Grand Strand Market Report Summary:
Consistent with November, Single Family Residential (SFR) sales volume was flat in December as compared to last year. The SFR median price was up to $188,000 — a 10.6% improvement from 2012. The strength in sales price is driven by fewer distressed sales. The SFR sold-to-list ratio is at 94% which is in line with 2007 levels and has remained steady since July 2013. SFR inventory fell 1.4% from November, but it’s 2.1% above last year. Distressed inventory continues to decline — it’s down 31.5% from last year.
For condos, the inventory has leveled off over the last five months and the current inventory is down 2.9% from December 2012. Distressed inventory is down 47.2% over the last
year. Condo sales in December were up 15.2% as compared to December 2012 and YTD sales are up 5.4% from 2012. The median sales price is up 3.4% from last year at $113,750. The sold-to-list ratio is at 91% and has been steady in the low 90’s for five consecutive months.
Residential lot sales performance in December slipped from December 2012 performance. YTD residential lot sales are in line with 2012. The YTD median sales price is up 45.2%. The improvement in sales prices is still driven by a smaller percentage of distressed sales and stronger pricing on non-distressed sales.
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*Market reports are from SiteTech Systems, 10K Research Marketing and the Coastal Carolinas Association of Realtors®.