Mid-Year 2011 Real Estate Market Recap for the Grand Strand – Level But Not Levitating

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As we cross into the second half of a hopefully promising year, there are several comparisons to make that show us how we are doing so far.  We are going to take a look at how our market has been performing in terms of Single Family Homes, Condominiums and Distress Sales (Foreclosures and Short Sales).  As with anything in our ever-changing and challenging market – it is important to keep an open mind and know that there is a future in store that will yield excellent results no matter what your real estate endeavors aspire to be.

Single-Family Homes

Looking at the current year as compared to the previous year, we are seeing a slight increase of just 1% in the amount of homes sold.  The median home sale prices, however, have dropped as much as 5% on average.  We are also reporting a 11% dip on inventory, something that we perceive as a positive sign as we transition into the second half of the year.

Condominiums

From January 1 – June 30, 2011 as compared to 2010, there has been a 7.5% increase in sold condo units.  Prices have declined on average about 12%.  The number of available condominium properties on the market this year has dropped 14% from last year’s figure.


Foreclosures and Short Sales

There is a glimmer of hope looking at the numbers from this year versus last year.  In 2011, 32% of all sales were represented by distressed sales whereas the newly reported numbers are showing an improvement with 26% reported single family home sales.

Distressed sales in the area of condominiums are also seeing a slight improvement, with last year’s figure at 39% and this year at 35%.

Looking Ahead

It’s important to keep our eye on the prize as we move forward.  Remember, we got where we are today after being in a place that we were before – and we will get to that better place again.  It’s a matter of time.  It’s a matter of patience and resilience.  But things are not as bad as they could be or have been.  Moving forward, we look ahead optimistically to a stabilized and better market.