Wednesday, January 19, 2011

Market Conditions report for South Carolina - Myrtle Beach Metro 2010

Recently, the South Carolina Realtors board released this Market Conditions report, like it does every year. It has some very interesting facts and things to really look forward to in 2011. Below the actual report, are the specifics for our area. I will be breaking those down as well.

Here is the report:

With the year now wrapped up, it’s time to look back on 2010 and survey the landscape. single-family homes across the state. The Median Sales Price of single family homes increased by 1.6 percent during the year to arrive at $157,000. Condo prices decreased by 4.8 percent to end the year at $126,000. Homes sales responded to these price changes as you might expect. Single-family home sales were down by 3.5 percent during the year, while condo sales were up by 3.4 percent. 
Looking at sales by price range, the $100,000 and under bracket had the strongest year-over-year change, up by 6.5 percent, driven mostly by an increase in condo sales. The $100,001 to $150,000 range had the weakest showing, down by 11.3 percent. 
At the end of 2010, inventory of single-family homes was at 37,202 properties, an increase of 3.2 percent from last year, while there were 11.9 percent fewer condo units than last year, with 10,348 available. Months.
Supply of Inventory was down for nearly all segments, except for single-family homes with 3 bedrooms which pushed the overall metric for supply up over last year. Interestingly, that was also the segment with the smallest supply at 12.6 months. Larger condos with 4 bedrooms or more had the highest supply at 19.6 months, down 17.5 percent from a year ago.

The first report is for Myrtle Beach proper, and you can see that the median price dropped considerably for both homes and condos. The interesting thing is that the price dropped actually helped the condos as you would expect, meaning the Days on Market decreased, but for homes it increased. And as expected, a lot more condos closed compared to 2009.

Here is the report for North Myrtle Beach. The market in North Myrtle is slightly more stable, with prices not fluctuating as much. And in this market, which is widely known to be more residential, and less investors, the drop in home prices helped with the Days on Market. And both condos and homes benefitted from the lower prices with many more closed transactions in 2010.

If you would like the market report for a specific area in the Myrtle Beach Metro area, please contact me and I would be glad to post it for you!

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