Thursday, May 19, 2011

Grand Strand home sales up 2.6% from 2010

 According to the latest monthly data from the Coastal Carolinas Association of Realtors, home sales along the Grand Strand have increased 2.6% from 2010. Condo sales are up 3.1% from April 2010 and up 2.6% year to date.
This good news is offset by the fact that the median sales price of condos is at $103,000, an historic low. The median price for Single Family Residences (SFR) dropped slightly to $165,000. This decline is driven by distressed sales, however non-distressed property remains consistent at $189,000.
Overall, distressed properties represent only 17% of available inventory on the Grand Strand. April 2011 numbers may look bleak when compared to April 2010, but keep in mind the tax credit was a factor in making April 2010 a uniquely robust month for home sales.
The national interest rate on a 30 year fixed mortgage is 5%. Unemployment did edge up to 9%, however job seekers are showing more confidence as the economy added 244,000 jobs. This could be a positive indicator of future home sales.

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