Grand Strand Market Report Summary:
November was largely another encouraging month for residential real estate. For the 12-month period spanning December 2012 through November 2013, closed sales in the Coastal Carolinas region were up 13.2 percent overall. The price range with the largest gain in sales was the $200,001 to $250,000 range, where they increased 27.4 percent. The price range that tended to sell the quickest was the $150,000 and below range at 154 days; the price range that tended to sell the slowest was the $300,001 and above range at 213 days.
Single Family Residential (SFR) sales volume was flat in November as compared to prior year volume. SFR median sales price maintained its strong performance, up 12.8% to $180,000 for the month. The strength in sales price is driven by fewer distressed sales, high distressed sales prices and more conventional financing. Following improved sales prices, SFR sold-to-list ratio remains at 93% which is in line with 2007 levels and has remained steady since July 2013. SFR inventory fell 4% from October but is 1.4% above prior year levels; distressed inventory continues to decline, down 34.1% from prior year level.
For condos, the inventory has leveled off over the last five months and the current inventory is down 2.8% from November 2012. Distressed inventory is down 46.6% over the last year. During November, condo sales slipped from November 2012 performance. However, year-to-date condo sales are up 4.0% from 2012. The median sales price for condos is up 5.8% from last year at $110,000. The sold-to-list ratio is at 91% and has been steady in the low 90’s for four consecutive months.
Residential lot sales in November slipped from November 2012 performance. However, YTD sales are in line with 2012 levels. The YTD median sales price is up 50.0%. The improvement in sales price 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®.