Grand Strand Market Report Summary:
The momentum for the last half of 2012 carried into the first quarter of 2013 in both single-family residential (SFR) and condo activity. In March, SFR sales volume was up 11.6% as compared to March 2012. SFR inventory maintained its seasonal increase and is now 4.6% higher than March 2012 levels. Non-distressed listings continued to decline and now represent 12.6% of all SFR listings. Continuing its trend from February, SFR median sales price was $176,000. YTD, the SFR median sales price is $174,990 which is up 3.5% from its 2012 level. The improvement in median sales price is driven by a reduction in the percentage of distressed sales. For condos, the listing inventory increased seasonally but is down 11.7% from its 2012 level. Distressed condo listings continue to decline and are down 33% from its prior year’s level. Condo sales remained strong, up 3.7% from March 2012. YTD, condo sales are up 9.3% from their 2012 level. Driven by cash and distressed sales prices, the median sales price for condos slid to $101,750. However, the YTD median sales price of condo sales are up 4.5% from 2012. After a strong 2012, residential lot sales activity has slowed and are down 8.1% from their 2012 levels. The median sales price of residential lots have remained stable at approximately $35,000.
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*Market reports are from SiteTech Systems, 10K Research Marketing and the Coastal Carolinas Association of Realtors®.