grand strand market report - amazon s3 · 2017-08-23 · condo inventory has tightened as inventory...

Research performed by

Grand Strand Market Report July 2017 Grand Strand market activity faced another slight setback in July. SFR sales volume dropped 6.9% for the month but continues its strong growth, up 6.1% year-to-date. Condo sales volume remained flat while the median sales price is up 7.3%. Residential lot sales were up 16.0% for the month and up 6.9% year-to-date.

SFR sales in the Grand Strand were down for the month with sales volume dropping 6.9% compared to July 2016. Year-to-date sales, however, continue their strong growth: up 6.1% year-to-date. Median sales price dropped to $204,950, a 3.0% decrease from July 2016 while year-to-date sale prices are up 4.4%. Sales prices for new construction are up 5.9% while sales prices for resales are down 3.5% when compared to July 2016. The average sold-to-list ratio for Single Family Residential sales in July was 95%, down 100 basis points compared to the same month in 2016. SFR inventory continues to tighten as inventory is down 14.5% from 2016.

Condo sales volume remained essentially flat, dropping a mere 0.2% while the median sales price was up 7.3% compared to July 2016. Year-to-date, condo sales are up 15.8% and condo median sales prices are up 8.1%. Condo inventory has tightened as inventory is down compared to prior year levels: down 14.5% compared to July 2016. The average sold to list ratio for condo sales in July was 93%, up 100 basis points compared to the same month in 2016.

Residential lot sales were up 16.0% in July compared to 2016 and are up 6.9% year-to-date. The median sales price dropped to $46,700, down 16.6% compared to the same month in 2016. Sold to list ratios are at 81%, down 400 basis points compared to July 2016.

At a glance…

SFR Condo Residential Lot

Sales Inventory Sales Inventory Sales Inventory Month YTD Month Month YTD Month Month YTD Month

-

Median Sales Price Median Sales Price Median Sales Price

$204,950 $128,750 $46,700

2 Research performed by

Contents

Active Inventory 3

Inventory Trends – SFR & Condo 4

Closed Sales – SFR 5

Median Sales Price – SFR 6

Sold to List Price Ratio – SFR 7

New Construction vs Resale – SFR

% of Total Sales 8

Median Sales Price 9

Closed Sales – Condo 10

Median Sales Price – Condo 11

Sold to List Price Ratio – Condo 11

Closed Sales – Residential Lot 12

Median Sales Price – Residential Lot 13

Sold to List Price Ratio – Residential Lot 13

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3 Research performed by

Grand Strand Active Inventory Single Family Residential Distribution by Price Range

Condo/Townhome Distribution by Price Range

Residential Lot Distribution by Price Range

Horry Co. G’town Co.

Less than $150k 473 50

$150k - $250k 1,861 95 $250k - $500k 1,725 318

$500k - $1.0 MM 398 157

$1 MM + 113 96

# Listings

Horry Co. 4,570 Georgetown 716

Total 5,286

Average List Price $358,886 Median List Price $263,680

Horry Co. G’town Co.

Less than $100k 718 16 $100k - $150k 769 63

$150k - $200k 544 53 $200k - $400k 905 92

$400k - $750k 146 95

$750k + 25 13

# Listings

Horry Co. 3,107

Georgetown 332

Total 3,439 Average List Price $205,731

Median List Price $159,900

Horry Co. G’town Co.

Less than $25k 153 72

$25k - $50k 364 59

$50k - $75k 241 59 $75k - $100k 138 66

$100k - $175k 224 125 $175k - 250k 129 84

$250k + 122 126

# Listings

Horry Co. 1,371

Georgetown 591

Total 1,962

Average List Price $136,298

Median List Price $78,950

4 Research performed by

Grand Strand Inventory Trends SFR Inventory - July

Historical Data

Condo Inventory – July

Historical Data

May-105,453

Dec-114,340

Jul-175,286

4,0004,2004,4004,6004,8005,0005,2005,4005,6005,800

May

-10

Au

g-1

0

No

v-1

0

Feb

-11

May

-11

Au

g-1

1

No

v-1

1

Feb

-12

May

-12

Au

g-1

2

No

v-1

2

Feb

-13

May

-13

Au

g-1

3

No

v-1

3

Feb

-14

May

-14

Au

g-1

4

No

v-1

4

Feb

-15

May

-15

Au

g-1

5

No

v-1

5

Feb

-16

May

-16

Au

g-1

6

No

v-1

6

Feb

-17

May

-17

4,167 4,256 4,004 4,0213,439

2013 2014 2015 2016 2017

Jun-105,748

Dec-133,930 Jul-17

3,439

3,000

3,500

4,000

4,500

5,000

5,500

6,000

May

-10

Au

g-1

0

No

v-1

0

Feb

-11

May

-11

Au

g-1

1

No

v-1

1

Feb

-12

May

-12

Au

g-1

2

No

v-1

2

Feb

-13

May

-13

Au

g-1

3

No

v-1

3

Feb

-14

May

-14

Au

g-1

4

No

v-1

4

Feb

-15

May

-15

Au

g-1

5

No

v-1

5

Feb

-16

May

-16

Au

g-1

6

No

v-1

6

Feb

-17

May

-17

4,950

5,3465,485

5,287 5,286

2013 2014 2015 2016 2017

5 Research performed by

Closed Sales – SFR July Year to Date

Historical Data

Year Over Year

658668

622

2015 2016 2017

3,952

4,231

4,491

2015 2016 2017

Jan-09149

Jun-15756

Jul-17622

100

200

300

400

500

600

700

800

900

Jan

-06

Jun

-06

No

v-0

6

Ap

r-0

7

Sep

-07

Feb

-08

Jul-

08

Dec

-08

May

-09

Oct

-09

Mar

-10

Au

g-1

0

Jan

-11

Jun

-11

No

v-1

1

Ap

r-1

2

Sep

-12

Feb

-13

Jul-

13

Dec

-13

May

-14

Oct

-14

Mar

-15

Au

g-1

5

Jan

-16

Jun

-16

No

v-1

6

Ap

r-1

7

0

200

400

600

800

1000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 2017

6 Research performed by

Median Sales Price – SFR

July Year to Date

Historical Data

$198,965

$211,212

$204,950

2015 2016 2017

$198,465

$206,000

$215,000

2015 2016 2017

Jun-06$242,310

Sep-12$160,163

Jul-17$204,950

$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

$210,000

$220,000

$230,000

$240,000

$250,000

Jan

-06

Jun

-06

No

v-0

6

Ap

r-0

7

Sep

-07

Feb

-08

Jul-

08

Dec

-08

May

-09

Oct

-09

Mar

-10

Au

g-1

0

Jan

-11

Jun

-11

No

v-1

1

Ap

r-1

2

Sep

-12

Feb

-13

Jul-

13

Dec

-13

May

-14

Oct

-14

Mar

-15

Au

g-1

5

Jan

-16

Jun

-16

No

v-1

6

Ap

r-1

7

7 Research performed by

Sold to List Price Ratio – SFR

July Year to Date

Historical Data

95%

96%

95%

2015 2016 2017

95%

96% 96%

2015 2016 2017

Jan-0698%

July-09 & Apr-1186%

Jul-1795%

80

82

84

86

88

90

92

94

96

98

100

Jan

-06

Jun

-06

No

v-0

6

Ap

r-0

7

Sep

-07

Feb

-08

Jul-

08

Dec

-08

May

-09

Oct

-09

Mar

-10

Au

g-1

0

Jan

-11

Jun

-11

No

v-1

1

Ap

r-1

2

Sep

-12

Feb

-13

Jul-

13

Dec

-13

May

-14

Oct

-14

Mar

-15

Au

g-1

5

Jan

-16

Jun

-16

No

v-1

6

Ap

r-1

7

8 Research performed by

New Construction vs Resale – SFR % of Total Sales

July Year to Date

Historical Data – % of Total Sales

34% 36% 33%

66% 64% 67%

2015 2016 2017

New Construction Resale

Apr-1322%

Jun-1336%

Dec-1336%

Jul-1727%

Apr-1378%

Jun-1364%

Dec-1364%

Jul-1773%

0

100

200

300

400

500

600

700

800

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Oct

-11

Jan

-12

Ap

r-1

2

Jul-

12

Oct

-12

Jan

-13

Ap

r-1

3

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Total SFR Sales % New Construction % Resale

33% 33% 27%

67% 67% 73%

2015 2016 2017

New Construction Resale

9 Research performed by

New Construction vs Resale – SFR Median Sales Price

July Year to Date

Historical Data – Median Sales Price

$230,908 $226,919$238,530

$179,850$194,000 $205,000

2015 2016 2017

New Construction Resale

$221,175$215,858 $228,500

$184,450$206,250 $199,000

2015 2016 2017

New Construction Resale

$183,320

$249,440

Jul-17$228,500

Nov-11$145,000

Aug-14$184,900

Jul-17$199,900

$120,000

$140,000

$160,000

$180,000

$200,000

$220,000

$240,000

$260,000

$280,000

Sep

-11

Dec

-11

Mar

-12

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

Sep

-15

Dec

-15

Mar

-16

Jun

-16

Sep

-16

Dec

-16

Mar

-17

Jun

-17

New Construction Resale

10 Research performed by

Closed Sales – Condo

July Year to Date

Historical Data

Year Over Year

381

417 416

2015 2016 2017

2,7062,919

3,380

2015 2016 2017

May-06845

Jan-09117

Jul-17416

100

200

300

400

500

600

700

800

900

Feb

-06

Jul-

06

Dec

-06

May

-07

Oct

-07

Mar

-08

Au

g-0

8

Jan

-09

Jun

-09

No

v-0

9

Ap

r-1

0

Sep

-10

Feb

-11

Jul-

11

Dec

-11

May

-12

Oct

-12

Mar

-13

Au

g-1

3

Jan

-14

Jun

-14

No

v-1

4

Ap

r-1

5

Sep

-15

Feb

-16

Jul-

16

Dec

-16

May

-17

0

100

200

300

400

500

600

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 2017

11 Research performed by

Median Sales Price – Condo

July Year to Date

Historical Data

Sold to List Price Ratio – Condo July Year to Date

Historical Data

$119,900 $120,000

$128,750

2015 2016 2017

$115,000 $117,500

$127,000

2015 2016 2017

92% 92%

93%

2015 2016 2017

92% 92%

94%

2015 2016 2017

Apr-09 & July-0981%

Jul-1793%

75

80

85

90

95

100

Jul-

06

Dec

-06

May

-07

Oct

-07

Mar

-08

Au

g-0

8

Jan

-09

Jun

-09

No

v-0

9

Ap

r-1

0

Sep

-10

Feb

-11

Jul-

11

Dec

-11

May

-12

Oct

-12

Mar

-13

Au

g-1

3

Jan

-14

Jun

-14

No

v-1

4

Ap

r-1

5

Sep

-15

Feb

-16

Jul-

16

Dec

-16

May

-17

Jun-07$249,921

Nov-11$93,450

Jul-17$128,750

$50,000

$100,000

$150,000

$200,000

$250,000

Jul-

06

Dec

-06

May

-07

Oct

-07

Mar

-08

Au

g-0

8

Jan

-09

Jun

-09

No

v-0

9

Ap

r-1

0

Sep

-10

Feb

-11

Jul-

11

Dec

-11

May

-12

Oct

-12

Mar

-13

Au

g-1

3

Jan

-14

Jun

-14

No

v-1

4

Ap

r-1

5

Sep

-15

Feb

-16

Jul-

16

Dec

-16

May

-17

12 Research performed by

Closed Sales – Residential Lot

July Year to Date

Historical Data

Year Over Year

0

50

100

150

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 2017

92

69

80

2015 2016 2017

632

567

606

2015 2016 2017

Apr-06266

Jan-0911

Jul-1780

0

50

100

150

200

250

300

Jan

-06

Jun

-06

No

v-0

6

Ap

r-0

7

Sep

-07

Feb

-08

Jul-

08

Dec

-08

May

-09

Oct

-09

Mar

-10

Au

g-1

0

Jan

-11

Jun

-11

No

v-1

1

Ap

r-1

2

Sep

-12

Feb

-13

Jul-

13

Dec

-13

May

-14

Oct

-14

Mar

-15

Au

g-1

5

Jan

-16

Jun

-16

No

v-1

6

Ap

r-1

7

13 Research performed by

Median Sales Price – Residential Lot

July Year to Date

Historical Data

Sold to List Price Ratio – Residential Lot

July Year to Date

Historical Data

$42,750

$56,000 $46,700

2015 2016 2017

$48,000

$47,500 $47,750

2015 2016 2017

Aug-06$130,000

Nov-11$15,000

Jul-17$46,700

$0

$50,000

$100,000

$150,000

Jan

-06

Jun

-06

No

v-0

6

Ap

r-0

7

Sep

-07

Feb

-08

Jul-

08

Dec

-08

May

-09

Oct

-09

Mar

-10

Au

g-1

0

Jan

-11

Jun

-11

No

v-1

1

Ap

r-1

2

Sep

-12

Feb

-13

Jul-

13

Dec

-13

May

-14

Oct

-14

Mar

-15

Au

g-1

5

Jan

-16

Jun

-16

No

v-1

6

Ap

r-1

783%

85%

81%

2015 2016 2017

82%83%

85%

2015 2016 2017

Apr-0699%

Nov-1147%

Jul-1781%

40

60

80

100

120

Jan

-06

Jun

-06

No

v-0

6

Ap

r-0

7

Sep

-07

Feb

-08

Jul-

08

Dec

-08

May

-09

Oct

-09

Mar

-10

Au

g-1

0

Jan

-11

Jun

-11

No

v-1

1

Ap

r-1

2

Sep

-12

Feb

-13

Jul-

13

Dec

-13

May

-14

Oct

-14

Mar

-15

Au

g-1

5

Jan

-16

Jun

-16

No

v-1

6

Ap

r-1

7