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  • Grand Strand Economy Continues Improvement

    13 March 20130 Comments

     

    According to the annual Grand Strand Economic Report, the Grand Strand’s economy continues to improve, with a falling unemployment rate and strong indicators in tourism, strong sales in single-family homes and condos, and a significant increase in building permits issues.


    The report, produced by Coastal Carolina University and SiteTech Systems, showed that sales of single-family homes rose by 26.2 percent over the previous quarter with sales of condominiums and townhomes rising by 26.9 percent. Meanwhile the inventory of single-family homes and condos fell by 3.1 percent and 10.1 percent respectively. At the same time, building permits for single-family homes rose by 68.8 percent. And while sale prices declined slightly, the report noted that is expected to change as available inventory declines further.

     

    Other positives of the report were that the area’s strong retiree demographics had helped stabilize both residential construction and tourism. Occupancy rates for accommodations were up 3.6 percent with revenue from tourism up 15.4 percent. The report also showed a 1.8% decrease in the unemployment rate with education and healthcare leading the way in new jobs. If you would like to know more about the report, contact Jill Lindstrand at  Century 21 The Harrelson Group.

    • Time is Your Enemy!

      01 July 20130 Comments

       

      Interest rates have increased the fastest we have seen in the past 10 years. We lost almost a full percentage point in less than a week. For a quick comparison on a $100,000 loan 30 yr fixed:

      3.75% payment = $463/month
      4.75% payment = $521/month

      That’s a $58/month increase per 100K and $20,880 over 30 yrs

      TIME IS YOUR ENEMY!!!!

    • National Association of REALTORS recently reported:

      22 July 20130 Comments

       

      Existing-home sales rose 4.2% in May and sales were 12.9% higher than during the same period in the prior year. “This report provides further evidence that the housing market is on a firmly improving trend,” wrote analysts at RDQ Economics in a research note.

      Meanwhile, the median existing-home price hit $208,000 in May, the highest since 2008, with low inventory supporting prices. The median price is up 15.4% from the same period in the prior year, the largest growth since 2005.

      Inventories rose 3.3% in May but the supply of existing homes declined to 5.1 months at May’s sales pace from 5.2 months at April’s sales pace.

      Analysts say the housing market’s gains over the past year could have been even larger if inventories were greater. Still, economists expect housing demand to continue to grow along with the U.S. economy.
      Americans’ views on the housing market recently hit a multiyear high, with large shares saying that now is a good time to buy and sell homes.


    • Grand Strand Statistics

      06 August 20130 Comments

       

      Grand Strand single family homes YTD sales are up 19.2% although they have begun a seasonal decline they are still up 6.9% from its prior year level. Distressed listings are down 33.8% over the last year. Driven by fewer distressed sales, SFR median sales prices are maintaining strength and stabilization at $182,250. YTD, median sales price is up 6.72% from its 2012 average. Coupled with strong sales volume and sales prices, the sold to list ratio was 94%, its highest level since 2007.

      Condo inventory continues to decline, down 8.43% vs. June 2012. Distressed listings are down 44% over last year. Condo sales declined from its June 2012 level, down 10.9%. YTD, sales are up 4.8% from 2012. Condo median sales prices rebounded to $114,700 as the YTD median sales price is flat to 2012 levels at $107,000


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