Single Family Residential Sales Begin Strong for the 3rd Quarter

The Grand Strand market report for July indicates that Myrtle Beach home sales grew a strong 12.5% during the third quarter which out-performs levels reported during 2012.  Coupled with YTD sales that are up 20.1% this growth shows an increase in market confidence and performance during the first half of 2103 as compared to 2012.  Also the median price of SFRs was $177,836 which is in line with full year performance and shows a slight increase of 4.77% for the year.

Despite the SFR’s seasonal decline of inventory, levels are still up 4.54% above previous years and the amount of distressed inventory is down 32.6% below last year’s listings.  Directly impacted by fewer distressed sales, SFR median sales prices remain strong and stable for a 4.77% increase from the 2012 average.  The strong sales volume combined with added sales prices brought the sold to list ratio up to a high-performing 93%.

The condo inventory continued its slow decline during the third quarter to 8.4% from July 2012 levels; the distressed inventory is down sharply to 44% over the last year.  Sales of Myrtle Beach Condos increased to an improved level of 17% over last year’s statistics.  This market growth brought the median sales price of condos up 2.6% YTD.

The performance of residential lot sales are in line with the 2012 reports both in July 2013 and YTD total sales.  Even though the median sales price of residential lots is flat compared to June’s statistics, the YTD sales price is up 26.0% from 2012.

Although the growth seen in the Grand Strand housing market is not rebounding as fast as professionals would prefer, the growth is substantial and is a steady rise that is growing quarter by quarter.  The signs of improvement demonstrate a renewed confidence in the market and will only continue to increase with growth in demand for quality housing; one can safely assume that the growth is here to stay which affirms the power of the housing sector in the Grand Strand area.

The growth momentum seen in July is expected to carry forward into August with activity increasing strength and stabilization.  Improving performance indicators show that buyers are aware of rising interest rates and lower availability of inventory which impacts their decision to invest quickly in property that meets and exceeds their needs.

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