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Grand Strand Market Report October 2013 Single Family Residential sales begin Quarter 4 strong; and are up 12.4% from October 2012 Single Family Residential (SFR) sales maintained its double digit year over year sales growth as SFR sales grew 12.4% as compared to October 2012. Year-to-date (YTD), SFR sales are up 21.8% from 2012 levels. In addition to strong SFR sales, 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% for the year. Following improved sales prices, SFR sold to list 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 and levels are up 4.6% from prior year levels. The inventory of distressed homes for sale has leveled off and is 35.8% below its prior year level. For condos, the 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. During October, condo sales have slipped from its October 2012 performance, however year to date condo sales are up 5.3% from 2012. The median sales price for condos is up 6.2% from last year at $110,000, which is consistent with the full year. The sold to list ratio is now at 91%, and has been steady in the low 90’s for the three consecutive months. Residential lot sales performance in October remains in line with October 2012 performance, however, YTD residential lot sales are up 4.9% as compared to YTD 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.

Research powered by SiteTech Systems

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.

Horry Co.

3,968

Georgetown Co. Total

3,746

Georgetown Co.

853

Residential Lot Horry Co.

385 Total

4,821

# Listings 1,636

Georgetown Co.

796 Total

4,131

2,432

Average List Price

$339,917

Average List Price

$183,391

Average List Price

$132,128

Median List Price

$235,000

Median List Price

$137,500

Median List Price

$64,000

Distribution by Price Range Horry Co.

G’town Co.

982

98

Less than $100k

$150k - $250k

1,389

167

$250k - $500k

1,236

331

Less than $150k

$500k - $1.0 MM $1 MM +

257 104

Horry Co.

G’town Co.

1,226

29

$100k - $150k

956

98

$150k - $200k

628

84

$200k - $400k

734

87

151 106

$400k -$750k

167

63

$750+

35

24

Research performed by SiteTech Systems

Horry Co.

G’town Co.

Less than $25k

344

79

$25k - $50k

488

105

$50k - $75k

271

89

$75k-100k

165

127

$100k-175k

157

148

$175k -250k

102

108

$250k+

109

140

2


Research performed by SiteTech Systems 3

Oct-13

Oct-13

Oct 2012 4,608

Sep-13

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Oct 2010 5,088

Sep-13

600

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

800

Oct-12

Oct 2011 791

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Sep-11

Aug-11

Jul-11

Jun-11

May-11

Apr-11

Mar-11

Feb-11

Jan-11

Dec-10

Nov-10

Oct-10

Oct 2011 4,733

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Oct 2010 799

Sep-11

Aug-11

Jul-11

Jun-11

May-11

Apr-11

Mar-11

Feb-11

Jan-11

Dec-10

Nov-10

900 Sep-10

Aug-10

Jul-10

Jun-10

May-10

Number of Listings 5,600 5,400 5,200 5,000 4,800 4,600 4,400 4,200 4,000

Oct-10

1,000

Sep-10

Aug-10

Jul-10

Jun-10

May-10

Number of Distressed Listings

Grand Strand SFR Inventory Trends Grand Strand SFR Inventory Oct 2013 4,821

Grand Strand SFR Distressed Inventory Oct 2012 721

700

Oct 2013 463

500

400


Oct-10

Research performed by SiteTech Systems

500

400

4

Oct-13

600

Sep-13

Oct-13

Sep-13

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct 2012 4,222

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

4,500

Oct-12

Oct 2011 806

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Oct 2010 957

Nov-11

Oct 2010 5,270

Oct-11

Sep-11

Aug-11

Jul-11

Jun-11

May-11

Apr-11

Mar-11

Feb-11

Jan-11

Dec-10

Nov-10

Oct-10

Sep-10

5,500

Oct-11

Sep-11

Aug-11

Jul-11

Jun-11

May-11

Apr-11

Mar-11

Feb-11

Jan-11

Dec-10

800

Nov-10

900

Sep-10

Aug-10

Jul-10

Jun-10

May-10

Number of Listings 5,000

Aug-10

Jul-10

Jun-10

May-10

Number of Distressed Listings

Grand Strand Condo Inventory Trends Grand Strand Condo Inventory

6,000

Oct 2011 4,787 Oct 2013 4,131

4,000

3,500

Grand Strand Condo Distressed Inventory

1,100

1,000

Oct 2012 614

700

Oct 2013 349

300


Closed Sales - SFR Year to Date

October 444

395

3,135

307

2011

2012

2011

2013

4,450

3,655

2012

2013

August 2013 524

550 500 450 400 350 300 250 200 150 100

October 2013 444

Research performed by SiteTech Systems

5

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

January 2009 149 Jan-06

Number of SFR Sales

Historical SFR Sales Activity


Average Sales Price - SFR October

Year to Date

$235,729

$225,246

$221,349

$224,881

$213,383

$215,134 2011

2012

2013

2011

2012

2013

Historical SFR Average Sale Prices March 2007 $346,428

$350,000 $300,000

October 2013 $221,349

$250,000 $200,000

Research performed by SiteTech Systems

6

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

$150,000

Apr-12

September 2012 $196,933 Jan-06

Average Sales Price

$400,000


Median Sales Price - SFR Year to Date

October $176,200

$179,990

$172,000

$172,273

$167,825

2011

2012

2013

$168,999

2011

2012

2013

Historical SFR Median Sale Prices July 2006 $242,310

$250,000 $230,000 $220,000 $210,000

October 2013 $176,200

$200,000 $190,000 $180,000 $170,000

Research performed by SiteTech Systems

7

Oct-13

Jul-13

Apr-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

$150,000

Jan-13

November 2012 $160,000

$160,000 Jan-06

Median Sales Prices

$240,000


Median Sales Price – SFR Distressed & Non-Distressed $220,000

$200,000

$180,000

Median Sales Price

$160,000

Distressed Sales Median Sales Price Non-Distressed Sales Median Sales Price

$140,000

$120,000

Research performed by SiteTech Systems

Oct-13

Sep-13

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Sep-11

Aug-11

Jul-11

Jun-11

May-11

Apr-11

Mar-11

$100,000

8


Median Sales Price – SFR Cash & Conventional Transactions $195,000

$185,000

$175,000

$165,000

Median Sales Price Cash Median Sales Price

$155,000

Conventional Median Sales Price $145,000

$135,000

Research performed by SiteTech Systems

Oct-13

Sep-13

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Sep-11

Aug-11

Jul-11

Jun-11

May-11

Apr-11

$125,000

9


SFR Sales % Cash vs. % Conventional 80.0%

70.0%

60.0%

Cash % of Closed Sales

50.0%

Conventional % of Closed Sales 40.0%

30.0%

20.0%

Research performed by SiteTech Systems

10


Sold to List Price Ratio - SFR October

Year to Date 93%

92%

93% 91% 88%

88%

2011

2012

2011

2013

2012

2013

January 2006 98%

October 2013 93%

Research performed by SiteTech Systems

11

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

April 2011 86% Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

May 2009 86% Apr-06

100 98 96 94 92 90 88 86 84 82 80

Jan-06

Sold to List Ratio

Historical SFR Sold to List Ratios


Closed Sales - Condo October

Year to Date 362

3,486

299

265

3,311 3,031

2011

2012

2013

2011

2012

2013

Historical Condo Sales Activity May 2006 845

900

700 600 500

October 2013 299

400 300

January 2009 117

200

Research performed by SiteTech Systems

12

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

100 Jan-06

Number of Sales

800


Average Sales Price - Condo October

Year to Date

$152,529 $139,947

$145,332

$138,293

$132,630

2011

$134,148

2012

2011

2013

2012

2013

Historical Condo Average Sale Prices June 2007 $348,053

$300,000 $250,000

October 2013 $145,332

$200,000 $150,000 $100,000

Research performed by SiteTech Systems

13

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

$50,000

Jan-11

December 2010 $105,000 Jan-06

Average Sales Price

$350,000


Median Sales Price - Condo October

Year to Date

$110,000

$110,000

$109,000

$107,000

$104,000

$103,550

2011

2012

2013

2011

2012

2013

June 2007 $249,921

$250,000 $230,000 $210,000 $190,000 $170,000 $150,000 $130,000 $110,000 $90,000 $70,000 $50,000

October 2013 $110,000

Research performed by SiteTech Systems

14

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

November 2011 $93,450 Jan-06

Median Sales Price

Historical Condo Median Sales Prices


Median Sales Price – Condo Distressed & Non-Distressed $150,000

$140,000

$130,000

$120,000

$110,000

Median Sales Price Distressed Sales Median Sales Price

$100,000

Non-Distressed Sales Median Sales Price

$90,000

$80,000

$70,000

$60,000

Research performed by SiteTech Systems

15


Median Sales Price – Condo Cash & Conventional Transactions $180,000

$160,000

$140,000

Median Sales Price

$120,000

Cash Median Sales Price Conventional Median Sales Price

$100,000

$80,000

$60,000

Research performed by SiteTech Systems

16


Condo Sales % Cash vs. % Conventional 80.0%

70.0%

60.0%

50.0%

Cash % of Closed Sales

40.0%

Conventional % of Closed Sales

30.0%

20.0%

10.0%

0.0%

Research performed by SiteTech Systems

17


Sold to List Price Ratio - Condo October

Year to Date

91%

92%

89%

88%

86%

86%

2011

2012

2011

2013

2012

2013

Historical Condo Sold to List Ratio March & April 2006 98%

100

90 October 2013 91%

85 80

Research performed by SiteTech Systems

18

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

75

Jan-09

April & May 2009 81% Jan-06

Sold to List Ratio

95


Closed Sales – Residential Lot October

Year to Date 97

926

883

96

620

83

2011

2012

2013

2011

2012

2013

Historical Residential Lot Sales Activity 300

April 2006 266

200 October 2013 96

150 100

January 2009 11

50

Research performed by SiteTech Systems

19

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

0 Jan-06

Number of sales

250


Average Sales Price – Residential Lot October

Year to Date $68,369

$64,648

$73,038

$35,584

$66,942

2011

2012

2013

$65,372

2011

2012

2013

Historical Residential Lot Average Sale Prices July 2008 $275,614

$250,000 $200,000 $150,000

October 2013 $68,369

October 2011 $35,780

$100,000 $50,000

Research performed by SiteTech Systems

20

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

$0 Jan-06

Average Sales Prices

$300,000


Median Sales Price – Residential Lot October

Year to Date $41,500

$45,000

$33,375

$33,500

2011

2012

$35,000 $15,899

2011

2012

2013

2013

Historical Residential Lot Median Sale Prices August 2006 $130,000

$140,000

$100,000 October 2013 $41,500

$80,000 $60,000 $40,000 $20,000

Research performed by SiteTech Systems

21

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

$0

Jan-12

November 2011 $15,000 Jan-06

Median Sales Prices

$120,000


Median Sales Price – Res. Lot (Non-Distressed) October

Year to Date

$47,000

$50,000

$45,000

$50,000

$23,250

$46,000 2011

2012

2013

2011

2012

2013

22

Oct-13

Sep-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Oct-11

Sep-11

Aug-11

Jul-11

Jun-11

May-11

Apr-11

Mar-11

Nov-11

Research performed by SiteTech Systems

Aug-13

October 2013 $45,000

October 2011 $23,250

Feb-11

$90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $-

Jan-11

Median Sales Prices

Historical Residential Lot Median Sale Prices (Non-Distressed) January 2011 $85,000


Sold to List Price Ratio – Residential Lot October

Year to Date 79%

81%

72%

57%

2011

2012

71%

2011

2012

2013

Historical Residential Lot Sold to List Ratios

April 2006 99%

100

2013

71%

80 70

October 2013 72%

60 November 2011 47%

50

Research performed by SiteTech Systems

23

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

40 Jan-06

Sold to List Ratios

90


Grand Strand Distressed Inventory Single Family Residential

Condo/Townhome

# Listings

Residential Lot # Listings

# Listings

Horry Co.

403

Horry Co.

324

Horry Co.

164

Georgetown Co.

60

Georgetown Co.

25

Georgetown Co.

54

Total

Total

463

Total

349

218

Average List Price

$206,394

Average List Price

$121,308

Average List Price

$66,506

Median List Price

$235,000

Median List Price

$134,900

Median List Price

$60,000

Distribution by Price Range Horry Co.

G’town Co.

Less than $150k

224

22

$150k - $250k

111

19

$250k - $500k

51

10

$500k - $1.0 MM

14

8

$1 MM +

3

1

Horry Co.

G’town Co.

Less than $100k

190

3

$100k - $150k

61

9

$150k - $200k

33

7

$200k - $400k

31

4

$400k -$750k

9

2

$750+

-

-

Research performed by SiteTech Systems

Horry Co.

G’town Co.

Less than $25k

69

12

$25k - $50k

51

14

$50k - $75k

16

6

$75k-100k

7

11

$100k-175k

11

7

$175k -250K

4

4

$250K +

6

- 24


Distressed Sales SFR

Total

12Oct

Dec

Feb

Apr

June

Aug

12Oct

0ct 13

Condo

Dec

Feb

Apr

June

13Oct

% Total Sales 23

25 25 27 28 24 26 17

12Oct

Aug

Dec

Feb

Apr

June

Aug

13Oct

12Oct

Dec

Research performed by SiteTech Systems

Feb

Apr

15

June

17 17

Aug

19 15

13Oct

25


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Oct 2013 monthly sales trend broker