Myrtle Beach Real Estate

Myrtle Beach Area Market Statistics – February 2013

admin — Tue, 16 Apr 2013 02:27:36 +0000

January’s momentum continued in February… ..strong sales and rebounded sales price led a strong February.

Single Family Residential (SFR) sales activity remained strong as February’s volume was up 13.6% from February 2012. Year to date, SFR sales volume is up 16.6% to prior year levels. SFR inventory is seasonally up, however February’s level is 3% higher that prior year levels. On a positive note, non-distressed listings continue to decline and now represent a declining share of the total listing inventory. SFR median sales price rebounded from January to $175,000. This improvement was driven by higher non-distressed sales prices. Year to date, SFR median sales price is down 3.7% from 2012. Condo sales activity was strong in February; up 18.7% from prior year level. Year to date, condo sales are up 21.9%. Condo inventory increased seasonally, but is still below prior year levels (down 10.4%). Condo median sales prices rebounded from January, up 14.5% from January. The improvement was in both distressed and non-distressed sales. Year to date, the condo median sales price is up 9.5% from 2012. The rate of residential lot sales improvement slowed, but the 2013 volume is up 9% from 2012. Overall, distress sales remain at 28% of all sales, up slightly from Q4 2012.

Inventory

Inventory – February 2013

Closed Sales

Closed Sales for Single Family Residences – February 2013

Median Sales Price

Median Sales Price for Single Family Residences – February 2013

Download: Grand Strand Real Estate Market Statistics – February 2013

Myrtle Beach Area Market Statistics – August 2012

admin — Thu, 20 Sep 2012 03:53:45 +0000

July’s sales momentum carried forward into August. August Single Family Residential (SFR) sales activity signaled continued recovery and stabilization. In August, SFR sales activity showed strength as sales was up from July and up 11.2% as compared to August, 2011. Year-to-date (YTD), SFR sales are up 13.4%. As sales remain strong, SFR inventory declined slightly and remains flat to its level from early summer. Compared to August 2011, SFR inventory is down 2% as the improved real estate sales environment may have gotten some to the ‘fence setters’ back into the market. Distressed sales continue to play a role in SFR sales as distressed sales represent 27.5% of all SFR sales. Another positive trend is the gradually improving SFR median sales price. During August, SFR median sales prices were up as compared to July and August, 2011. This improvement is driven by strong non-distressed sales prices. Year to date, SFR median sales prices are down 1.7% from it comparable 2011 level. Condo inventory continued its anticipated contraction as the inventory level has dropped for the fifth straight month. This drop is a 9% reduction versus August 2011 and is the lowest level since tracking began in 2010. Similar to SFR, Condo sales were up in August. August sales were better than July’s sales and 15.7% better than August 2011. Additionally, Condo median sales prices appear to have stabilize as August median sales price is up slightly from July and August, 2011. Year-to-date, Condo median sales prices are down 3.7% as compared to 2011. Residential lot activity continues to represent a small but improving (in terms of sales) component of the real estate market as residential lots remain competitively price.

Inventory

Inventory - August 2012

Closed Sales

Closed Sales for Single Family Residences - August 2012

Median Sales Price

Median Sales Price for Single Family Residences - August 2012

Download: Grand Strand Real Estate Market Statistics – August 2012

Myrtle Beach Area Market Statistics – June 2012

admin — Thu, 26 Jul 2012 02:48:34 +0000

June represented another solid month of real estate sales activity and some improving performance indicators. As anticipated, Single Family Residential (SFR) inventory declined in June to 4,724 homes, a 6.3% decline from prior year levels. It is anticipated that the inventory will continue to decline throughout the year. Distressed SFR inventory fell for the third consecutive month. Although SFR sales were flat to prior month and prior year levels, Year-to-Date (YTD) sales are up 8.7% as compared to 2011 levels. Offsetting solid sales activity, the median sales price fell to $164,000 in June. Year to date, SFR median sales price is down 3.1% versus 2011. This decline is anticipated as it is forecasted that 2012 median sales price will be down 3 – 5%. Condo inventory continues to decline as June was the third consecutive month of declining inventory. As compared to prior year levels, inventory is down 11% and almost at a 24 month low (since tracking began).

Additionally, distressed condo inventory fell for the third straight month and the lowest level since tracking began (over 24 months). Similar to 2011, June condo sales fell from May to 352 units which is flat to June, 2011. Year to date, condo sales are up 2.2% from 2011 while the median sales price is $106,000, a 3.6% decline from 2011. Residential lot sales continue to outpace 2011 levels as they are up 62%. This increase in sales activity is at the expense of sales price with an YTD median sales price of $30,000 which is a decline of 19.4% as compared to 2011.

Inventory

Inventory - June 2012

Closed Sales

Closed Sales for Single Family Residences - June 2012

Median Sales Price

Median Sales Price for Single Family Residences - June 2012

Download: Grand Strand Real Estate Market Statistics – June 2012

Myrtle Beach Area Market Statistics – May 2012

admin — Sat, 30 Jun 2012 20:54:20 +0000

After a sluggish SFR and Condo sales performance in April, May’s performance marked a solid improvement. For the month, SFR sales surged 16.6% from April and 22.3% from May, 2011. Year to date, SFR sales are up 8.7% from 2011 levels. Consistent with prior levels, SFR Median Sales Price remains at $170,000. SFR inventory continues to seasonally increase, however the current inventory is down approximately 6% from 2011 levels. It is anticipated that the inventory has peaked and will begin declining in June. For the fourth consecutive month, condo sales activity improved and experienced one of its strongest months since 2007 with 383 sales. This performance is 9.4% better than May, 2011. Condo inventory continues to remain flat in 2012 and down 9.3% as compared to prior year levels. Sales continue to improve at the expense of Median Sales Price. Driven by cash transactions and distressed sales prices, the median sale price continues to hover around $106,000. Residential lot sales activity continues to improve as lot prices continue sell at historically low prices. YTD, there have been 442 lot sales, a 68% increase over 2011, with a median sales price of $32,000.

Inventory

Inventory - May 2012

Closed Sales

Closed Sales for Single Family Residences - May 2012

Median Sales Price

Median Sales Price for Single Family Residences - May 2012

Download: Grand Strand Real Estate Market Statistics – May 2012

Myrtle Beach Area Market Statistics – April 2012

admin — Tue, 22 May 2012 01:36:05 +0000

After a strong first quarter performance, Single Family Residential (SFR) sales slipped in April. For the month, SFR sales fell 6.7% from last month and 7.9% from April, 2011. Year to date, SFR sales is up 4% from 2011 levels. Consistent with March, SFR Median Sales Price remained flat at $165,000. As expected, SFR inventory seasonally increased to 4,697 homes. The current inventory is down approximately 6% from 2011 levels. It is anticipated that the inventory will peak in May before declining. Condo activity was filled with mixed results. Condo inventory fell from March while sales remained flat to March’s level. However, Condo sales are down 10% from April, 2011 and approximately off 3% for the full year (as compared to 2011). Offsetting flat sales was an increase the Median Sales Price for condo. Driven by more financed transactions and higher average cash transaction size, April was the second consecutive month of Condo sales price improvement. Residential lot sales activity continues to improve. The improvement continues to be at the expense of price as Median Sales Price of Residential Lots is $30,000. Distressed activity continues to be a consistent part of the area sales activity accounting for 28 – 33% of all transactions.

Inventory

Inventory - April 2012

Closed Sales

Closed Sales for Single Family Residences - April 2012

Median Sales Price

Median Sales Price for Single Family Residences - April 2012

Download: Grand Strand Real Estate Market Statistics – April 2012

Myrtle Beach Area Market Statistics – March 2012

admin — Wed, 16 May 2012 03:56:45 +0000

March has proved to be a strong month for sales along the Grand Strand. SFR sales show the best 1 st
quarter (# of sales) since 2007. SFR and Condo inventory show a seasonal increase; however, as compared to last years levels, SFR and condo inventory levels are down 7.5% and 6.2% respectively. SFR distressed inventory has continued to rise for 4 straight months. March SFR sales are up as expected (22% from February), and show a 4.4% decrease from March 2011. SFR distressed sales continue to pull down the median sales price, as March distressed sales make up 31.2% of all SFR sales with a median sales price of less than $125,000. Since 2ndQuarter 2011, non-distressed SFR median sales price has remained steady at approximately $180,000. March condo sales are up 27% from last month and median sales price shows an increase (up 11% from February 2012 levels). This increase was driven by a fewer percentage of cash transactions. Year to date, condo sales are down 2.6% as compared to 2011 levels, a result of limited financing. Year to date, distressed condo sales account for 35% of sales, with an approximate distressed median selling price of $75,000. Nondistressed condo median sales price has remained relatively steady (around $115,000) since January 2011. In March, residential lots show a continued increase in number (up 56% from last years level and 82% from 2010 levels).The median price for lots along the Grand Strand continues to decrease as a reflection of the number of distressed sales (46% of sales YTD).

Inventory

Inventory - March 2012

Closed Sales

Closed Sales for Single Family Residences - March 2012

Median Sales Price

Median Sales Price for Single Family Residences - March 2012

Download: Grand Strand Real Estate Market Statistics – March 2012

Myrtle Beach Area Market Statistics – February 2012

admin — Wed, 21 Mar 2012 01:04:32 +0000

Most metrics and trends indicate a positive start to 2012. After an uptick in January, Single Family Residential (SFR) SFR and Condo inventories fell in February. As compared to levels one year ago, SFR and Condo inventory fell 10.3% and 7.3%, respectively. However, SFR distressed inventory continued to rise for the third straight month. SFR sales continued its strong start in 2012. As compared to prior month and prior year levels, February SFR sales are up 9.8%. Year to date, SFR sales are up 9.7% vs. 2011 levels. SFR median sales price rebounded to $180,000, its highest level in seven months. This increase was attributed to higher sales prices of distressed properties and a lower percentage of distressed sales. After a slow January, Condo sales increased 36% from prior month and 8.4% from February, 2011 levels. Year to date, Condo sales are up 3.1% as compared to 2011. Although sales are up from prior levels, condo median sales price remains at $95,000. The depressed sales price is driven by distressed sales (34%) and cash transactions (74%). Although slow and steady, Residential Lot sales activity continues to improve as sales are up 51% as compared to same time last year. Additionally, the Residential Lot prices appear to have stabilized at $37,500.

Inventory

Inventory - February 2012

Closed Sales

Closed Sales for Single Family Residences - February 2012

Median Sales Price

Median Sales Price for Single Family Residences - February 2012

Download: Grand Strand Real Estate Market Statistics – February 2012

Myrtle Beach Area Market Statistics – January 2012

admin — Fri, 17 Feb 2012 01:59:12 +0000

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.

Inventory

Inventory - January 2012

Closed Sales

Closed Sales for Single Family Residences - January 2012

Median Sales Price

Median Sales Price for Single Family Residences - January 2012

Download: Grand Strand Real Estate Market Statistics – January 2012

Myrtle Beach Area Market Statistics – December 2011

admin — Sat, 04 Feb 2012 22:29:03 +0000

Grand Strand Market Report

Single Family Residential (SFR) continues to exhibit signs of stabilization. SFR inventory continued to decline as December marked the seventh straight month of inventory reduction. For December 2011, SFR inventory is down 5% from its level a year ago. However, distressed SFR inventory increased in December indicating a growing concentration of distressed inventory. SFR sales for 2011 were up 5.2% versus 2010 levels. However, December SFR sales were down 13.9% and 7.0% from their 2010 and 2009 levels, respectively. SFR median sales price continued to stabilize at $170-175,000. For 2011, SFR median sales price was down 6.1% which is ‘in line’ with our forecast. Similar to SFR inventory, condo inventory has declined for seven months and is down 7.8% from December, 2010 levels. Condo sales activity has remained steady since mid 2009. For 2011, condo sales were flat with 2010. Although demand for condos has remained steady and inventory has declined, the pricing remains weak. Overall, 2011 median sale prices for condos are down 10.3% due to limited financing and distressed sales. Finally, 2011 presented a ‘mixed bag’ for residential lot activity. For 2011, residential lot sales are up 29.1% while the median sales price fell to $30,000, a 33% decline from 2010.

Inventory

Inventory - December 2011

Closed Sales

Closed Sales for Single Family Residences - December 2011

Median Sales Price

Median Sales Price for Single Family Residences - December 2011

Download: Grand Strand Real Estate Market Statistics – December 2011

Myrtle Beach Area Market Statistics – August 2011

admin — Thu, 13 Oct 2011 01:07:11 +0000

Grand Strand Market Report

August real estate performance was a mixed bag for the Grand Strand. Single Family Residential (SFR) inventory continued to decline as it is down 8.3% over the last 12 months. Although SFR distressed inventory is up vs. August 2010 and represents 17.2% of the inventory, it has declined for 3 consecutive months. SFR sales were up 13.3% from July and up 9.9% as compared to August 2010. Year to Date (YTD) sales are up slightly versus 2010 evels. Median Sales Price for SFR was flat to prior month and prior year levels. YTD, SFR median sales price is down 6.2% versus 2010 level. Cash transactions have been a growing share of SFR activity and represents about 35% of transaction activity. Condo activity remains at lackluster levels as inventory has declined 12.2% over the past year. Distressed condo inventory continues to decline as it has dropped 14.9% over the last year. Condo sales activity was virtually flat with July but down 13.6% versus August 2010. YTD, condo sales are up slightly (2.7%) as compared to 2010. Median sales prices for condos continue to erode and are down 8.6% from July and 12.6% versus August 2010. Year to date, the median sales price for condos is $107,250. This decline is driven by the high percent of distressed sales activity and cash transactions.

Inventory

Inventory of Single Family Residences

Closed Sales

Closed Sales Chart (August 2011)

Median Sales Price

Median Sales Price (Non-Distressed, Distressed & Combined)

Download: Grand Strand Real Estate Market Statistics – August 2011