Good news for the Grand Strand Real Estate Market
In July, Single Family Residential Sales were up 12.5% compared to 2012; year to date, SFR sales are up 20.1% from 2012. In addition to these strong sales numbers, prices are up as well, the median sales price was $177,836 up 4.94% over last July and 4.77% year to date. Inventories of homes for sale continued to decline, but are still up 4.45% from last year, but the good news for sellers is the distressed inventory (houses in foreclosure) is down 32.6% below last year—taking some downward pressure off prices.
Condos sales are up 17% compared to last July and 7.6% year to date. The median condo sale price is $110,000, up 16.4% over last July and up 2.6% year to date. Condo inventory is down 8.43% and the distressed inventory down a whopping 43.7%.
What do all these numbers mean to the average seller or buyer? For sellers, it’s looking better and if you’ve priced your house with the market, stick with your price. For buyers, it’s no longer the time to make unrealistically low offers as sellers are seeing multiple offers for well-priced homes.
