Grand Strand Market Report
At the end of July, single family residential (SFR) and condo inventory declined 7.2% and 11.3% respectively as compared to July, 2010 levels. The decline appears to be equally distributed in non‐distressed and distressed inventory as distressed inventory still comprises approximately 17% of total inventory. SFR sales maintained consistent levels to July, 2010 (up 2%). Year to date, SFR sales are flat to 2010 production. Median sale prices for SFR sales were $170,250. Year to date, median sales prices are down 4.7% versus 2010 levels. We maintain our 2011 forecast of flat SFR sales and median sales price decline of 5-7% vs. 2010 levels. Condo sales activity declined 14.7% versus June and off 6.3% versus July 2010. This is the fourth consecutive month of sales decline. Condo median sales price was $110,000 which is driven by distressed sales and limited financing. Distressed condo sales represent 33% of all sales volume and cash purchase transactions comprise 60% of all transactions.