After declining during the second half of 2011, the number of single family homes and condos on the market increased slightly in January 2012, however, the 2012 inventory is still below January 2011 by almost 6%. Good news if this trend continues.
Sale prices increased Horry and Georgetown Counties except in top end properties; another good trend; top end homes will respond in time. The number of sales of single family homes was up almost 14% in January as compared to last year, but distressed (foreclosures & short sales) properties accounted for 37% of all single family sales. While this is the best January sales performance since 2007, those distressed sales kept the median home price to $163,700, up slightly from a year ago.
Condo sales numbers are similar, slight increase in inventory with a median sales price of $94,900, a 10% drop from January 2012. The price drop was fueled by distressed sales and the large number of cash buyers--over 70% of all condos were sold for cash. The high percentage of condo cash sales is interesting, probably mostly real estate investors who hope to turn a profit in a few years. Time will tell, stay tuned.
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