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Myrtle Beach Real Estate market sees increase in 2010
Thursday, August 5th, 2010The 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.
Myrtle Beach Real Estate
Wednesday, August 6th, 2008New Developments in Myrtle Beach Real Estate!
Myrtle Beach is one of the fastest growing communities in the United States, and is one of the major destinations for new construction catering to retirees. It was a major vacation destination during the ’80s and ’90s, and holds a lot of memories for the people who are retiring now – memories of romantic nights on the beaches when they were younger, playing with the kids in the water parks, and more.
As the population has aged, Myrtle Beach has adjusted to match – it’s one of the premier golfing destinations in the country, with tier one and tier two golf courses, some exclusive and some public. There are plenty of activities to entertain, from festivals to a top flight orchestra, to, well, the strand that made the place famous in the first place.
If you’re looking to buy into Myrtle Beach, either as a vacation home, moving here to enjoy the lovely weather and raise a family, or to buy a condo for retirement, there’s a lot the city has to offer. New developments, to the tune of several million square feet of living space are opening up all the time, and existing home sales – bucking the trend across the country – remain brisk.
If you want a custom home, there are developments for all price ranges, from Centre Point to more upscale developments on the northern side of town, some with integrated shopping and activity centers.
If you’re looking for a sleepy, quiet neighborhood to raise your children, Myrtle Beach can cover that as well – one benefit of the growing real estate market is a good tax base to fund the local school district, and the Myrtle Beach chamber of commerce knows full well that building a dynamic community requires getting young professionals into the housing market and putting down roots. They’ve seen what happened to Augusta and Dade County, and are taking proactive measures to keep Myrtle Beach dynamic and appealing for every age demographic.
Real Estate Market Update – Myrtle Beach Real Estate In South Carolina
Tuesday, April 29th, 2008You’ve seen the ashes and sackcloth in the national media. We’re facing an impending housing crisis of Biblical proportions, Bear Stearns got bought out by Morgan Stanley, and the World is Going To End. Oh, and real estate is the worst place to park your assets right now. At this point, the litany of woes in the housing sector sounds like an early ’90s grunge act, or maybe the final act of an opera as everyone threatens to throw themselves off the cliff.
What isn’t getting reported is that every trend has a rebound line. Right now, housing prices are down; they may not have hit bottom, but they’re probably very close. As anyone who does investing or sales knows, the key to making money is to buy low and sell high. Right now, the price of housing is very low – and there are lots of people desperate to get out from under their mortgages, so the first part of that formulation is here. How about selling high?
Let’s look at the housing market – we’ve got an economic correction (read “recession”) coming on. We’ve also got a demographic wave peaking with the Baby Boomers getting set to retire…and they’re going to want to buy retirement homes. After all, real estate is an investment in a tangible asset with real value – you can always re-sell the land, or live in the home. It’s one of the safest investments out there…and there are markets where the housing prices are down and the upside potential is great.
One of those markets for real estate is Myrtle Beach, South Carolina. Let’s look at the numbers. Myrtle Beach is the sixth fastest growing metro area in the US Myrtle Beach real estate is a good investment in the near term, and a great investment in the medium turn. The time to buy is when everyone’s driving the price down – and the time to buy into Myrtle Beach real estate is right now.
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