Grand Strand Market Report for May 2013

The residential real estate market continues to improve, for both single family homes and
condos.  Here is the summary from SiteTech Systems:

"After a strong start in 2013, Single Family Residential (SFR) sales continued its
momentum as May’s performance was the best May since 2006. During May,
SFR sales topped 473 homes which is an 18.3% improvement from 2012 and a
47.4% improvement from 2011. May’s performance was the best single month
of sales since June 2006. Year-to-date (YTD), SFR sales are up 21.1% from 2012
levels. In addition to strong SFR sales, the median sales price of SFRs was
$190,000, the best monthly performance since Q3 2010. The improvement in
sales price was driven by fewer distressed sales. YTD, the median sales price is
up 5.03% for the year. As SFR sales continue to grow, more homes are coming
back onto the market. During May, the inventory of home for sales continued
its seasonal rise and is up 5.6% from prior year levels. It is anticipated that the
inventory has peaked and will begin its seasonal decline in June. Offsetting the
growth in SFR inventory, the inventory of distressed homes for sale continued
to decline and is now 31.1% below its prior year level. For condos, the
inventory continues it slow decline and the current inventory is down 10.8%
from May 2012 and distressed inventory is sharply down 39.3% over the last
year. During May, condo sales declined slightly from 2012 and remain up 6.8%
for the full year. The median sales price for condo rebounded in May to
$110,500. This improvement was driven by fewer distressed sales. YTD, the
median sales price of condos remains flat to 2012 levels at
$105,000. Residential lot sales rebounded in May and full year sales are in line
with 2012 performance. Similar to SFR and condos, the median sales price of
residential lots improved in May and the YTD sales price is now up 17.8% from
2012."

Read the entire report at:
Grand_Strand_Market_Report May 2013