Grand Strand Market Report May 2016 Continued boost of Single Family Residential activity a sign of a healthy housing market. Higher mix of resales driving slightly lower median price for the month of May. Year-to-date sales volume and prices are up 7.7% and 3.2%, respectively. Condo sales activity remains strong with prices up 3.0% for 2016. SFR sales in May increased 4.4%, compared to the same month in 2015. Year-to-date, SFR sales are up 7.7% compared to 2015. Median sales price fell to $198,975, down 5.2% for the month and up 3.2% in 2016. This decrease was driven by a lower mix of new construction sales. The average sold to list ratio for Single Family Residential sales in May was 95%, a slight decrease compared to the same month in 2015. Condo sales maintained similar levels, decreasing only by 0.2% in May and up 2.2% year-to-date compared to 2015. Condo inventory increased 4.1% in May and it is expected that inventory will increase slightly due to seasonality. Median sales price increased 5.2% to $119,950 in May and maintained its growth at 3.0% for the year. The average sold to list ratio for condo sales in May was 93%, up slightly compared to the same month in 2015. Residential lot sales decreased 17.8% in May compared to 2015 and are down 15.0% year-todate. Median sales price is up 2.2% for the month compared to 2015 and flat year-to-date. Sold to list ratios are slightly down for the month but remained flat year-to-date, compared to 2015.
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
$198,975
Median Sales Price
$119,950
Research performed by
Median Sales Price
$57,750
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 4,793 795 5,588 353,613 254,900
Condo/Townhome Horry Co. Georgetown Total Average List Price Median List Price
Total Average List Price Median List Price
G’town Co. 64 117 344 167 103
Distribution by Price Range
# Listings 3,802 401 4,203 192,926 147,500
Residential Lot Horry Co. Georgetown
Less than $150k $150k- $250k $250k- $500k $500k- $1.0 MM $1 MM +
Horry Co. 761 1,817 1,672 421 122
Less than $100k $100k- $150k $150k- $200k $200k- $400k $400k- $750k $750k +
Horry Co. 1,031 1,039 569 964 171 28
G’town Co. 30 90 85 102 71 23
Distribution by Price Range
# Listings 1,559 678 2,237 137,092 69,800
Less than $25k $25k- $50k $50k- $75k $75k- $100k $100k- $175k $175k- 250k $250k +
Horry Co. 260 456 262 145 199 123 114
G’town Co. 66 86 65 73 148 90 150
3 Research performed by
Grand Strand Inventory Trends SFR Inventory - May 5,510
5,588
2015
2016
5,229
5,046 4,777
2012
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
May-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
Feb-16
May-16 5,588
Dec-11 4,340
Condo Inventory – May 4,716 4,271
4,337 4,037
2012
2013
2014
4,203
2015
2016
Historical Data Jun-10 5,748
6,000 5,500 5,000
May-16 4,203
Dec-13 3,930
4,500 4,000
4 Research performed by
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
Closed Sales – SFR May
Year to Date 664
636
2,736
2,540
529
2,158
2014
2015
2014
2016
2015
2016
Historical Data 800
Jun-15 756
700 600 500 Jan-09 149
400
May-16 664
300 200
Jan-16
May-16
Sep-15
Jan-15
May-15
Sep-14
Jan-14
May-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-07
Jan-07
May-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 May
Year to Date $201,155
$209,900 $195,000
$198,975
$185,642
$181,440
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-06 $242,310
Jan-16
May-16
May-15
Jan-15
Sep-14
Jan-14
May-14
Sep-13
Jan-13
May-13
Sep-12
May-12
Jan-12
Sep-11
Jan-11
May-11
Sep-10
May-10
Jan-10
Sep-09
Jan-09
May-09
Sep-08
Jan-08
May-08
Sep-07
May-07
Jan-07
Sep-06
Jan-06
May-06
Sep-12 $160,163
Sep-15
May-16 $198,975
6 Research performed by
Jan-06
Research performed by
Jan-14
2015 2016
Jan-16
94% 95%
May-16
95% 95%
Sep-15
May-15
Jan-15
Sep-14
May-14
2014
Sep-13
May-13
May
Jan-13
2016
Sep-12
94%
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
96%
Historical Data
Jan-06 98%
May-16 95%
May-09 & Apr-11 86%
7
New Construction vs Resale – SFR % of Total Sales
May
Year to Date
72%
65%
71%
70%
67%
64%
28%
35%
29%
30%
33%
36%
2014
2015
2016
2014
2015
2016
New Construction
New Construction
Resale
Resale
Historical Data – % of Total Sales 90%
800
80%
Apr-13 78%
May-16 71%
70%
700 600
60%
Jun-13 64%
Dec-13 64%
500
50% 400 40%
Dec-13 36%
Jun-13 36%
300
30% May-16 29%
20%
Apr-13 22%
200 100
10%
Total SFR Sales
% New Construction
Mar-16
May-16
Jan-16
Nov-15
Sep-15
Jul-15
May-15
Jan-15
Mar-15
Nov-14
Jul-14
Sep-14
Mar-14
May-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Jan-13
Mar-13
Sep-12
Nov-12
Jul-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
May
Year to Date
$234,495
$219,950
$190,000
$211,680
$192,000
2015
2016
New Construction
2014
Resale
$224,900 $189,000
$175,000
$168,500
$166,000
2014
$230,000
$225,000
2015
2016
New Construction
Resale
Historical Data – Median Sales Price Mar-14 $249,440
$260,000
May-16 $211,680
$240,000 $220,000
Aug-12 $183,320
$200,000 $180,000 Aug-14 $184,900
$160,000 $140,000
May-16 $192,000
Nov-11 $145,000
New Construction
May-16
Jan-16
Mar-16
Nov-15
Sep-15
Jul-15
May-15
Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Sep-13
Nov-13
Jul-13
Mar-13
May-13
Jan-13
Sep-12
Nov-12
Jul-12
Mar-12
May-12
Jan-12
Nov-11
Sep-11
$120,000
Resale
9 Research performed by
Closed Sales – Condo May
Year to Date
493
492
1,937
1,895
422
1,664
2014
2015
2014
2016
2015
2016
Historical Data May-06 845
900 800 700
May-16 492
600 500 400 Jan-09 117
300 200
Jan-16
May-16
Sep-15
Jan-15
May-15
Sep-14
Jan-14
May-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-07
Jan-07
May-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 May
Year to Date $115,900 $119,950
$112,500
$114,000
$108,000
$107,350
2014
2015
2014
2016
2015
2016
Historical Data Jun-07 $249,921
$250,000 $200,000
May-16 $119,950
Nov-11 $93,450
$150,000 $100,000
Jan-16
Aug-15
Mar-15
Oct-14
Dec-13
May-14
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
Apr-07
Sep-07
Nov-06
Jan-06
Jun-06
$50,000
Sold to List Price Ratio – Condo May
Year to Date 93%
92% 91%
92% 90%
91%
2014
2015
2014
2016
2015
2016
Historical Data
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
May-16 93%
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-09 & May-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 May
Year to Date 433
90
89
422 74
368
2014
2015
2014
2016
2015
2016
Historical Data 300
Apr-06 266
250 200
May-16 74
150 100
Jan-09 11
50
Jan-16
May-16
Sep-15
Jan-15
May-15
Sep-14
Jan-14
May-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-07
Jan-07
May-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 May
Year to Date $53,000
$57,750
$56,500 $52,000
2014
2015
2014
2016
$45,000
$45,000
2015
2016
Historical Data Aug-06 $130,000
$150,000 $100,000
May-16 $57,750
Nov-11 $15,000
$50,000
Jan-16
Aug-15
Mar-15
Oct-14
Dec-13
May-14
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
Apr-07
Sep-07
Nov-06
Jun-06
Jan-06
$0
Sold to List Price Ratio – Residential Lot May
Year to Date
85% 82%
82%
82%
82%
2014
2015
2016
82%
2014
2015
2016
Historical Data Apr-06 99%
120 100
May-16 82%
80 60
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