-06
Research performed by
94%
2015 2016
Jan-16
94% 95%
May-16
96% 95%
Sep-15
May-15
Jan-15
Sep-14
May-14
Jan-14
2014
Sep-13
May-13
June
Jan-13
Sep-12
2016
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
2015
May-09
Jan-09
Sep-08
May-08
2014
Jan-08
Sep-07
May-07
Jan-07
Sep-06
100 98 96 94 92 90 88 86 84 82 80
May-06
Sold to List Price Ratio – SFR Year to Date
97%
Historical Data
Jan-06 98%
Jun-16 96%
June-09 & Apr-11 86%
7
New Construction vs Resale – SFR % of Total Sales
June
Year to Date
67%
64%
71%
69%
66%
65%
33%
36%
29%
31%
34%
35%
2014
2015
2016
2014
2015
2016
New Construction
New Construction
Resale
Resale
Historical Data – % of Total Sales 90%
800
80%
Jun-16 71%
Apr-13 78%
70%
700 600
60%
Jun-13 64%
Dec-13 64%
500
50% 400 40%
Dec-13 36%
Jun-13 36%
300
30% 20%
Jun-16 29%
Apr-13 22%
200 100
10%
Total SFR Sales
% New Construction
May-16
Mar-16
Jan-16
Nov-15
Jul-15
Sep-15
Mar-15
May-15
Jan-15
Nov-14
Jul-14
Sep-14
Mar-14
May-14
Jan-14
Nov-13
Jul-13
Sep-13
Mar-13
May-13
Jan-13
Nov-12
Jul-12
Sep-12
Mar-12
May-12
Jan-12
Nov-11
0
Sep-11
0%
% Resale
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New Construction vs Resale – SFR Median Sales Price
June
Year to Date
$237,167
$224,838
$233,926
$185,000
$179,000
2014
2016
2014
Resale
$226,995 $190,113
$178,000
$170,000
2015 New Construction
$232,492
$225,000
$206,500
2015
2016
New Construction
Resale
Historical Data – Median Sales Price Mar-14 $249,440
$260,000
Jun-16 $233,926
$240,000 $220,000
Aug-12 $183,320
$200,000 $180,000 Aug-14 $184,900
$160,000 $140,000
Jun-16 $206,500
Nov-11 $145,000
New Construction
Mar-16
May-16
Jan-16
Sep-15
Nov-15
Jul-15
Mar-15
May-15
Jan-15
Sep-14
Nov-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Jul-12
Sep-12
May-12
Jan-12
Mar-12
Nov-11
Sep-11
$120,000
Resale
9 Research performed by
Closed Sales – Condo June
Year to Date 508
386
2014
2,465
2,325
430
2,050
2015
2014
2016
2015
2016
Historical Data May-06 845
900 800 700
Jun-16 508
600 500 400 Jan-09 117
300 200
Jan-16
May-16
Sep-15
Jan-15
May-15
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
Jan-11
May-11
Sep-10
Jan-10
May-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-07
May-07
Jan-07
Sep-06
Jan-06
May-06
100
Year Over Year 600 500 400 300 200 100 0 Jan
Feb
Mar
Apr
May
Jun
Jul
2015
2016
Aug
Sep
Oct
Nov
Dec
10 Research performed by
Median Sales Price – Condo June
Year to Date
$120,000
$119,950
$116,000 $113,500
2014
2015
$117,250
$111,250
2016
2014
2015
2016
Historical Data Jun-07 $249,921
$250,000 $200,000
Jun-16 $117,250
Nov-11 $93,450
$150,000 $100,000
Jun-16
Jan-16
Aug-15
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Apr-12
Nov-11
Jan-11
Jun-11
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
Nov-06
Jan-06
Jun-06
$50,000
Sold to List Price Ratio – Condo June
Year to Date 93%
92%
92%
2014
2015
92%
92%
2015
2016
91%
2014
2016
Historical Data
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
Jun-16 93%
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-09 & June-09 81%
Apr-07
Nov-06
Jun-06
Jan-06
100 95 90 Mar-06 85 & Apr-06 98% 80 75
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Closed Sales – Residential Lot June
Year to Date 110
107
540
86 508
489
2014
2015
2014
2016
2015
2016
Historical Data 300
Apr-06 266
250 200
Jun-16 110
150 100
Jan-09 11
50
Jan-16
May-16
Sep-15
Jan-15
May-15
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
Jan-11
May-11
Sep-10
Jan-10
May-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-07
May-07
Jan-07
Sep-06
Jan-06
May-06
0
Year Over Year 150 100 50 0 Jan
Feb
Mar
Apr
May
Jun
Jul
2015
2016
Aug
Sep
Oct
Nov
Dec
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Median Sales Price – Residential Lot June
Year to Date $53,250 $50,000
$59,950 $54,250
$46,000
$50,000
2014
2015
2014
2016
2015
2016
Historical Data Aug-06 $130,000
$150,000 $100,000
Jun-16 $50,000
Nov-11 $15,000
$50,000
Jun-16
Jan-16
Aug-15
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Apr-12
Nov-11
Jan-11
Jun-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
$0
Sold to List Price Ratio – Residential Lot June
Year to Date 86%
86%
85% 84%
2014
83%
2015
82%
2014
2016
2015
2016
Historical Data Apr-06 99%
120 100
Jun-16 86%
80 60
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
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
Jan-06
40
Apr-12
Nov-11 47%
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