Grand Strand Market Report Summary:
Single Family Residential Sales Begin Quarter 4 Strong — up 12.4% from October 2012
Single Family Residential (SFR) sales grew 12.4% as compared to October 2012. Year-to-date (YTD), SFR sales are up 21.8% from 2012 levels. The median sales price of SFRs was $176,200 which is in line with full year performance. YTD, the median sales price is up 6.5%. SFR sold-to-list price ratio remains at 93% which is in line with 2007 levels and has remained steady since July 2013. During October, the inventory of homes is consistent with September. The inventory of distressed homes for sale has leveled off and is 35.8% below its prior year level.
Condo sales have slipped from October 2012 performance. However, YTD condo sales are up 5.3% from 2012. The median sales price for condos is up 6.2% from last year at $110,000. The sold-to-list price ratio is now at 91% and has been steady in the low 90’s for three consecutive months. Inventory has leveled off over the last four months and the current inventory is down 2.2% from October 2012. Distressed inventory is down 43.2% over the last year.
Residential lot sales performance in October remains in line with October 2012 performance. However, YTD sales are up 4.9% as compared to 2012. The YTD median sales price is up 34.3%. 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®.