Annual Report on the Coastal Carolinas Housing Market RESIDENTIAL REAL ESTATE ACTIVITY IN THE COASTAL CAROLINAS
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1 Annual Report on the Coastal Carolinas Housing Market RESIDENTIAL REAL ESTATE ACTIVITY IN THE COASTAL CAROLINAS
2 RESIDENTIAL REAL ESTATE ACTIVITY IN THE COASTAL CAROLINAS There is an ongoing and undeniable national housing shortage. Year-over-year inventory levels have been down in most markets for several years now, and that trend is expected to persist in Consumers are still purchasing for the first time and relocating to other, presumably more ideal homes. Having the financial ability to make a move clearly seems feasible to many eager buyers amidst a healthy economy, whether life events such as marriage, children, employment change or desirable downsizing is the reason for moving. There are further positive signs on the horizon, as builder confidence has improved and construction job gains are measurably higher. It will still take more effort than a lone year can provide for building activity to reach a needed level for inventory balance, but a step in the right direction is welcome. More sellers should feel ready and willing to list in Economic indicators such as unemployment rates and consumer confidence are in an improved state, and sellers currently hold the keys in the buyer-seller relationship. This does not mean that sellers can set their price and watch the offers roll in. On the contrary, buyers will be poised to test prevailing price points, particularly in markets where home price increases are outpacing wage growth and in light of the fact that mortgage rates are expected to increase further in Sales: Closed sales increased 10.6 percent for single-family properties, landing at 8,530 to close out the year. Closed sales for condo properties were up 15.7 percent to finish 2017 at 5,767. Listings: Year-over-year, the number of homes available for sale was lower by 0.4 percent for single-family homes, landing at 3,714 active listings at the end of For condo homes, listings were lower by 20.5 percent to close out the year at 2,358. New listings for single-family properties increased by 10.2 percent to finish the year at 12,975. Condos had 7,821 new listings, an increase of 3.7 percent. Showings: Demand was high throughout There were 244,269 total showings in the region, culminating in 9 showings before pending, which was up 12.5 percent compared to Prices: Home prices were up compared to last year. Singlefamily home prices were up 4.1 percent compared to last year, for a 2017 tally of $210,000. Condo home prices were up 6.5 percent to $127,750. List Price Received: Sellers received, on average, 97.2 percent of their original list price at sale for single-family properties, a mild year-over-year improvement of 0.1 percent. For condo properties, sellers received, on average, 95.7 percent of their original list price at sale, a year-over-year improvement of 0.5 percent. The historic tax reforms due to make their mark in 2018 will have varying effects across the nation. High-priced coastal markets may feel the changes stronger than the middle of the country. And some potential buyers may see the changes as providing less of an investment benefit for homeowners. Some observers warn that there might be enough lack of incentives to stifle homeownership, which is already near 50- year lows. Policymakers claim that the reforms will help boost economic activity and profitability. Whichever direction we ultimately turn, the next year appears to offer a dalliance with balance intended to intrigue both sides of the transaction toward a common middle ground. For those who have their minds made up to buy a home in 2018, it will likely be a competitive ride. The trend has widely been toward fewer days on market and fewer months of supply, indicating strong demand despite higher prices and low inventory. This could prove tricky for first-time home buyers, especially for those who are impacted by student loan debt, content to rent or among the more than 15 percent of adult children still living at home. In a landscape rife with new variables, residential real estate is certainly poised to offer an interesting and active year ahead. Table of Contents 3 Quick Facts 5 Property Type Review 6 Price Range Review 7 Square Footage Review 8 Showings Review 9 Area Overviews 10 Area Historical Median Prices Current as of January 10, All data comes from the Coastal Carolinas Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2018 ShowingTime. 2
3 Quick Facts New Listings New Listings Condo Properties 9,609 10,680 11,455 11,770 12,975 7,539 7,821 6,931 7,090 7, % + 7.3% + 2.7% % + 2.3% + 1.6% + 4.7% + 3.7% Top 5 Areas: Change in New Listings from 2016 Top 5 Areas: Change in New Listings from 2016 Myrtle Beach % Socastee % Surfside Beach % Loris % Loris % Garden City / Murrells Inlet % Little River % Carolina Forest % Georgetown % Conway % Bottom 5 Areas: Change in New Listings from 2016 Bottom 5 Areas: Change in New Listings from 2016 Garden City / Murrells Inlet + 6.1% Pawleys Island / Litchfield + 3.5% Conway + 0.8% Surfside Beach + 1.0% Andrews 0.0% North Myrtle Beach - 1.0% North Myrtle Beach - 1.8% Georgetown % Aynor - 6.3% Andrews % Closed Sales Closed Sales Condo Properties 5,803 6,332 7,303 7,714 8,530 4,141 4,164 4,543 4,983 5, % % + 5.6% % + 0.6% + 9.1% + 9.7% % Top 5 Areas: Change in Closed Sales from 2016 Top 5 Areas: Change in Closed Sales from 2016 Loris % Conway + 2,240.0% Pawleys Island / Litchfield % Socastee % Georgetown % Garden City / Murrells Inlet % Surfside Beach % Carolina Forest % Myrtle Beach % Georgetown % Bottom 5 Areas: Change in Closed Sales from 2016 Bottom 5 Areas: Change in Closed Sales from 2016 Carolina Forest + 2.2% Little River % North Myrtle Beach + 1.9% Surfside Beach % Socastee + 0.7% North Myrtle Beach % Andrews - 4.0% Pawleys Island / Litchfield % Garden City / Murrells Inlet - 5.8% Myrtle Beach % Current as of January 10, All data comes from the Coastal Carolinas Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2018 ShowingTime. 3
4 Quick Facts Median Sales Price Single-Family Median Sales Price Condo Properties $172,900 $182,860 $195,000 $201,713 $210,000 $120,000 $127,750 $114,000 $115,145 $110, % + 6.6% + 3.4% + 4.1% + 3.6% + 1.0% + 4.2% + 6.5% Top 5 Areas: Change in Median Sales Price from 2016 Top 5 Areas: Change in Median Sales Price from 2016 Andrews % Georgetown % Aynor % Conway % Carolina Forest + 9.9% Loris % Socastee + 9.3% Carolina Forest % Conway + 6.2% Pawleys Island / Litchfield % Bottom 5 Areas: Change in Median Sales Price from 2016 Bottom 5 Areas: Change in Median Sales Price from 2016 North Myrtle Beach + 0.7% Myrtle Beach + 8.2% Garden City / Murrells Inlet + 0.3% Socastee + 6.2% Surfside Beach - 1.8% Surfside Beach + 4.9% Myrtle Beach - 3.6% Little River + 4.5% Georgetown - 3.8% Garden City / Murrells Inlet + 1.3% Homes for Sale At the end of the year. 4,163 4,000 3,919 3,729 3,714 Homes for Sale Condo Properties At the end of the year. 3,547 3,498 3,213 2,966 2, % - 5.9% - 4.8% - 0.4% - 1.4% - 8.1% - 7.7% % Top 5 Areas: Change in Months Supply from 2016 Top 5 Areas: Change in Homes for Sale from 2016 Andrews % Socastee % Garden City / Murrells Inlet % Georgetown - 5.3% Carolina Forest + 2.3% Garden City / Murrells Inlet % Socastee - 2.9% Myrtle Beach % Myrtle Beach - 4.6% Pawleys Island / Litchfield % Bottom 5 Areas: Change in Months Supply from 2016 Bottom 5 Areas: Change in Homes for Sale from 2016 Surfside Beach % North Myrtle Beach % Georgetown % Conway % Aynor % Surfside Beach % Pawleys Island / Litchfield % Carolina Forest % Loris % Andrews % Current as of January 10, All data comes from the Coastal Carolinas Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2018 ShowingTime. 4
5 Property Type Review Top Areas: Condo Properties Market Share in 2017 North Myrtle Beach 71.2% Myrtle Beach 69.0% Average Days on Market Average Days on Market Condo Properties Little River 46.6% Surfside Beach 45.1% Days on Market Until Sale This chart uses a rolling 12-month average for each data point Condos Horry County 41.5% Pawleys Island / Litchfield 39.8% Garden City / Murrells Inlet 36.5% Georgetown County 29.7% Carolina Forest 27.1% Socastee 26.8% Georgetown 9.5% Conway 6.8% Loris 0.3% + 4.1% + 6.5% 97.2% 95.7% One-Year Change in Price One-Year Change in Price Condo Properties Pct. of Orig. Price Received Pct. of Orig. Price Received Condo Properties Median Sales Price Percent of Original List Price Received $173K $195K $183K $202K $210K 95.9% 96.9% 96.4% 97.1% 97.2% 94.4% 94.6% 94.7% 95.2% 95.7% $110K $114K $115K $120K $128K Condo Properties Condo Properties Current as of January 10, All data comes from the Coastal Carolinas Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2018 ShowingTime. 5
6 Price Range Review $150,000 and Below Price Range with Shortest Average Days on Market Days on Market Until Sale by Price Range $450,001 or More 24.4% Price Range with Longest Average Days on Market of Homes for Sale at Year End Priced $150,000 and Below Share of Homes for Sale $150,000 and Below 47% % One-Year Change in Homes for Sale Priced $150,000 and Below $150,000 and Below % $150,001 to $300, % $300,001 to $450, % 27% $450,001 or More % $150,001 to $300, % Price Range with the Most Closed Sales Price Range with Strongest One-Year Change in Sales: $450,001 or More $450,001 or More + 4.6% Price Range with the Fewest Closed Sales Price Range with Weakest One-Year Change in Sales: $150,000 and Below Closed Sales by Price Range 6, ,234 5,275 5,518 4,886 5,527 1,203 1,333 1, $150,000 and Below $150,001 to $300,000 $300,001 to $450,000 $450,001 or More Current as of January 10, All data comes from the Coastal Carolinas Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2018 ShowingTime. 6
7 Square Foot Range Review % % Top Areas: 1,500 Sq Ft. or Below Market Share in 2017 Myrtle Beach 38.3% North Myrtle Beach 21.2% Growth in Closed Sales 1500 Sq Ft or Less Growth in Closed Sales 1,501 to 2,000 Sq Ft Socastee 20.1% Surfside Beach 18.3% Closed Sales 7,542 8, Horry County 17.4% Little River 17.0% Garden City / Murrells Inlet 16.9% Pawleys Island / Litchfield 9.4% Georgetown County 5.9% 2,067 2,326 2,491 2,730 Georgetown 3.4% Conway 3.0% Loris 2.1% 1,500 Sq. Ft. and Below 1,501-2,000 Sq. Ft. 2,001-3,000 Sq. Ft 3,001 Sq. Ft. and Above Carolina Forest 0.8% 94.5% 97.0% 97.5% 95.4% Percent of List Price Received in 2017 for 1,500 Sq. Ft. and Below Percent of List Price Received in 2017 for 1,501-2,000 Sq. Ft. Percent of List Price Received in 2017 for 2,001-3,000 Sq. Ft Percent of List Price Received in 2017 for 3,001 Sq. Ft. and Above Percent of List Price Received 100% 1,500 Sq. Ft. and Below 1,501-2,000 Sq. Ft. 2,001-3,000 Sq. Ft 3,001 Sq. Ft. and Above 95% 90% Current as of January 10, All data comes from the Coastal Carolinas Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2018 ShowingTime. 7
8 Showings Review % Median Number of Showings Before Pending Monthly Number of Showings 25,500 23,500 21,500 19,500 17,500 15,500 13,500 11,500 9,500 One-Year Change in Median Showings Before Pending 7, Top 10 Areas: Number of Showings Myrtle Beach 48,444 Little River 32,010 North Myrtle Beach 27,075 Carolina Forest 23,331 Conway 20,634 Surfside Beach 14,576 Garden City / Murrells Inlet 11,487 Pawleys Island / Litchfield 8,950 Socastee 7,331 Loris 3,793 Top 10 Areas: Number of Showings per Listing Carolina Forest 5.0 Surfside Beach 4.9 Socastee 4.3 Little River 4.2 Garden City / Murrells Inlet 4.2 Conway 3.8 North Myrtle Beach 3.7 Myrtle Beach 3.1 Loris 2.8 Pawleys Island / Litchfield 2.5 Total Showings in ,269 August '17 Peak Showing Activity Month 2017 Monthly Showings per Listing Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Current as of January 10, All data comes from the Coastal Carolinas Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2018 ShowingTime. 8
9 Area Overviews New Listings Closed Sales Showings per Listing Percentage Change Percentage Change Percentage Change Entire Market* 19,309 20, % 12,697 14, % % Horry County 17,237 18, % 11,501 12, % % Georgetown County 2,072 2, % 1,196 1, % % Andrews % % % Aynor % % % Carolina Forest 1,593 1, % 1,176 1, % % Conway 2,243 2, % 1,430 1, % % Garden City / Murrells Inlet % % % Georgetown % % % Little River 2,056 2, % 1,355 1, % % Loris % % % Myrtle Beach 4,106 4, % 2,609 3, % % North Myrtle Beach 1,831 1, % 1,153 1, % % Pawleys Island / Litchfield % % % Socastee % % % Surfside Beach 899 1, % % % Median Sales Price Homes for Sale Total Showings Percentage Change Percentage Change Percentage Change Entire Market* $169,000 $176, % 6,695 6, % 191, , % Horry County $165,000 $172, % 5,741 5, % 173, , % Georgetown County $230,500 $254, % % 17,466 22, % Andrews $99,950 $134, % % % Aynor $151,000 $173, % % % Carolina Forest $188,535 $190, % % 17,626 23, % Conway $149,500 $157, % % 16,176 20, % Garden City / Murrells Inlet $236,325 $239, % % 9,126 11, % Georgetown $168,750 $168, % % 1,872 2, % Little River $168,000 $170, % % 25,425 32, % Loris $135,000 $142, % % 2,627 3, % Myrtle Beach $140,000 $149, % 1,722 1, % 35,286 48, % North Myrtle Beach $200,000 $215, % % 22,080 27, % Pawleys Island / Litchfield $254,150 $299, % % 6,529 8, % Socastee $139,000 $155, % % 6,924 7, % Surfside Beach $155,000 $178, % % 12,436 14, % *Activity for the entire market is not necessarily a sum of activity for single-family and condo properties. Current as of January 10, All data comes from the Coastal Carolinas Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2018 ShowingTime. 9
10 Area Overviews Closed Sales Change from 2016 Percent New Construction Percent Townhouse- Condo Showings per Listing New Listings Months Supply Homes for Sale Entire Market* 14, % 22.7% 40.3% , ,072 Horry County 12, % 23.6% 41.5% , ,222 Georgetown County 1, % 14.0% 29.7% 2.8 2, Andrews % Aynor % 48.6% Carolina Forest 1, % 32.8% 27.1% 5.0 1, Conway 1, % 39.1% 6.8% 3.8 2, Garden City / Murrells Inlet % 10.0% 36.5% Georgetown % 7.2% 9.5% Little River 1, % 17.4% 46.6% 4.2 2, Loris % 49.3% 0.3% Myrtle Beach 3, % 13.9% 69.0% 3.1 4, ,559 North Myrtle Beach 1, % 9.8% 71.2% 3.7 1, Pawleys Island / Litchfield % 10.3% 39.8% Socastee % 14.5% 26.8% Surfside Beach % 12.7% 45.1% 4.9 1, *Activity for the entire market is not necessarily a sum of activity for single-family and condo properties. Current as of January 10, All data comes from the Coastal Carolinas Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2018 ShowingTime. 10
11 Area Historical Median Prices Change From 2016 Change From 2013 Entire Market* $146,000 $155,000 $164,000 $169,000 $176, % % Horry County $142,900 $152,000 $160,000 $165,000 $172, % % Georgetown County $215,000 $220,000 $230,000 $230,500 $254, % % Andrews $76,000 $99,000 $89,450 $99,950 $134, % % Aynor $101,850 $170,000 $149,000 $151,000 $173, % % Carolina Forest $150,000 $161,700 $183,165 $188,535 $190, % % Conway $125,875 $132,000 $139,526 $149,500 $157, % % Garden City / Murrells Inlet $237,803 $225,000 $238,000 $236,325 $239, % + 0.9% Georgetown $145,000 $168,950 $159,000 $168,750 $168, % % Little River $137,500 $149,900 $163,192 $168,000 $170, % % Loris $95,000 $127,250 $135,400 $135,000 $142, % % Myrtle Beach $126,400 $135,000 $133,750 $140,000 $149, % % North Myrtle Beach $185,000 $186,000 $205,450 $200,000 $215, % % Pawleys Island / Litchfield $285,000 $236,800 $248,250 $254,150 $299, % + 5.1% Socastee $130,000 $135,900 $139,900 $139,000 $155, % % Surfside Beach $142,700 $150,000 $155,000 $155,000 $178, % % *Activity for the entire market is not necessarily a sum of activity for single-family and condo properties. Current as of January 10, All data comes from the Coastal Carolinas Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2018 ShowingTime. 11
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