Grand Strand Market Report July 2016 Single Family Residential sales activity remained strong with year-to-date sales up 4.7%. The median price of resales is up 5.1% for the month and 3.3% year-to-date. Condo sales are up 3.1% while prices rise 0.9%. Residential lot sales take a hit, down 33.7% compared to July 2015 and 12.2% for the year. SFR sales volume remained strong in July – despite dropping 6.3% compared to July 2015. Yearto-date, SFR sales are up 4.7% compared to 2015. Median sales price increased to $210,000, up 5.1% for the month, and up 3.3% in 2016. When compared to July 2015, sales prices for new construction have dropped 2.7% while sales prices for resales are up 12.7%. Year-to-date, the median sales price for new construction has dropped 2.1% with resales up 8.2%. The average sold-to-list ratio for Single Family Residential sales in July was 96%, flat compared to the same month in 2015. After five consecutive months of growth, condo sales have begun slow as the peak summer months begin to wind down. However, condo sales are still up 3.1% compared to July 2015 and up 6.7% year-to-date compared to 2015. Condo inventory increased 0.4% in July. Median sales price increased 0.9% to $121,000 in July and maintained its growth at 1.7% for the year. The average sold to list ratio for condo sales in July was 92%, the same level compared to the same month in 2015. Residential lot sales were down 33.7% in July compared to 2015 and are down 12.2% year-todate. Median sales price saw an increase of 35.7% for the month compared to 2015 while the year-to-date sales price dipped 1%. Sold to list ratios are up 100 basis points across the board.
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
$210,000
Median Sales Price
$121,000
Research performed by
Median Sales Price
$58,000
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 4,527 760 5,287 352,340 250,000
Condo/Townhome Horry Co. Georgetown Total Average List Price Median List Price
Total Average List Price Median List Price
G’town Co. 70 117 325 150 98
Distribution by Price Range
# Listings 3,630 391 4,021 199,293 154,900
Residential Lot Horry Co. Georgetown
Less than $150k $150k- $250k $250k- $500k $500k- $1.0 MM $1 MM +
Horry Co. 723 1,730 1,576 384 114
Less than $100k $100k- $150k $150k- $200k $200k- $400k $400k- $750k $750k +
Horry Co. 942 921 592 975 172 28
G’town Co. 29 86 64 101 90 21
Distribution by Price Range
# Listings 1,447 657 2,104 138,036 69,900
Less than $25k $25k- $50k $50k- $75k $75k- $100k $100k- $175k $175k- 250k $250k +
Horry Co. 238 417 231 144 188 113 116
G’town Co. 66 89 62 76 135 85 144
3 Research performed by
Grand Strand Inventory Trends SFR Inventory - July 5,485
5,346
5,287
4,950
4,735
2012
2013
2014
2015
2016
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
Jul-16 5,287
Condo Inventory – July 4,509 4,167
2012
2013
4,256
2014
4,004
4,021
2015
2016
Historical Data Jun-10 5,748
6,000 5,500 5,000
Jul-16 4,021
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 July
Year to Date
657
615
536
3,952
4,138
2015
2016
3,275
2014
2015
2014
2016
Historical Data 800
Jun-15 756
700 600 500 Jan-09 149
400
Jul-16 615
300 200
Jan-16
May-16
Sep-15
May-15
Jan-15
Sep-14
May-14
Jan-14
Sep-13
Jan-13
May-13
Sep-12
May-12
Jan-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
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 July
Year to Date $205,471
$210,000 $199,000 $199,800 $189,900
$194,500
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
Jul-16 $210,000 Jun-06 $242,310
May-16
Jan-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
Jan-11
May-11
Sep-10
Jan-10
May-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
Sep-12 $160,163
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Jan-06
Research performed by 2015 2016
Jan-16
95%
May-16
95%
Sep-15
May-15
Jan-15
Sep-14
May-14
2014
Jan-14
95%
Sep-13
May-13
July
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% 96%
96%
Historical Data
Jan-06 98%
Jul-16 96%
July-09 & Apr-11 86%
7
New Construction vs Resale – SFR % of Total Sales
July
Year to Date
65%
67%
70%
68%
66%
65%
35%
33%
30%
32%
34%
35%
2014
2015
2016
2014
2015
2016
New Construction
New Construction
Resale
Resale
Historical Data – % of Total Sales 90%
800
80%
Jul-16 70%
Apr-13 78%
700
70%
600
60%
Jun-13 64%
Dec-13 64%
500
50% 400 40%
Dec-13 36%
Jun-13 36%
300
30% 20%
Jul-16 30%
Apr-13 22%
200 100
10%
Total SFR Sales
% New Construction
Jul-16
May-16
Jan-16
Mar-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
Sep-13
Nov-13
Jul-13
May-13
Jan-13
Mar-13
Sep-12
Nov-12
Jul-12
May-12
Jan-12
Mar-12
Sep-11
0
Nov-11
0%
% Resale
8 Research performed by
New Construction vs Resale – SFR Median Sales Price
July $221,864
Year to Date $215,138
$221,175 $184,950
$173,950
2014
2015
$179,800
$170,000
2016
New Construction
$230,877
$224,315
$208,500
2014
Resale
$226,132 $194,500
2015
2016
New Construction
Resale
Historical Data – Median Sales Price Mar-14 $249,440
$260,000
Jul-16 $215,138
$240,000 $220,000
Aug-12 $183,320
$200,000 $180,000 Aug-14 $184,900
$160,000 $140,000
Jul-16 $208,500
Nov-11 $145,000
New Construction
Jul-16
Mar-16
May-16
Jan-16
Nov-15
Jul-15
Sep-15
May-15
Jan-15
Mar-15
Sep-14
Nov-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Jul-13
Sep-13
Mar-13
May-13
Jan-13
Sep-12
Nov-12
Jul-12
May-12
Jan-12
Mar-12
Nov-11
Sep-11
$120,000
Resale
9 Research performed by
Closed Sales – Condo July
Year to Date 393
2,887 2,706
387 381
2014
2,437
2015
2014
2016
2015
2016
Historical Data May-06 845
900 800 700
Jul-16 393
600 500 400 Jan-09 117
300 200
Jan-16
May-16
Sep-15
May-15
Jan-15
Sep-14
May-14
Jan-14
Sep-13
Jan-13
May-13
Sep-12
May-12
Jan-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
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 July
Year to Date $117,000
$121,000
$119,900
$115,000
$106,850
$110,000
2014
2015
2014
2016
2015
2016
Historical Data Jun-07 $249,921
$250,000 $200,000
Jul-16 $121,000
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
Jun-11
Jan-11
Aug-10
Oct-09
Mar-10
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
Jun-06
Nov-06
Jan-06
$50,000
Sold to List Price Ratio – Condo July
Year to Date
92%
92%
92%
92%
2015
2016
91%
91%
2014
2015
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
Jul-16 92%
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-09 & July-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 July
Year to Date 632
92
86
594
61
555
2014
2015
2014
2016
2015
2016
Historical Data 300
Apr-06 266
250 200
Jul-16 61
150 100
Jan-09 11
50
Jan-16
May-16
Sep-15
May-15
Jan-15
Sep-14
May-14
Jan-14
Sep-13
Jan-13
May-13
Sep-12
May-12
Jan-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
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 July
Year to Date $52,000
$58,000 $44,000
$42,750
2014
2015
$48,000
$47,500
2015
2016
2014
2016
Historical Data Aug-06 $130,000
$150,000 $100,000
Jul-16 $58,000
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
Jun-11
Jan-11
Aug-10
Oct-09
Mar-10
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
Jun-06
Nov-06
Jan-06
$0
Sold to List Price Ratio – Residential Lot July
Year to Date 84%
83%
83%
79%
2014
2015
2016
82%
82%
2014
2015
2016
Historical Data Apr-06 99%
120 100
Jul-16 84%
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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