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Myrtle Beach Real Estate Update for April 2014
Our market has seen some ups and downs in the last few months.
However, looking at the numbers, I can say that our Myrtle Beach market
has rebounded strongly. We ended a 5-month stretch of declining sales, and single-family home sales were up by 13.4% from last year.
Single-Family Residential:
The strong performance is led by year-to-date sales which surpassed 2013 by 5.4%. This
is a much better number than what we saw in February or January.
Although one month will not make a trend, it will definitely encourage
positive news. I foresee people coming to Myrtle
Beach to buy up properties, which should help to boost the sale of
properties in the area.Single-family inventory in Myrtle Beach continues its seasonal rise, and it is up by 2.7% over last year's number. Distressed single-family inventory has leveled off and is 23.2% below last year's levels. This means that the median price for single family homes should see an increase. Median sale price is already up 5.6% year-to-date, and as investors buy up the remaining distressed properties, we should see this number rise as well.
Condo Sales:
Condo sales lag behind 2013 a little bit, with sales down 4% from last year, and YTD sales down by 6%.
We usually gauge condo sales by what happens with single-family home
sales, so this market is a bit behind in recovery compared to the
residential home market. Distressed condo properties declined for the 24th straight month and they are 47% below 2013 levels.This is one of the things we've been seeing lately when there is still a little bit of inventory - like we have in single-family homes - people are still scooping up these properties and fueling those sales.
Residential Lots:
If we look at residential lot sales, they slipped a bit in March, but
that was expected because everyone was scrambling to build to match the
demand from last year. Those sales are down to 2012 levels and median
sales price is still strong. YTD sales are up by 44% in regards to price, so that is a great number.If we break this all down a bit more and look at April last year to March of this year, we can see that overall sales are up 10% in the entire region. The price range with the biggest gain in sales was for $200K-250K which saw a 25.6% increase in sales. Median sales price is up by 6.2% and is sitting at $148,500.
Contact me with any and all of your Myrtle Beach real estate questions or concerns. I am always glad to provide assistance to you or arrange a time where we could speak.
