Real Estate Market Report April 2013

Grand Strand Market Report Summary:

Single-family residential sales surge in April while sales prices maintain modest gains.

Single Family Residential (SFR) sales activity remained hot in April. During the month, SFR sales volume increased sharply as sales were up 31.5% from prior year levels. April’s sales production was the best month in SFR activity since 2007. Year to date (YTD), SFR sales are up 19.5% from 2012 levels. The median sales price of SFR sales continued to show signs of stabilization as the 2013 median sales price is 3.1% better than 2012. As SFR sales continue to improve, more SFR homes continue to come back onto the market. During April, SFR inventory remained about 5.9% above its prior year level. It is anticipated that SFR inventory will grow in May before making its seasonal decline. Counter to the growth in SFR inventory, distressed SFR inventory continues to decline, down 29.9% from its prior year level. Condo inventory continues to decline as total and distressed inventories are down 10.9% and 38.6%, respectively. Condo sales activity remained flat to April 2012 levels. YTD, condo sales are up 7.9% from 2012. The median sales price of condos remained stable in April as the 2013 YTD median sales price is flat with 2012. Residential lot sales activity continues to decline as sales are down 14.6% and sales prices are up slightly to $36,000.

Other Local Market Reports:
Garden City
Little River
Murrells Inlet
Myrtle Beach
North Myrtle Beach
Pawleys Island
Surfside Beach

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*Market reports are from SiteTech Systems, 10K Research Marketing and the Coastal Carolinas Association of Realtors®.

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