Grand Strand Market Report

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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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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 4,793 795 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