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Grand Strand Market Report September 2013 Single Family Residential sales end Quarter 3 strong; and are up 14.6% from September 2012 Single Family Residential (SFR) sales maintained its double digit year over year sales growth as SFR sales grew 14.6% as compared to September 2012. Year-to-date (YTD), SFR sales are up 21.1% from 2012 levels. In addition to strong SFR sales, the median sales price of SFRs was $180,000, which is in line with full year performance. YTD, the median sales price is up 5.9% for the year. Following improved sales prices, SFR sold to list ratio now a 93% which is in line with 2007 levels. During September, the inventory of homes for sale was up slightly from August and levels are still up 3.6% from prior year levels. The inventory of distressed homes for sale declined 6% from August and is now 38.5% below its prior year level. For condos, the inventory has leveled off over the last four months and the current inventory is down 5.1% from September 2012; distressed inventory is down 45.5% over the last year. During September, condo sales were up 6.8% to prior year levels and year to date condo sales are up 7.3% from 2012. The median sales price for condos is up 13.7% from last year. YTD, the median sales price of condos are up 5.7% and the sold to list ratio is now at 95%. 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.

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.

4,005

Georgetown Co. Total

3,754

Georgetown Co.

883

Residential Lot Horry Co.

389 Total

4,888

# Listings 1,609

Georgetown Co.

770 Total

4,143

2,379

Average List Price

$340,687

Average List Price

$185,856

Average List Price

$130,412

Median List Price

$234,900

Median List Price

$138,000

Median List Price

$62,000

Distribution by Price Range Horry Co.

G’town Co.

999

99

Less than $100k

$150k - $250k

1,408

173

$250k - $500k

1,225

340

Less than $150k

$500k - $1.0 MM $1 MM +

266 107

Horry Co.

G’town Co.

1,220

28

$100k - $150k

950

98

$150k - $200k

619

79

$200k - $400k

758

94

156 115

$400k -$750k

167

65

$750+

40

25

Research performed by SiteTech Systems

Horry Co.

G’town Co.

Less than $25k

354

85

$25k - $50k

474

100

$50k - $75k

247

86

$75k-100k

164

114

$100k-175k

160

140

$175k -250k

102

111

$250k+

108

134

2


Research performed by SiteTech Systems 3

Sep-13

Sep-13

Sept 2012 4,717

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sept 2010 5,182

Aug-13

600

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Sept 2011 809

Oct-12

800 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

Sept 2011 4,802

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

Sept 2010 781

Aug-11

Jul-11

Jun-11

May-11

Apr-11

Mar-11

Feb-11

Jan-11

Dec-10

Nov-10

Oct-10

700 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

Sep-10

Aug-10

Jul-10

Jun-10

May-10

Number of Distressed Listings

Grand Strand SFR Inventory Trends Grand Strand SFR Inventory Sept 2013 4,888

Grand Strand SFR Distressed Inventory

1,000

900

Sept 2012 759 Sept 2013 467

500

400


Research performed by SiteTech Systems 4

Sep-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

Sept 2012 4,364

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

Sep-12

Sept 2011 816

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Sep-11

4,500

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Sept 2010 947

Sep-11

Sept 2010 5,372

Aug-11

Jul-11

Jun-11

May-11

Apr-11

Mar-11

Feb-11

Jan-11

Dec-10

Nov-10

Oct-10

Sep-10

Aug-10

5,500

Aug-11

Jul-11

Jun-11

May-11

Apr-11

Mar-11

Feb-11

Jan-11

Dec-10

Nov-10

Oct-10

Sep-10

1,100 1,000 900 800 700 600 500 400 300 Aug-10

Jul-10

Jun-10

May-10

Number of Listings 5,000

Jul-10

Jun-10

May-10

Number of Distressed Listings

Grand Strand Condo Inventory Trends Grand Strand Condo Inventory

6,000

Sept 2011 4,866 Sept 2013 4,143

4,000

3,500

Grand Strand Condo Distressed Inventory

Sept 2012 653 Sept 2013 356


Closed Sales - SFR Year to Date

September

329

2011

376

2012

431

2,828

2011

2013

Historical SFR Sales Activity 550

3,261

2012

3,950

2013 August 2013 524

Number of SFR Sales

500 450 400

Sept 2013 431

350 300 250 200 150 100

January 2009 149

Research performed by SiteTech Systems

5


Average Sales Price - SFR September

Year to Date

$222,688

$222,549

$224,894

$224,108 $215,346

$196,934

2011

2012

2011

2013

2012

2013

Historical SFR Average Sale Prices March 2007 $346,428

$350,000 $300,000

Sept 2013 $222,549

$250,000 $200,000

Research performed by SiteTech Systems

6

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

Sept 2012 $196,933 Jan-06

Average Sales Price

$400,000


Median Sales Price - SFR Year to Date

September $180,000

$179,900

$171,500

$173,000

$169,900

$160,163

2011

2012

2013

2011

2012

2013

Historical SFR Median Sale Prices July 2006 $242,310

$250,000 $240,000 $220,000 $210,000

Sept 2013 $180,000

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

Nov 2012 $160,000

$160,000

Research performed by SiteTech Systems

7

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

$150,000 Jan-06

Median Sales Prices

$230,000


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

Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13

$100,000

Research performed by SiteTech Systems

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

Sep-13

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Oct-12

Nov-12

Sep-12

Aug-12

Jul-12

Jun-12

Apr-12

May-12

Mar-12

Feb-12

Jan-12

Dec-11

Oct-11

Nov-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%

Research performed by SiteTech Systems

Sep-13

Jul-13

May-13

Mar-13

Jan-13

Nov-12

Sep-12

Jul-12

May-12

Mar-12

Jan-12

Nov-11

Sep-11

Jul-11

May-11

Mar-11

Jan-11

Nov-10

Sep-10

Jul-10

May-10

Mar-10

Jan-10

20.0%

10


Sold to List Price Ratio - SFR September

Year to Date 93%

93%

91%

91%

89%

2011

88%

2012

2011

2013

2012

2013

Sold to List Ratio

Historical SFR Sold to List Ratios 100 98 96 94 92 90 88 86 84 82 80

Jan 2006 98% Sept 2013 93%

May 2009 86%

Research performed by SiteTech Systems

April 2011 86%

11


Closed Sales - Condo September

Year to Date 3,166

312 2,950

288

2011

2,766

292

2012

2011

2013

2012

2013

Historical Condo Sales Activity 900

Number of Sales

800 700

May 2006 845

600 September 2013 312

500 400 300

Jan 2009 117

200 100

Research performed by SiteTech Systems

12


Average Sales Price - Condo September

Year to Date $147,492

$138,742 $137,477

$137,533

$128,173 $134,334

2011

2012

2011

2013

2012

2013

Historical Condo Average Sale Prices June 2007 $348,053

$300,000 $250,000 September 2013 $147,492

$200,000 $150,000

$100,000

Research performed by SiteTech Systems

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 September

Year to Date $116,000

$111,000

$109,900

$109,000 $102,000

2011

$104,000

2012

2013

2011

2012

2013

Historical Condo Median Sales Prices June 2007 $249,921

$250,000 $230,000 $190,000 $170,000

September 2013 $116,000

$150,000 $130,000 $110,000 $90,000

November 2011 $93,450

$70,000

Research performed by SiteTech Systems

14

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

$50,000 Jan-06

Median Sales Price

$210,000


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

$140,000

$130,000

$120,000

Median Sales Price

$110,000

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 September

Year to Date 91%

92% 87%

86%

2011

2012

86%

2011

2013

88%

2012

2013

Historical Condo Sold to List Ratio 100

March & April 2006 98%

September 2013 91%

Sold to List Ratio

95 90 85 80

April & May 2009 81%

75

Research performed by SiteTech Systems

18


Closed Sales – Residential Lot September

Year to Date 786

820

2012

2013

537 75

74

74

2011

2012

2011

2013

Historical Residential Lot Sales Activity 300

April 2006 266

Number of sales

250

200 Sept 2013 75

150 100

Jan 2009 11

50 0

Research performed by SiteTech Systems

19


Average Sales Price – Residential Lot September

Year to Date $90,367

$71,649

$73,480

$71,789

$51,237 $65,462

2011

2012

2013

2011

2012

2013

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

$250,000

$200,000 $150,000

Sept 2013 $90,367

Oct 2011 $35,780

$100,000 $50,000

Research performed by SiteTech Systems

20

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 September

Year to Date $50,000

$32,000

$35,000

2011

2012

2013

$44,000

$35,000

$33,000

2011

2012

2013

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

$140,000

$100,000

Sept 2013 $50,000

$80,000 Nov 2011 $15,000

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

Research performed by SiteTech Systems

21

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

Median Sales Prices

$120,000


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

Year to Date $55,250

$50,000

$45,100

$82,500 $52,500

$45,000

2011

2012

2013

2011

2012

2013

Jan 2011 $85,000

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

Sept 2013 $52,500

Research performed by SiteTech Systems

22

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

Feb-11

Oct 2011 $23,250 Jan-11

Median Sales Prices

Historical Residential Lot Median Sale Prices (Non-Distressed)


Sold to List Price Ratio – Residential Lot September

66%

Year to Date

74%

84%

82%

73% 70%

2011

Sold to List Ratios

100

April 2006 99%

2012

2013

2011

2012

2013

Historical Residential Lot Sold to List Ratios

90 80 Sept 2013 84%

70

60 Nov 2011 47%

50 40

Research performed by SiteTech Systems

23


Grand Strand Distressed Inventory Single Family Residential

Condo/Townhome

# Listings

Residential Lot # Listings

# Listings

Horry Co.

402

Horry Co.

330

Horry Co.

173

Georgetown Co.

65

Georgetown Co.

26

Georgetown Co.

55

Total

Total

467

Total

356

228

Average List Price

$206,881

Average List Price

$124,246

Average List Price

$66,990

Median List Price

$234,900

Median List Price

$138,000

Median List Price

$60,000

Distribution by Price Range Horry Co.

G’town Co.

Less than $150k

221

25

$150k - $250k

113

20

$250k - $500k

50

13

$500k - $1.0 MM

14

6

$1 MM +

4

1

Horry Co.

G’town Co.

Less than $100k

189

4

$100k - $150k

63

8

$150k - $200k

33

5

$200k - $400k

38

7

$400k -$750k

7

2

$750+

-

-

Research performed by SiteTech Systems

Horry Co.

G’town Co.

Less than $25k

77

13

$25k - $50k

47

14

$50k - $75k

17

5

$75k-100k

9

11

$100k-175k

13

6

$175k -250K

4

5

$250K +

6

1 24


Distressed Sales SFR

Total

12Sep

Nov

Jan

Mar

May

July

12Sep

13Sep

Condo

Nov

Jan

Mar

May

July

% Total Sales

29

23

25 25

27 28

24

26 17

12Sep

13Sep

Nov

Jan

Mar

May

July

13Sep

12Sep

Nov

Research performed by SiteTech Systems

Jan

Mar

May

15

17 17

July

19

13Sep

25


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September 2013 Market Overview for the Grand Strand