Grand Strand Market Report Summary:
Single Family Residential sales up 14.6% from September 2012
Year-to-date (YTD), sales are up 21.1% for Single Family Residential (SFR). The median sales price is $180,000. The sold-to-list ratio for SFR is now 93% which is in line with 2007 levels. During September, the inventory of homes for sale was up slightly from August and it is still up 3.6% from last year. The inventory of distressed homes for sale declined 6% from August and is now 38.5% below last year.
For condos, inventory is down 5.1% from September 2012. Distressed inventory is down 45.5% from last year. Sales are up 6.8% from September 2012 and YTD condo sales are up 7.3%. The sold-to-list ratio is now at 95% and the median sales price for condos is up 13.7% from last year.
Residential lot sales performance is in line with 2012 performance while the median sales price is up 33.3%. The improvement in sales prices is 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®.