Grand Strand Market Report Summary:
Single Family Residential Sales Grew 12.5% in July.
Single Family Residential (SFR) sales continued its strong first half performance as SFR sales volume is up 12.5% as compared to July 2012. Year-to-date (YTD), SFR sales are up 20.1% from 2012 levels. In addition to strong SFR sales, the median sales price of SFRs was $177,836 which is in line with full year performance. YTD, the median sales price is up 4.77% for the year.
During July, year over year condo sales improved 17.0%. The median sales price for condos is up 16.4% from last year. YTD, the median sales price of condos is up 2.6%.
Residential lot sales are in line with 2012 performance, both in July and YTD total sales. The median sales price of residential lots is flat compared to June and the YTD sales price is up 26.0% from 2012.
During July–the inventory of homes for sale continued its seasonal decline, however levels are still up 4.54% from last year. The inventory of distressed homes for sale is 32.6% below its prior year level. For condos, the current inventory is down 8.43% from July 2012 and distressed inventory is down 43.7% over the last year.
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*Market reports are from SiteTech Systems, 10K Research Marketing and the Coastal Carolinas Association of Realtors®.