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Grand Strand Market Report December 2012 2012 has proven to be a turnaround year in  terms of sales  performance.  For 2012, all property classes (Single Family Residential,  Condo, and Residential Lots) ended the year with double digit sales  growth versus 2011 performance.  In addition to strong growth,  inventories continued to fall to recent lows.  For December, Single  Family Residential (SFR) inventory continued its seasonal decline and  has declined each month since peaking in May.  Additionally, distressed  inventory has fallen for eight straight months to recent lows.  It is  anticipated that the inventory will begin its seasonal uptick in the first  quarter.  December SFR sales activity was flat to November, but up 32%  as compared to December, 2011.  For the full year, SFR sales are up  18.1% versus 2011 levels.  The median SFR sales price rebounded in  December to $173,000.  For 2012, the SFR median sales price is  $168,000, a 2.6% decline from 2011 levels.  After peaking in March,  condo inventory has experienced a continuous 9 month decline.  As  compared to December 2011, condo inventory is down 10.1%.  Condo  sales dropped from November but were up 8.3% versus December,  2011.  For 2012, condo sales are up 11.7%.  The median sales price was  up in December as it was benefited by declining inventories.  For the  full year, the median sales price for condos was $104,250, a 3.0%  decline from 2011.  Residential lot sales continued to remain strong as  2012 sales are up 40.9% from 2011 levels.  The median sales price  remains flat to 2011 at $31,000; however, the non‐distressed median  sales price is $43,000.  Distressed sales continue to play a role to total  sales, but the percent of distressed sales has dropped to 25% in the  fourth quarter which is down from previous quarter levels.

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Contents Active Inventory

2

SFR Inventory Trends

3

Condo Inventory Trends

4

Closed Sales – SFR

5

Avg. Sales Price – SFR

6

Median Sales Price – SFR

7

Median Sales Price – SFR (Distressed & Non‐Distressed)

8

Median Sales Price – SFR (Cash & Conventional Transactions)

9

SFR Sales – (% Cash vs. % Conventional)

10

Sales to List Price Ratio – SFR

11

Closed Sales – Condo

12

Avg. Sales Price – Condo

13

Median Sales Price – Condo

14

Median Sales Price–Condo (Distressed & Non‐Distressed)

15

Median Sales Price – Condo (Cash & Conventional  Transactions)

16

Condo Sales – (% Cash vs. % Conventional)

17

Sales to List Price Ratio – Condo

18

Closed Sales – Residential Lot

19

Avg. Sales Price – Residential Lot

20

Median Sales Price – Residential Lot

21

Median Sales Price – Res. Lot (Non‐Distressed)

22

Sold to List Price Ratio – Residential Lot

23

Distressed Inventory

24

Distressed Sales

25


Grand Strand Active Inventory Single Family Residential

Condo/Townhome # Listings

# Listings Horry Co.

3,653  

Georgetown Co. Total

Horry Co.

3,668

Georgetown Co.

820

Residential Lot Horry Co.

377 Total

4,473

# Listings 1,799

Georgetown Co.

4,045

748 Total

2,547

Average List Price                     $340,547

Average List Price                           $188,503

Average List Price                           $125,038

Median List Price                      $224,900

Median List Price                           $134,000

Median List Price                              $59,900

Distribution by Price Range Horry  Co.

G’town Co.

Less than $150k

1,029

83

Less than $100k

$150k ‐ $250k

1,330

184

$250k ‐ $500k

945

290

$500k ‐ $1.0 MM $1 MM +

260 89

Horry Co.

G’town Co.

1,279

48

$100k ‐ $150k

884

83

$150k ‐ $200k

580

67

$200k ‐ $400k

682

89

146 117

$400k ‐$750k 

192

61

$750+

51

29

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Horry Co.

G’town Co.

Less than $25k

324

61

$25k ‐ $50k

658

88

$50k ‐ $75k

261

73

$75k‐100k

171

112

$100k‐175k

184

146

$175k ‐250k

86

127

$250k+

115

141

2


Grand Strand SFR Inventory Trends 5,600 5,400 5,200 5,000 4,800 4,600 4,400 4,200 4,000

December 2012 4,473 December 2010 4,695 December 2011 4,340

Grand Strand Distressed SFR Listings 950 # of Distressed Listings 

# of Listings

Grand Strand SFR Inventory

900 850 800

December 2010 847

750

December 2011 781

700 650

December 2012 644

600

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3


Grand Strand Condo Inventory Trends Grand Strand Condo Inventory 5,500 5,000 4,500 4,000

December 2012 4,045

December 2010 4,879 December 2011 4,500

Grand Strand Distressed Condo Listings 1000 950 900 # of Distressed

# of Listings

6,000

850

December 2010 909

800 750 700

December 2011 778

December 2012 600

650 600

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4


Closed Sales ‐ SFR Year to Date

December 351

309

266

2010

2011

2012

3,521

3,705

2010

2011

4,376

2012

Historical Activity 550 500 450

March 2005 500

December 2012 351

400 350 300 250 200

January 2009 149

150 100 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

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Dec 10

Dec 11

Dec 12

5


Average Sales Price ‐ SFR December

Year to Date $230,228

$239,384

$225,338

$216,592

$214,189

$202,330

2010

2011

2012

2010

2011

2012

Historical Activity $375,000

March 2007 $346,428

$345,000 $315,000 $285,000

September 2012 $197,947

$255,000

December 2012 $216,592

$225,000 $195,000 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

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Dec 10

Dec 11

Dec 12

6


Median Sales Price ‐ SFR Year to Date

December $175,000 $173,000

$183,700

$169,900

$172,500 $168,000

2010

2011

2010

2012

2011

2012

Historical Activity $250,000 $240,000 $230,000 $220,000 $210,000 $200,000

June 2006 $242,310 November 2012 December 2012 $154,950 $173,000

$190,000 $180,000 $170,000 $160,000 $150,000 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

Research performed by SiteTech Systems

Dec 10

Dec 11

Dec 12

7


Median Sales Price – SFR Distressed & Non‐Distressed  $250,000

$225,000

$200,000

Non‐Distressed

$175,000

Distressed Combined $150,000

$125,000

$100,000

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8


Median Sales Price – SFR Cash & Conventional Transactions $225,000

$215,000

$205,000

$195,000

$185,000

$175,000

Cash Conventional Combined

$165,000

$155,000

$145,000

$135,000

$125,000

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9


SFR Sales % Cash vs. % Conventional  80.0%

70.0%

60.0%

50.0%

40.0%

% Cash % Conventional

30.0%

20.0%

10.0%

0.0%

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10


Sold to List Price Ratio ‐ SFR December

Year to Date 91%

91% 89%

89%

88%

88%

2010

2011

2010

2012

2011

2012

Historical Activity 99 97

Dec '05‐ Jan '06 98% December 2012 91%

95 93

April 2011 86%

91 89 87 85 83 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

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Dec 10

Dec 11

Dec 12

11


Closed Sales ‐ Condo December

Year to Date 3,899

292

262

242

2010

2011

2012

3,483

3,491

2010

2011

2012

Historical Activity 1050 850

May 2006 845

December 2012 262

650

January 2009 117

450 250 50 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

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Dec 10

Dec 11

Dec 12

12


Average Sales Price ‐ Condo December

Year to Date $147,190 

$148,744

$139,145

$138,698 $134,856 

$133,780

2010

2011

2012

2010

2011

2012

Historical Activity $400,000

June 2007 $348,053

$350,000 $300,000 $250,000

December 2012 $147,190

December 2010 $105,000

$200,000 $150,000 $100,000 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

Research performed by SiteTech Systems

Dec 10

Dec 11

Dec 12

13


Median Sales Price ‐ Condo December

Year to Date

$119,900 $112,500 

$111,250

$107,500

$104,250

$107,500

2010

2011

2010

2012

2011

2012

Historical Activity $275,000

June 2007 $249,921

$225,000 $175,000

November 2011 $93,450

$125,000 $75,000 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

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Dec 10

Dec 11

December 2012 $111,250

Dec 12

14


Median Sales Price – Condo Distressed & Non‐Distressed $140,000

$130,000

$120,000

$110,000

$100,000

Non‐Distressed Distressed Combined

$90,000

$80,000

$70,000

Research performed by SiteTech Systems

Dec‐12

Oct‐12

Nov‐12

Sep‐12

Aug‐12

Ju1‐12

Jun‐12

May‐12

Apr‐12

Mar‐12

Jan‐12

Feb‐12

Dec‐11

Nov‐11

Oct‐11

Sep‐11

Aug‐11

Jul‐11

Jun‐11

Apr‐11

May‐11

Mar‐11

Feb‐11

Jan‐11

Dec‐10

$60,000

15


Median Sales Price – Condo Cash & Conventional Transactions $170,000

$150,000

$130,000

Cash

$110,000

Conventional Combined

$90,000

$70,000

Research performed by SiteTech Systems

Dec‐12

Nov‐12

Oct‐12

Sep‐12

Aug‐12

Jul‐12

Jun‐12

May‐12

Apr‐12

Mar‐12

12‐Feb

Jan‐12

Dec‐11

11‐Nov

11‐Oct

Sep‐11

Aug‐11

Jul‐11

Jun‐11

May‐11

Apr‐11

Mar‐11

Feb‐11

Jan‐11

Dec‐10

$50,000

16


Research performed by SiteTech Systems Dec‐12

Nov‐12

Oct‐12

Sep‐12

Aug‐12

Jul‐12

Jun‐12

May‐12

Apr‐12

Mar‐12

12‐Feb

Jan‐12

Dec‐11

11‐Nov

11‐Oct

11‐Sep

Aug‐11

Jul‐11

Jun‐11

May‐11

Apr‐11

Mar‐11

Feb‐11

Jan‐11

Dec‐10

Condo Sales % Cash vs. % Conventional 80.0%

70.0%

60.0%

50.0%

40.0% % Cash

% Conventional

30.0%

20.0%

10.0%

0.0%

17


Sold to List Price Ratio ‐ Condo December

Year to Date 88% 89%

86%

87%

85%

86%

2010

2011

2012

2010

2011

2012

Historical Activity 105 100

December 2005 98%

December 2012 88%

95

April & May 2009 81%

90 85 80 75 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

Research performed by SiteTech Systems

Dec 10

Dec 11

Dec 12

18


Closed Sales – Residential Lot December

Year to Date 1081

77 62

61

767 594

2010

2011

2010

2012

2011

2012

Historical Activity 310 260

April 2006 266

210

December 2012 77

160 110

January 2009 11

60 10 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

Research performed by SiteTech Systems

Dec 10

Dec 11

Dec 12

19


Average Sales Price – Residential Lot December

Year to Date $79,543 

$70,108

$83,910

$56,052

2010

2011

2010

2012

$62,901

$65,337

2011

2012

Historical Activity $300,000

July 2008 $275,614

$250,000 $200,000

October 2011 December 2012 $79,543 $35,780

$150,000 $100,000 $50,000 $0 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

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Dec 10

Dec 11

Dec 12

20


Median Sales Price – Residential Lot December

Year to Date $44,900 

$43,000

$40,750 $35,000 

2010

2011

$30,000

$31,000

2011

2012

2012

2010

Historical Activity $150,000 $125,000

August 2006 $130,000

$100,000

November 2011 $15,000

$75,000

December 2012 $43,000

$50,000 $25,000 $0 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

Research performed by SiteTech Systems

Dec 10

Dec 11

Dec 12

21


Median Sales Price – Res. Lot (Non‐Distressed) December

Year to Date $55,000

$67,450

2010

$42,500

$47,000

2011

2012

2010

$45,000

$43,000

2011

2012

Historical Activity  $90,000  $80,000  $70,000  $60,000  $50,000  $40,000  $30,000  $20,000  $10,000  $‐

January 2011 $85,000  December 2012 $47,000 

October 2011 $23,250 

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22


Sold to List Price Ratio – Residential Lot December

Year to Date 74%

74%

71%

71%

67% 67%

2010

2011

2012

2010

2011

2012

Historical Activity 110 100

April 2006 99% December 2012 74%

90 80 70 60

November 2011 47%

50 40 Dec 05

Dec 06

Dec 07

Dec 08

Dec 09

Research performed by SiteTech Systems

Dec 10

Dec 11

Dec 12

23


Grand Strand Distressed Inventory Single Family Residential

Condo/Townhome

# Listings

Residential Lot

# Listings

# Listings

Horry Co.

578

Horry Co.

565

Horry Co.

250

Georgetown Co.

66

Georgetown Co.

35

Georgetown Co.

86

Total

Total

644

600

Total

336

Average List Price                     $194,306

Average List Price                           $115,887

Average List Price                           $67,901

Median List Price                      $144,450

Median List Price                              $88,200

Median List Price                            $35,350

Distribution by Price Range Horry  Co.

G’town Co.

Less than $150k

325

21

$150k ‐ $250k

153

25

$250k ‐ $500k

73

15

$500k ‐ $1.0 MM

23

5

$1 MM +

4

Horry Co.

G’town Co.

Less than $100k

357

14

$100k ‐ $150k

89

8

$150k ‐ $200k

56

6

$200k ‐ $400k

54

2

$400k ‐$750k 

7

5

$750+

2

Research performed by SiteTech Systems

Horry Co.

G’town Co.

Less than $25k

85

19

$25k ‐ $50k

96

22

$50k ‐ $75k

31

9

$75k‐100k

14

16

$100k‐175k

15

8

$175k ‐250K

5

8

$250K +

4

4

24


Distressed Sales SFR

Total

Dec

Feb

Apr

Jun

Aug

Oct

Dec

Condo

Dec

Feb

Apr

Jun

Aug

Oct

% Total Sales 37  30 

32 33 

28 28  29  29  29  29  23 

Dec

Dec

Feb

Apr

Jun

Aug

Oct

Dec

Dec

Feb

Research performed by SiteTech Systems

Apr

Jun

Aug

Oct

25 25 

Dec

25


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December 2012 Market Report  

Combined reports for Dec. 2012