Grand Strand Market Report Summary:
Single Family Residential sales remain hot in May while sales prices continue to improve.
After a strong start in 2013, Single Family Residential (SFR) sales continued its momentum as May’s performance was the best May since 2006. During May, SFR sales topped 473 homes which is an 18.3% improvement from 2012 and a 47.4% improvement from 2011. May’s performance was the best single month of sales since June 2006. Year-to-date (YTD), SFR sales are up 21.1% from 2012 levels. In addition to strong SFR sales, the median sales price of SFRs was $190,000, the best monthly performance since Q3 2010. The improvement in sales price was driven by fewer distressed sales. YTD, the median sales price is up 5.03% for the year.
As SFR sales continue to grow, more homes are coming back onto the market. During May, the inventory of home for sales continued its seasonal rise and is up 5.6% from prior year levels. It is anticipated that the inventory has peaked and will begin its seasonal decline in June. Offsetting the growth in SFR inventory, the inventory of distressed homes for sale continued to decline and is now 31.1% below its prior year level. For condos, the inventory continues it slow decline and the current inventory is down 10.8% from May 2012 and distressed inventory is sharply down 39.3% over the last year.
During May, condo sales declined slightly from 2012 and remain up 6.8% for the full year. The median sales price for condo rebounded in May to $110,500. This improvement was driven by fewer distressed sales. YTD, the median sales price of condos remains flat to 2012 levels at $105,000. Residential lot sales rebounded in May and full year sales are in line with 2012 performance. Similar to SFR and condos, the median sales price of residential lots improved in May and the YTD sales price is now up 17.8% from 2012.
New listings in the Coastal Carolinas region were up 9.3 percent for detached homes and 6.9 percent for condos.
Pending sales increased 32.8 percent for single family homes and 12.9 percent for condos.
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*Market reports are from SiteTech Systems, 10K Research Marketing and the Coastal Carolinas Association of Realtors®.