Grand Strand Market Report Summary:
Single Family Residential Sales Up 22.1% in August
Single Family Residential (SFR) sales hit record levels with 524 for August. This level of performance is the highest monthly production in over seven years. For August, sales grew 22.1% as compared to August 2012. Year-to-date (YTD), SFR sales are up 26.5% from 2012 levels. The median sales price of SFRs was $184,500 which is in line with full year performance. YTD, the median sales price is up 4.70% for the year.
During August, condo sales were flat to prior year levels and year-to-date condo sales are up 8.2% from 2012. The median sales price for condos is up 13.4% from last year. YTD, the median sales price of condos are up
The median sales price of residential lots is flat compared to July and the YTD sales price is up 39.6% from 2012.
The inventory of homes for sale continued its seasonal decline, however levels are still up 3.07% from prior year levels. The inventory of distressed homes for sale continued to decline and is now 57.1% below its prior year level. For condos, the current inventory is down 6.54% from August 2012 and distressed inventory is down 79.6% over the last year.
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*Market reports are from SiteTech Systems, 10K Research Marketing and the Coastal Carolinas Association of Realtors®.