Grand Strand Market Report
Single Family Residential (SFR) continues to exhibit signs of stabilization. SFR inventory continued to decline as December marked the seventh straight month of inventory reduction. For December 2011, SFR inventory is down 5% from its level a year ago. However, distressed SFR inventory increased in December indicating a growing concentration of distressed inventory. SFR sales for 2011 were up 5.2% versus 2010 levels. However, December SFR sales were down 13.9% and 7.0% from their 2010 and 2009 levels, respectively. SFR median sales price continued to stabilize at $170-175,000. For 2011, SFR median sales price was down 6.1% which is ‘in line’ with our forecast. Similar to SFR inventory, condo inventory has declined for seven months and is down 7.8% from December, 2010 levels. Condo sales activity has remained steady since mid 2009. For 2011, condo sales were flat with 2010. Although demand for condos has remained steady and inventory has declined, the pricing remains weak. Overall, 2011 median sale prices for condos are down 10.3% due to limited financing and distressed sales. Finally, 2011 presented a ‘mixed bag’ for residential lot activity. For 2011, residential lot sales are up 29.1% while the median sales price fell to $30,000, a 33% decline from 2010.
Median Sales Price