2012 march market report

Grand Strand Market ReportMarch 2012

Research powered by SiteTech Systems

March has proved to be a strong month for sales along the Grand Strand. SFR sales show the best 1st quarter (# of sales) since 2007. SFR and Condo inventory show a seasonal increase; however, as compared to last years levels, SFR and condo inventory levels are down 7.5% and 6.2% respectively. SFR distressed inventory has continued to rise for 4 straight months. March SFR sales are up as expected (22% from February), and show a 4.4% decrease from March 2011. SFR distressed sales continue to pull down the median sales price, as March distressed sales make up 31.2% of all SFR sales with a median sales price of less than $125,000. Since 2nd Quarter 2011, non-distressed SFR median sales price has remained steady at approximately $180,000. March condo sales are up 27% from last month and median sales price shows an increase (up 11% from February 2012 levels). This increase was driven by a fewer percentage of cash transactions. Year to date, condo sales are down 2.6% as compared to 2011 levels, a result of limited financing. Year to date, distressed condo sales account for 35% of sales, with an approximate distressed median selling price of $75,000. Non-distressed condo median sales price has remained relatively steady (around $115,000) since January 2011. In March, residential lots show a continued increase in number (up 56% from last years level and 82% from 2010 levels).The median price for lots along the Grand Strand continues to decrease as a reflection of the number of distressed sales (46% of sales YTD).

ContentsActive Inventory 2

Closed Sales – SFR 3

Avg. Sales Price – SFR 4

Median Sales Price – SFR 5

Median Sales Price – SFR (Distressed & Non‐Distressed) 6

Median Sales Price – SFR (Cash & Conventional Transactions) 7

Closed Sales – Condo 8

Avg. Sales Price – Condo 9

Median Sales Price – Condo 10

Median Sales Price–Condo (Distressed & Non‐Distressed) 11

Median Sales Price – Condo (Cash & Conventional Transactions) 12

Closed Sales – Residential Lot 13

Avg. Sales Price – Residential Lot 14

Median Sales Price – Residential Lot 15

Median Sales Price – Res. Lot (Non‐Distressed) 16

Grand Strand Active Inventory

Single Family Residential# Listings

Horry Co. 3,813

Georgetown Co. 843

Total 4,656

Average List Price $346,223

Median List Price $225,000

Condo/Townhome# Listings

Horry Co. 4,348

Georgetown Co. 441

Total 4,789



Horry Co.

G’townCo.

Less than $150k 1,108 92

$150k ‐ $250k 1,325 144

$250k ‐ $500k 962 331

$500k ‐ $1.0 MM 323 166

$1 MM + 95 110

Horry Co.

G’townCo.

Less than $100k 1,445 68

$100k ‐ $150k 1,089 95

$150k ‐ $200k 631 90

$200k ‐ $400k 865 120

$400k ‐$750k 260 60

$750+ 58 28

Distribution by Price Range

2Research performed by SiteTech Systems

Residential Lot# Listings

Horry Co. 1,975

Georgetown Co. 755

Total 2,730



Horry Co.

G’townCo.

Less than $25k 385 46

$25k ‐ $50k 663 90

$50k ‐ $75k 288 80

$75k‐100k 184 102

$100k‐175k 201 150

$175k ‐250k 106 126

$250k+ 148 161

Closed Sales ‐ SFRMarch Year to Date

Mar. 2012327

100150200250300350400450500550600

Jan 05 Jul 05 Jan 06 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12

Historical Activity


302

342327

2010 2011 2012

719

804849

2010 2011 2012

Average Sales Price ‐ SFRMarch Year to Date

Mar. 2012$225,022

$195,000

$225,000

$255,000

$285,000

$315,000

$345,000

$375,000


Historical Activity


$222,028

$240,700

$225,022

2010 2011 2012

$226,477$230,653

$218,549

2010 2011 2012

Median Sales Price ‐ SFRMarch

$177,000$185,050

$164,445

2010 2011 2012

Year to Date

Mar. 2012$164,445

$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

$210,000

$220,000

$230,000

$240,000

$250,000


Historical Activity


$189,990

$172,000 $169,000

2010 2011 2012

Median Sales Price – SFRDistressed & Non‐Distressed


$100,000

$125,000

$150,000

$175,000

$200,000

$225,000

$250,000

Jan‐10

Feb‐10

Mar‐10

Apr‐10

May‐10

Jun‐10

Jul‐1

0

Aug‐10

Sep‐10

Oct‐10

Nov

‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11

May‐11

Jun‐11

Jul‐1

1

Aug‐11

Sep‐11

Oct‐11

Nov

‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Non‐Distressed

Distressed

Combined

Median Sales Price – SFRCash & Conventional Transactions


$125,000

$135,000

$145,000

$155,000

$165,000

$175,000

$185,000

$195,000

$205,000

$215,000

$225,000

Jan‐10 Apr‐10 Jul‐10 Oct‐10 Jan‐11 Apr‐11 Jul‐11 Oct‐11 Jan‐12

Cash

Conventional

Combined

Closed Sales ‐ CondoMarch

346

374

326

2010 2011 2012

Year to Date

Historical Activity

8

Mar. 2012326

50

250

450

650

850

1050


Research performed by SiteTech Systems

788

821

800

2010 2011 2012

Average Sales Price ‐ CondoMarch Year to Date

Mar. 2012$129,825

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

Jan 05 Jul 05 Jan 06 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 10‐Jan 10‐Jul 11‐Jan 11‐Jul Jan 12

Historical Activity


$120,000 $144,486

$129,825

2010 2011 2012

$149,176

$138,258

$127,672

2010 2011 2012

Median Sales Price ‐ CondoMarch

$120,000 $114,550

$105,000

2010 2011 2012

Year to Date

Mar. 2012$105,000

$75,000$95,000

$115,000$135,000$155,000$175,000$195,000$215,000$235,000$255,000$275,000


Historical Activity


$120,000

$106,900

$100,000

2010 2011 2012

Median Sales Price – CondoDistressed & Non‐Distressed


$60,000

$70,000

$80,000

$90,000

$100,000

$110,000

$120,000

$130,000

$140,000

Jan‐10

Feb‐10

Mar‐10

Apr‐10

May‐10

Jun‐10

Jul‐1

0

Aug‐10

Sep‐10

Oct‐10

Nov

‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11

May‐11

Jun‐11

Jul‐1

1

Aug‐11

Sep‐11

Oct‐11

Nov

‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Non‐Distressed

Distressed

Combined

Median Sales Price – CondoCash & Conventional Transactions


$50,000

$70,000

$90,000

$110,000

$130,000

$150,000

$170,000

Jan‐10

Feb‐10

Mar‐10

Apr‐10

May‐10

Jun‐10

Jul‐1

0

Aug‐10

Sep‐10

Oct‐10

Nov

‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11

May‐11

Jun‐11

Jul‐1

1

Aug‐11

Sep‐11

Oct‐11

Nov

‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Cash

Conventional

Combined

Closed Sales – Residential Lot

6874

89

2010 2011 2012

Year to Date

Mar. 201289

10

60

110

160

210

260

310


Historical Activity

13

March

Research performed by SiteTech Systems

133155

234

2010 2011 2012

Average Sales Price – Residential LotMarch Year to Date

Mar. 2012$87,569

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000


Historical Activity


$99,178

$63,813 $87,569

2010 2011 2012

$90,818

$64,313 $74,097

2010 2011 2012

Median Sales Price – Residential LotMarch

$79,950

$38,000 $35,000

2010 2011 2012

Year to Date

Mar. 2012$35,000

$0

$25,000

$50,000

$75,000

$100,000

$125,000

$150,000


Historical Activity


$60,000

$38,000 $35,000

2010 2011 2012

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

$85,000

$55,775 $53,000

2010 2011 2012

Year to Date

Historical Activity


$42,500$41,500

$45,000

2010 2011 2012

Mar. 2012$53,000

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

Jan10

Apr10

Jul10

Oct10

Jan11

Apr11

Jul11

Oct10

Jan12

March 2012 Quick Facts

Housing Supply Overview

+ 9.9% + 4.9%This spring, expect signs of recovery to start blossoming around town. But be aware that this won't necessarily be the case for every neighborhood nor every market segment. For the 12-month period

i A il 2011 h h M h 2012 Cl d S l i h C l

+ 6.8%

Price Range With the Bedroom Count With Property Type With

A RESEARCH TOOL PROVIDED BY THE COASTAL CAROLINAS ASSOCIATION OF REALTORS®

$150,000 and Below 4 Bedrooms or More

234567Months Supply of Inventory

All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Powered by 10K Research and Marketing. | 1

spanning April 2011 through March 2012, Closed Sales in the Coastal Carolinas region were up 3.1 percent overall. The price range with the largest gain in sales was the $150,000 and Below range, where they increased 9.9 percent.

The overall Median Sales Price was down 5.5 percent to $138,000. The property type with the smallest price decline was the Single-Family segment, where prices decreased 4.8 percent to $163,355. The price range that tended to sell the quickest was the $150,000 and Below range at 169 days; the price range that tended to sell the slowest was the $300,001 and Above range at 214 days.

Market-wide, inventory levels were down 15.8 percent. The property type that lost the least inventory was the Townhouse-Condo segment, where it decreased 12.7 percent. That amounts to 11.1 months supply for Single-Family homes and 13.2 months supply for Condos. Click on desired metric to jump to that page.

Price Range With the Strongest Sales:

Bedroom Count With Strongest Sales:

Property Type With Strongest Sales:

Single-Family Homes

Closed SalesDays on Market Until SaleMedian Sales PricePercent of List Price ReceivedInventory of Homes for Sale

Closed Sales A count of the actual sales that have closed. Based on a rolling 12-month total.

3,702

1,340

827546

1,009

4,068

1,337

789536

927

$150,000 and Below

$150,001 to $200,000

$200,001 to $250,000

$250,001 to $300,000

$300,001 and Above

By Price Range3-2011 3-2012

2,205

3,707

1,269

2,265

3,770

1,355

2 Bedrooms or Less

3 Bedrooms 4 Bedrooms or More

By Bedroom Count3-2011 3-2012

+ 9.9%

3,453

3,346

3,623

3,338

Single-Family Homes Condos

By Property Type3-2011 3-2012

- 0.2% - 4.6% - 1.8% - 8.1% + 4.9% - 0.2%+ 2.7% + 1.7% + 6.8%

By Price Range 3-2011 3-2012 Change 3-2011 3-2012 Change 3-2011 3-2012 Change

$150,000 and Below 3,702 4,068 + 9.9% 1,432 1,704 + 19.0% 2,270 2,364 + 4.1%

$150,001 to $200,000 1,340 1,337 - 0.2% 859 859 0.0% 481 478 - 0.6%

$200,001 to $250,000 827 789 - 4.6% 564 525 - 6.9% 263 264 + 0.4%

$250,001 to $300,000 546 536 - 1.8% 352 373 + 6.0% 194 163 - 16.0%

$300,001 and Above 1,009 927 - 8.1% 691 680 - 1.6% 318 247 - 22.3%

All Price Ranges 7,424 7,657 + 3.1% 3,453 3,623 + 4.9% 3,346 3,338 - 0.2%

By Bedroom Count 3-2011 3-2012 Change 3-2011 3-2012 Change 3-2011 3-2012 Change

2 Bedrooms or Less 2,205 2,265 + 2.7% 246 250 + 1.6% 1,959 2,015 + 2.9%

3 Bedrooms 3,707 3,770 + 1.7% 2,534 2,663 + 5.1% 1,173 1,107 - 5.6%

4 Bedrooms or More 1,269 1,355 + 6.8% 1,117 1,228 + 9.9% 152 127 - 16.4%

All Bedroom Counts 7,424 7,657 + 3.1% 3,453 3,623 + 4.9% 3,346 3,338 - 0.2%

All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 2

All Properties Single-Family Homes Condos

Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted. Based on a rolling 12-month average.

163 170 173 178

216

169188 182

198214

$150,000 and Below

$150,001 to $200,000

$200,001 to $250,000

$250,001 to $300,000

$300,001 and Above


169 168

196

176 177

197

2 Bedrooms or Less



+ 3.9%

172

174

180 180



+ 10.6% + 4.9% + 11.5% - 0.6% + 5.1% + 3.6%+ 4.4% + 5.3% + 0.2%


$150,000 and Below 163 169 + 3.9% 157 170 + 8.4% 167 169 + 1.0%

$150,001 to $200,000 170 188 + 10.6% 161 176 + 8.8% 185 211 + 13.6%

$200,001 to $250,000 173 182 + 4.9% 167 175 + 5.1% 187 194 + 3.6%

$250,001 to $300,000 178 198 + 11.5% 177 190 + 7.2% 180 224 + 24.8%

$300,001 and Above 216 214 - 0.6% 221 216 - 2.4% 202 210 + 4.0%

All Price Ranges 173 180 + 4.3% 172 180 + 5.1% 174 180 + 3.6%


2 Bedrooms or Less 169 176 + 4.4% 159 181 + 13.8% 170 175 + 3.3%

3 Bedrooms 168 177 + 5.3% 163 174 + 7.2% 181 185 + 2.2%

4 Bedrooms or More 196 197 + 0.2% 195 193 - 0.8% 207 230 + 11.1%

All Bedroom Counts 173 180 + 4.3% 172 180 + 5.1% 174 180 + 3.6%



Median Sales Price Median price point for all closed sales, not accounting for seller concessions. Based on a rolling 12-month median.

$100,000

$155,000

$265,745

$90,000

$149,950

$255,000

2 Bedrooms or Less 3 Bedrooms 4 Bedrooms or More


$146,000

$171,610

$116,000

$138,000

$163,355

$106,700



- 4.8% - 8.0%- 10.0% - 3.3% - 5.5%- 4.0%


2 Bedrooms or Less $100,000 $90,000 - 10.0% $110,000 $94,900 - 13.7% $100,000 $90,000 - 10.0%

3 Bedrooms $155,000 $149,950 - 3.3% $156,000 $148,000 - 5.1% $152,000 $155,000 + 2.0%

4 Bedrooms or More $265,745 $255,000 - 4.0% $260,000 $250,000 - 3.8% $300,000 $289,500 - 3.5%

All Bedroom Counts $146,000 $138,000 - 5.5% $171,610 $163,355 - 4.8% $116,000 $106,700 - 8.0%



p g y

Percent of List Price Received Percentage found when dividing a property’s sales price by its last list price, then taking the average for all properties sold, not accounting for seller concessions. Based on a rolling 12-month average.

93.8%

95.3%95.0%

95.3%

93.0%93.3%

95.0%

94.6%

95.0%

93.7%

$150,000 and Below

$150,001 to $200,000

$200,001 to $250,000

$250,001 to $300,000

$300,001 and Above


93.2%

94.8%

93.9%

92.9%

94.5%

93.8%

2 Bedrooms or Less



- 0.5%

94.6%

93.7%

94.4%

93.3%



- 0.3% - 0.4% - 0.3% + 0.7% - 0.3% - 0.5%- 0.4% - 0.3% - 0.2%


$150,000 and Below 93.8% 93.3% - 0.5% 94.1% 93.4% - 0.7% 93.6% 93.2% - 0.4%

$150,001 to $200,000 95.3% 95.0% - 0.3% 95.9% 95.7% - 0.2% 94.1% 93.8% - 0.3%

$200,001 to $250,000 95.0% 94.6% - 0.4% 95.6% 95.6% - 0.1% 93.5% 92.8% - 0.8%

$250,001 to $300,000 95.3% 95.0% - 0.3% 96.0% 95.9% - 0.1% 94.0% 92.5% - 1.6%

$300,001 and Above 93.0% 93.7% + 0.7% 92.6% 93.6% + 1.0% 94.0% 94.1% + 0.1%

All Price Ranges 94.2% 93.9% - 0.3% 94.6% 94.4% - 0.3% 93.7% 93.3% - 0.5%


2 Bedrooms or Less 93.2% 92.9% - 0.4% 92.0% 91.2% - 0.9% 93.4% 93.1% - 0.3%

3 Bedrooms 94.8% 94.5% - 0.3% 95.2% 94.9% - 0.3% 94.0% 93.6% - 0.4%

4 Bedrooms or More 93.9% 93.8% - 0.2% 93.9% 93.8% - 0.1% 93.8% 93.4% - 0.4%

All Bedroom Counts 94.2% 93.9% - 0.3% 94.6% 94.4% - 0.3% 93.7% 93.3% - 0.5%



Inventory of Homes for Sale The number of properties available for sale in active status at the end of the most recent month. Based on one month of activity.

4,105

1,625

982760

2,165

3,385

1,261

881656

2,019

$150,000 and Below

$150,001 to $200,000

$200,001 to $250,000

$250,001 to $300,000

$300,001 and Above


3,030

4,280

2,037

2,653

3,561

1,753

2 Bedrooms or Less



- 17.5%

4,9264,711

4,091 4,111



- 22.4% - 10.3% - 13.7% - 6.7% - 17.0% - 12.7%- 12.4% - 16.8% - 13.9%


$150,000 and Below 4,105 3,385 - 17.5% 1,514 1,111 - 26.6% 2,591 2,274 - 12.2%

$150,001 to $200,000 1,625 1,261 - 22.4% 894 687 - 23.2% 731 574 - 21.5%

$200,001 to $250,000 982 881 - 10.3% 589 545 - 7.5% 393 336 - 14.5%

$250,001 to $300,000 760 656 - 13.7% 469 404 - 13.9% 291 252 - 13.4%

$300,001 and Above 2,165 2,019 - 6.7% 1,460 1,344 - 7.9% 705 675 - 4.3%

All Price Ranges 9,637 8,202 - 14.9% 4,926 4,091 - 17.0% 4,711 4,111 - 12.7%


2 Bedrooms or Less 3,030 2,653 - 12.4% 303 264 - 12.9% 2,727 2,389 - 12.4%

3 Bedrooms 4,280 3,561 - 16.8% 2,817 2,286 - 18.8% 1,463 1,275 - 12.9%

4 Bedrooms or More 2,037 1,753 - 13.9% 1,805 1,541 - 14.6% 232 212 - 8.6%

All Bedroom Counts 9,637 8,202 - 14.9% 4,926 4,091 - 17.0% 4,711 4,111 - 12.7%



Months Supply of Inventory The inventory of homes for sale at the end of the most recent month, based on one month of activity, divided by the average monthly pending sales from the last 12 months.

13.014.5 14.2

16.8

25.3

9.310.6

13.0 13.8

25.3

$150,000 and Below

$150,001 to $200,000

$200,001 to $250,000

$250,001 to $300,000

$300,001 and Above


16.1

13.6

19.1

13.2

10.6

14.6

2 Bedrooms or Less



- 28.5%

15.015.7

11.1

13.2



- 26.7% - 9.0% - 17.8% - 0.0% - 26.0% - 15.7%- 18.0% - 22.0% - 23.6%


$150,000 and Below 13.0 9.3 - 28.5% 12.4 7.1 - 42.6% 13.3 10.9 - 18.4%

$150,001 to $200,000 14.5 10.6 - 26.7% 12.8 9.2 - 27.9% 17.4 13.1 - 24.9%

$200,001 to $250,000 14.2 13.0 - 9.0% 12.8 12.0 - 6.1% 17.0 14.8 - 13.3%

$250,001 to $300,000 16.8 13.8 - 17.8% 15.3 12.5 - 18.5% 19.7 16.5 - 16.2%

$300,001 and Above 25.3 25.3 - 0.0% 24.8 22.7 - 8.3% 26.5 32.8 + 23.7%

All Price Ranges 15.3 12.1 - 21.3% 15.0 11.1 - 26.0% 15.7 13.2 - 15.7%


2 Bedrooms or Less 16.1 13.2 - 18.0% 14.7 11.2 - 23.9% 16.3 13.5 - 17.2%

3 Bedrooms 13.6 10.6 - 22.0% 13.3 9.7 - 26.8% 14.4 12.8 - 11.0%

4 Bedrooms or More 19.1 14.6 - 23.6% 19.0 14.2 - 25.6% 19.7 19.0 - 3.8%

All Bedroom Counts 15.3 12.1 - 21.3% 15.0 11.1 - 26.0% 15.7 13.2 - 15.7%



2012 march market report

Documents

sfr sales

sales price sfr

sfr distressed sales

closed sales sfr

closed sales condo

sales ytd

number of distressed

distressed condo sales