Grand Strand Market Report - Amazon S3Sloan/... · 2016-11-29 · Research performed by Grand...

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Research performed by Grand Strand Market Report October 2016 Sales activity in the Grand Strand was negatively impacted by Hurricane Matthew which forced many business closings and lender required re- inspections of approved and unclosed loans. The result was a sharp drop in SFR, condo, and residential lot sales. However, these declines were offset by stabilized SFR and condo sales prices. Additionally, year-to-date sales volume remains above 2015 levels for SFR and condo sales. SFR sales volume dropped 25.2% in October. However, year-to-date SFR sales are up 2.0% compared to 2015. Median sales price increased to $211,000, up 0.3% for the month, and up 3.0% in 2016. When compared to October 2015, sales prices for new construction are up 10.0% while sales prices of resales are down 4.5%. The median sales price for new construction in October 2016 established a new record high at $253,335. Year-to-date, the median sales price for new construction and resales are up 0.9% and 5.4% respectively. The average sold-to-list ratio for Single Family Residential sales in October was 96%, up 100 basis points compared to the same month in 2015. Condo sales decreased 10.1% compared to October 2015 but are up 7.4% year-to-date compared to 2015. Condo inventory remained stable compared to October 2015. Median sales price remained stable, only dropping 0.4% to $121,500 in October and maintained its growth at 3.7% for the year. The average sold to list ratio for condo sales in October was 92%, down 100 basis points compared to the same month in 2015. Residential lot sales were down 50.4% in October compared to 2015 and down 11.3% year-to- date. However, median sales price increased 60.3% for the month compared to 2015 with the year-to-date sales price also increasing by 5.6%. Sold to list ratios are up to 83%, up 200 basis points across the board. 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 $211,000 $121,500 $50,500

Transcript of Grand Strand Market Report - Amazon S3Sloan/... · 2016-11-29 · Research performed by Grand...

Research performed by

Grand Strand Market Report October 2016 Sales activity in the Grand Strand was negatively impacted by Hurricane Matthew which forced many business closings and lender required re-inspections of approved and unclosed loans. The result was a sharp drop in SFR, condo, and residential lot sales. However, these declines were offset by stabilized SFR and condo sales prices. Additionally, year-to-date sales volume remains above 2015 levels for SFR and condo sales.

SFR sales volume dropped 25.2% in October. However, year-to-date SFR sales are up 2.0% compared to 2015. Median sales price increased to $211,000, up 0.3% for the month, and up 3.0% in 2016. When compared to October 2015, sales prices for new construction are up 10.0% while sales prices of resales are down 4.5%. The median sales price for new construction in October 2016 established a new record high at $253,335. Year-to-date, the median sales price for new construction and resales are up 0.9% and 5.4% respectively. The average sold-to-list ratio for Single Family Residential sales in October was 96%, up 100 basis points compared to the same month in 2015.

Condo sales decreased 10.1% compared to October 2015 but are up 7.4% year-to-date compared to 2015. Condo inventory remained stable compared to October 2015. Median sales price remained stable, only dropping 0.4% to $121,500 in October and maintained its growth at 3.7% for the year. The average sold to list ratio for condo sales in October was 92%, down 100 basis points compared to the same month in 2015.

Residential lot sales were down 50.4% in October compared to 2015 and down 11.3% year-to-date. However, median sales price increased 60.3% for the month compared to 2015 with the year-to-date sales price also increasing by 5.6%. Sold to list ratios are up to 83%, up 200 basis points across the board.

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

$211,000 $121,500 $50,500

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 660 61

$150k - $250k 1,664 114 $250k - $500k 1,537 330

$500k - $1.0 MM 387 138

$1 MM + 104 91

# Listings

Horry Co. 4,352 Georgetown 734

Total 5,086

Average List Price $351,369 Median List Price $254,900

Horry Co. G’town Co.

Less than $100k 853 19 $100k - $150k 840 75

$150k - $200k 576 78 $200k - $400k 964 94

$400k - $750k 165 92

$750k + 32 18

# Listings

Horry Co. 3,430

Georgetown 376

Total 3,806 Average List Price $204,008

Median List Price $159,900

Horry Co. G’town Co.

Less than $25k 180 63

$25k - $50k 364 82

$50k - $75k 239 60 $75k - $100k 140 72

$100k - $175k 197 118 $175k - 250k 118 77

$250k + 115 126

# Listings

Horry Co. 1,353

Georgetown 598

Total 1,951

Average List Price $136,974

Median List Price $74,900

4 Research performed by

Grand Strand Inventory Trends SFR Inventory - October

Historical Data

Condo Inventory – October

Historical Data

May-105,453

Dec-114,340

Oct-165,086

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

4,2224,131

4,057

3,803 3,806

2012 2013 2014 2015 2016

Jun-105,748

Dec-133,930

Oct-163,806

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

4,6084,821

5,2615,112 5,086

2012 2013 2014 2015 2016

5 Research performed by

Closed Sales – SFR October Year to Date

Historical Data

Year Over Year

541610

456

2014 2015 2016

4,913

5,896 6,012

2014 2015 2016

Jan-09149

Jun-15756

Oct-16456

100

200

300

400

500

600

700

800

900

Jan

-06

May

-06

Sep

-06

Jan

-07

May

-07

Sep

-07

Jan

-08

May

-08

Sep

-08

Jan

-09

May

-09

Sep

-09

Jan

-10

May

-10

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

May

-12

Sep

-12

Jan

-13

May

-13

Sep

-13

Jan

-14

May

-14

Sep

-14

Jan

-15

May

-15

Sep

-15

Jan

-16

May

-16

Sep

-16

0

200

400

600

800

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

2015 2016

6 Research performed by

Median Sales Price – SFR

October Year to Date

Historical Data

$190,000

$210,425 $211,000

2014 2015 2016

$190,000

$202,095

$208,062

2014 2015 2016

Jun-06$242,310

Sep-12$160,163

Oct-16$211,000

$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

7 Research performed by

Sold to List Price Ratio – SFR

October Year to Date

Historical Data

94%

95%

96%

2014 2015 2016

94%

95%

96%

2014 2015 2016

Jan-0698%

October-09 & Apr-1186%

Oct-1696%

80

82

84

86

88

90

92

94

96

98

100

Jan

-06

May

-06

Sep

-06

Jan

-07

May

-07

Sep

-07

Jan

-08

May

-08

Sep

-08

Jan

-09

May

-09

Sep

-09

Jan

-10

May

-10

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

May

-12

Sep

-12

Jan

-13

May

-13

Sep

-13

Jan

-14

May

-14

Sep

-14

Jan

-15

May

-15

Sep

-15

Jan

-16

May

-16

Sep

-16

8 Research performed by

New Construction vs Resale – SFR % of Total Sales

October Year to Date

Historical Data – % of Total Sales

33% 34% 35%

67% 66% 65%

2014 2015 2016

New Construction Resale

35% 34% 29%

65% 66% 71%

2014 2015 2016

New Construction Resale

Apr-1322%

Jun-1336%

Dec-1336%

Oct-1629%

Apr-1378%

Jun-1364%

Dec-1364%

Oct-1671%

0

100

200

300

400

500

600

700

800

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Total SFR Sales % New Construction % Resale

9 Research performed by

New Construction vs Resale – SFR Median Sales Price

October Year to Date

Historical Data – Median Sales Price

$222,000 $229,279 $231,240

$173,000 $184,000 $194,000

2014 2015 2016

New Construction Resale

$227,473 $230,377$253,335

$173,450$199,500

$190,500

2014 2015 2016

New Construction Resale

Aug-12$183,320

Mar-14$249,440

Oct-16$253,335

Nov-11$145,000

Aug-14$184,900

Oct-16$190,500

$120,000

$140,000

$160,000

$180,000

$200,000

$220,000

$240,000

$260,000

$280,000

Sep

-11

No

v-1

1

Jan

-12

Mar

-12

May

-12

Jul-

12

Sep

-12

No

v-1

2

Jan

-13

Mar

-13

May

-13

Jul-

13

Sep

-13

No

v-1

3

Jan

-14

Mar

-14

May

-14

Jul-

14

Sep

-14

No

v-1

4

Jan

-15

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

New Construction Resale

10 Research performed by

Closed Sales – Condo

October Year to Date

Historical Data

Year Over Year

348

387

348

2014 2015 2016

3,516

3,900

4,190

2014 2015 2016

May-06845

Jan-09117

Oct-16348

100

200

300

400

500

600

700

800

900

Jan

-06

May

-06

Sep

-06

Jan

-07

May

-07

Sep

-07

Jan

-08

May

-08

Sep

-08

Jan

-09

May

-09

Sep

-09

Jan

-10

May

-10

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

May

-12

Sep

-12

Jan

-13

May

-13

Sep

-13

Jan

-14

May

-14

Sep

-14

Jan

-15

May

-15

Sep

-15

Jan

-16

May

-16

Sep

-16

0

100

200

300

400

500

600

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

2015 2016

11 Research performed by

Median Sales Price – Condo

October Year to Date

Historical Data

Sold to List Price Ratio – Condo October Year to Date

Historical Data

$119,950

$122,000 $121,500

2014 2015 2016

$112,850 $115,475

$119,709

2014 2015 2016

91%

93%

92%

2014 2015 2016

91%

93%

92%

2014 2015 2016

Mar-06& Apr-06

98%

Apr-09 & October-0981%

Oct-1692

75

80

85

90

95

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

Jun-07$249,921

Nov-11$93,450

Oct-16$121,500

$50,000

$100,000

$150,000

$200,000

$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

12 Research performed by

Closed Sales – Residential Lot

October Year to Date

Historical Data

Year Over Year

0

50

100

150

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

2015 2016

101

125

62

2014 2015 2016

877

948

841

2014 2015 2016

Apr-06266

Jan-0911

Oct-1662

0

50

100

150

200

250

300

Jan

-06

May

-06

Sep

-06

Jan

-07

May

-07

Sep

-07

Jan

-08

May

-08

Sep

-08

Jan

-09

May

-09

Sep

-09

Jan

-10

May

-10

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

May

-12

Sep

-12

Jan

-13

May

-13

Sep

-13

Jan

-14

May

-14

Sep

-14

Jan

-15

May

-15

Sep

-15

Jan

-16

May

-16

Sep

-16

13 Research performed by

Median Sales Price – Residential Lot

October Year to Date

Historical Data

Sold to List Price Ratio – Residential Lot

October Year to Date

Historical Data

$43,500

$31,500

$50,500

2014 2015 2016

$50,000

$45,000 $47,500

2014 2015 2016

Aug-06$130,000

Nov-11$15,000

Oct-16$50,500

$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

81% 81%

83%

2014 2015 2016

81% 81%

83%

2014 2015 2016

Apr-0699%

Nov-1147%

Oct-1683%

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