March has proved to be a strong month for sales along the Grand Strand. SFR sales show the best 1 st
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 2ndQuarter 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. Nondistressed 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).
Median Sales Price