Grand Strand Monthly Market Report July 2016

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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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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 4,527 760 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

4 Research performed by

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

6 Research performed by

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%

13 Research performed by