We continue to see stabilization in Single Family Residential (SFR). December marked the seventh straight month of inventory reduction. Condo inventory is also declining, down 7.8% from December, 2010 levels.The sale of Single Family Residences (SFR) is up 13.6% from January, 2011. This is the best January sales performance since 2007. The median sales price has increased in both Horry and Georgetown Counties with the exception of homes over one million dollars in Georgetown County and five hundred thousand dollar homes in Horry County. Inventory levels rose seasonally 3.9% but remain 5.7% lower than January, 2011.
Similarly, the condominium inventory rose seasonally by 5% but remain down 4.2% as compared to January, 2011. The median sales price for a condo is $94,900, a decline from January 2011. This decline is fueled by distressed sales and cash transactions.
Overall, the housing market continues to improve, albeit slowly, across Horry and Georgetown Counties. As consumer confidence rises and the employment rate improves we expect to see a better market as the year progresses.
Look for pricing to stabilize as we approach mid-year if sales volume maintains, inventory levels continue to go down and the distressed properties level stays about where it is now. There is reason to be optimistic, but cautiously so. We see no reason to discontinue agressively pricing properties to sell within a 90 - 120 day window.
Check back often for more updates as the month goes on.