Myrtle Beach Real Estate Market Report for July 2013

Good news for the Grand Strand Real Estate Market

In July, Single Family Residential Sales were up 12.5% compared to 2012; year to date, SFR sales are up 20.1% from 2012. In addition to these strong sales numbers, prices are up as well, the median sales price was $177,836 up 4.94% over last July and 4.77% year to date.  Inventories of homes for sale continued to decline, but are still up 4.45% from last year, but the good news for sellers is the distressed inventory (houses in foreclosure) is down 32.6% below last year—taking some downward pressure off prices.

Condos sales are up 17% compared to last July and 7.6% year to date. The median condo sale price is $110,000, up 16.4% over last July and up 2.6% year to date.  Condo inventory is down 8.43% and the distressed inventory down a whopping 43.7%.

What do all these numbers mean to the average seller or buyer?  For sellers, it’s looking better and if you’ve priced your house with the market, stick with your price.  For buyers, it’s no longer the time to make unrealistically low offers as sellers are seeing multiple offers for well-priced homes.

This data is based on research by Site Tech Systems; read their full report at: 

http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf

Existing Home Sales Nationwide

The National Association of Realtors has just published an article about existing home sales which shows strong gains across the country. Here's the link:

http://economistsoutlook.blogs.realtor.org/2013/06/28/existing-home-sales-by-price-category/

U S Home Prices Continue to Climb

Home Prices Post Biggest Jump in 7 Years

Home prices are moving up at a quicker pace, rising in May by their largest annual amount in more than seven years with more to come, according to the latest report released by CoreLogic. 

Home prices increased 2.6 percent in May over April and have shot up 12.2 percent compared to last year’s prices according to CoreLogic economists who predict that home prices will rise by another 2.9 percent in June, making the yearly price gain 13.2 percent year-over-year. 

Tight inventories of homes for sale across the nation seem to be the driving factor with pent up demand and low interest rates adding to the action.   

When including distressed sales, the following five states have seen the highest home appreciation in the past year, according to CoreLogic:

• Nevada: +26%
• California: +20.2%
• Arizona: +16.9%
• Hawaii: +16.1%
• Oregon: +15.5%

What are home prices doing in the Grand Strand?  Check SiteTech Systems latest report at:http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf

Grand Strand Market Report for May 2013

The residential real estate market continues to improve, for both single family homes and
condos.  Here is the summary from SiteTech Systems:

"After a strong start in 2013, Single Family Residential (SFR) sales continued its
momentum as May’s performance was the best May since 2006. During May,
SFR sales topped 473 homes which is an 18.3% improvement from 2012 and a
47.4% improvement from 2011. May’s performance was the best single month
of sales since June 2006. Year-to-date (YTD), SFR sales are up 21.1% from 2012
levels. In addition to strong SFR sales, the median sales price of SFRs was
$190,000, the best monthly performance since Q3 2010. The improvement in
sales price was driven by fewer distressed sales. YTD, the median sales price is
up 5.03% for the year. As SFR sales continue to grow, more homes are coming
back onto the market. During May, the inventory of home for sales continued
its seasonal rise and is up 5.6% from prior year levels. It is anticipated that the
inventory has peaked and will begin its seasonal decline in June. Offsetting the
growth in SFR inventory, the inventory of distressed homes for sale continued
to decline and is now 31.1% below its prior year level. For condos, the
inventory continues it slow decline and the current inventory is down 10.8%
from May 2012 and distressed inventory is sharply down 39.3% over the last
year. During May, condo sales declined slightly from 2012 and remain up 6.8%
for the full year. The median sales price for condo rebounded in May to
$110,500. This improvement was driven by fewer distressed sales. YTD, the
median sales price of condos remains flat to 2012 levels at
$105,000. Residential lot sales rebounded in May and full year sales are in line
with 2012 performance. Similar to SFR and condos, the median sales price of
residential lots improved in May and the YTD sales price is now up 17.8% from
2012."

Read the entire report at:
Grand_Strand_Market_Report May 2013

Garden City Beach & Murrells Inlet Real Estate Update for April 2013

For the update, just click

Litchfield/Pawleys Island Real Estate Update for April 2013

Just click for the April update

GRAND STRAND MARKET REPORT April 2013

Here's the mostly good news from Site Tech Systems:

Single family homes sales are up in April, 31.5% from last year; year to date sales are up 19.5% from 2012. The median sales price shows signs of stabilization, up 3.1% from 2012.  However, as the number of sales climbs and prices stabilize, more homes are coming on the market, inventory is about 6% above last year and will probably continue to grow in May.  Increasing inventory tends to keep prices down, but fewer available homes are distressed inventory (homes in some stage of foreclosure) which is good as distressed home sales tend to put downward pressure on prices.

Condo sales, both in number and median price remained flat with 2012 and inventory continues to decline, both overall and distressed, which over the next few months should help prices.

Much better news for sellers and for buyers, time to take action.

Read the entire report at:

http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf