Grand Strand Market Report

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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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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 4,620 781 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

3 Research performed by

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

4 Research performed by

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

6 Research performed by

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

8 Research performed by

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

11 Research performed by

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

12 Research performed by

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%

13 Research performed by