A couple of housing statistics you don’t hear much about help to highlight the improvements in the Grand Strand’s real estate market.
The stats, from 10K Research and prepared for the Coastal Carolinas Association of Realtors, show a decline over the past three years in both the housing affordability index and the days real estate is for sale before an offer is made.
The days on market for single-family homes have been static, according to 10K’s October report, ranging from 158 in 2012 to 156 in 2013 and back to 158 this year.
Condos, though, have seen a 30-day drop in the days on market. In 2012 condos lingered for 182 days between the time they were listed and the day an offer came in. That dropped to 161 days in 2013 and to 153 this year.
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The housing affordability index also dropped for both single-family and condos during the three years, indicating that housing prices are going up.
But they still remain well within the affordability of most buyers.
The index says the affordability for single-family homes was 162 in October 2012, meaning that median-priced home would be affordable to those with 162 percent of the median household income.
That had dropped to 136 in October this year, the report said, which shaved 30 points off the income level needed to buy a median-priced home.
For condos, the affordability index dropped from 249 in October 2012 to 204 this October.