Horry real estate market holds steady in November

sjones@thesunnews.comDecember 13, 2013 

SiteTech Systems’ November report for the Grand Strand real estate market shows that listings of distressed homes are down 34.1 percent and condominiums down 46.6 percent from last year.

The distressed inventory remained stagnant from October, with a total of 702 homes and condos either bank-owned or in foreclosure.

Single family home sales in November were flat when compared with a year earlier, and sales of condos declined by 51 from November 2012.

But median sales prices for both were up month-to-month and year-to-year.

Single family homes sold for a median price of $180,500 in November, $20 more than at the same time last year, and $179,995 year-to-date versus $167,825 through the first 11 months of 2012.

For condominiums, the November 2013 median sales price was $120,500 versus $105,500 in November 2012 and year-to-date was $110,000, $6,000 ahead of last year’s mark.

Todd Woodard, SiteTech president, said he missed the mark when he predicted earlier in the year that sales activity and prices would level off in the latter part of this year.

To date, single family sales are up 20.1 percent over 2012 and median sales price up 7.2 percent when compared with last year.

Condominiums, which have responded more slowly to the recovery, have recorded with a 4 percent gain in sales and 5.3 percent in prices this year over the same time in 2012.

“I don’t think anyone would have forecast it,” Woodard said of this year’s activity. “A 20 percent year-over-year growth (in numbers of single family home sales), that is great.”

Contact STEVE JONES at 444-1765.

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