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Myrtle Beach Real Estate market sees increase in 2010

The Myrtle Beach real estate market saw increased sales volume in the first half of 2010 in both single-family homes and condominiums. According to statistics released by the Coastal Carolinas Association of Realtors, a total of 2,047 single family homes sold representing an  increase of 32% over the level of sales in the first half of 2009 while condos increased 38% with 1,740 units sold.

The flip side of the volume increase is the decrease in median price — the price at which half sold for less and half sold for more. Single family median price decreased 5% to $170,000 and condos fell 6% to $122,200.

Influenced by the record number of myrtle beach foreclosures available for sale, these median low prices, combined with record low interest rates, mean the Myrtle Beach real estate market offers an incredible opportunity for value-seeking purchasers. In fact, the best properties with great locations and amenities, are selling quickly drawing in buyers who have been sitting on the sidelines.

Another indicator of the incredible values is the record number of cash sales. In June, 2010, about 47% of buyers paid cash, 44% used conventional financing, and 9% had loans through other sources such as FHA and VA.

Foreclosures and short sales generally sell at prices below comparable market value which also drives down overall real estate values. But the increased volume means inventory is reducing. The number of condos listed on the market in the first half of 2010 was down 14% from the same time frame in 2009. Reduced inventory will eventually drive prices up as there will be increased competition for available product.

Local realtors, including those at The Hoffman Group, are consequently applauding the reducing inventory and optomistic that Myrtle Beach real estate overall is improving as pricing stabilizes.