Grand Strand Market Report
According to the Coastal Carolinas Association of Realtors, March 2018 Grand Strand sales activity was down in March with single-family residential, condo, and residential lot sales all down compared to March 2017 levels. However, single-family residential sales activity maintains its growth rate at 3.3% for the year.
Single-family residential sales volume is down 8.3% compared to March 2017 but is up 3.3% year-to-date. Median sales price is up to $225,000, a 7.1% increase from March 2017. Sales prices for new construction and resales are also up 1.7% and 10.4%, respectively, when compared to March 2017. The average sold-to-list ratio for single-family residential sales in March was 97%, up 200 basis points compared to the same month in 2017.
Condo sales volume is down 21.2% compared to March 2017 and down 3.7% year-to-date. The median sales price decreased 7.3% compared to March 2017. Condo inventory continued to tighten as inventory is down as compared to prior year levels: down 12.4% compared to March 2017. The average sold to list ratio for condo sales in March was 94%, down basis points compared to the same month in 2017. Residential lot sales were down 6.4% in March compared to 2017. However, the median sales price increased to $52,500, up 2.4% compared to the same month in 2017. Sold to list ratios are at 83%, flat when compared to March 2017.