With the recent availability of the 2014 April market stats report, it’s now apparent that the housing recovery is maturing into a more stable and flourishing part of our Myrtle Beach economy.  Close review of some of the most striking numbers reveal that closed sales in the Coastal Carolinas show an increase when assessed by segments.

The property type that seems to have the largest price gain is the single-family residential sector which boasted prices up 8.3 percent to $176,000; from May 2013-April 2014 the price range that had the largest gain was in the $200,000-$250,000.  This means that if you purchased a new home in The Farm at Carolina Forest, for example, your median price fell within the impressive growth level of 23.1% recorded in our market. 

Overall median sales were up 7.5% YTD which means that most realtors saw an increase in the traffic they experienced in their office and legitimate offers extended by potential buyers to sellers.  The price range that tended to move more quickly than others was the $150,000 and under properties; they moved at an average of 154 days which is excellent for an improving market climate and homeowners wanting to upgrade or investors looking for exceptional values.

Another factor that influences our market here in Myrtle Beach is the amount of inventory that we have available at any given time.  Currently we have approximately 8.3 month’s supply for single-family residences and 11.1 month’s supply for our condo market; with the statistical reports indicating additional growth, communities like Cipriana Park at Grand Dunes and Cypress River Plantation can expect to see more interest and movement in the available properties in these areas.  As more and more people search for property for a second home or a retirement residence, we can expect our viable market here in Myrtle Beach to attract a great deal of attention. 

With such benchmarks of improvement paving the way for additional growth here in Myrtle Beach, each professional REALTOR should be excited at the prospects during 2014.  With such strong growth already occurring and gains being made in the single family home sector as well as the condo market, this promises to be a successful year for the real estate market along the Grand Strand.