Grand Strand Market Report Summary:
Single Family Residential (SFR) sales closed out the second quarter strong with a continued momentum since the beginning of 2013.
Historically, sales activity peaks in May and then declines in the second half of the year. This is true for all SFR, condo and residential lot sales activity in the month of June. There were 436 SFR sales in June, which has flat lined compared to June 2012. Year-to-date (YTD), SFR sales are up 19.2% from 2012 levels. In addition to strong SFR sales, the median sales price of SFRs was $182,250 which follows the seasonal trend from May. YTD, the median sales price is up 6.72% for the year. Coupled with stronger sales volume and sales prices, the sold-to-list ratio was 94%, its highest level since 2007.
Condo sales declined 10.9% from 2012, but remain up 4.83% for the full year. The median sales price for condos continued to rise after it rebounded last month and is now at $114,700. This continued improvement was driven by fewer distressed sales. YTD, the median sales price of condos remains flat to 2012 levels at $107,000.
Residential lot sales are in line with 2012 performance, both in June and YTD total sales. Similar to SFR and condos, the median sales price of residential lots is flat compared to May and the YTD sales price is now up 36.8% from 2012.
The inventory of homes for sale started its seasonal decline, but levels are still up 6.86% from prior year levels. The inventory of distressed homes for sale continued to decline and is now 33.8% below its prior year level. For condos, the inventory continues its slow decline. The current inventory is down 8.43% from June 2012 and distressed inventory is down 43.7% over the last year.
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*Market reports are from SiteTech Systems, 10K Research Marketing and the Coastal Carolinas Association of Realtors®.