Myrtle Beach Home Sales See A Slight Slowdown While
Sale Prices Remain Steady (March 2014)
Most people know that the real estate market along the Grand Strand experienced some recovery in 2012 and 2013. The rebound in those two years was very impressive. After seven years of a down market, we felt that we are on our way back to the top.
We study numbers closely and I was working with a local "market analysis" firm who share some interesting numbers on our market. I think you will find this report very helpful in forming your own opinion on how the market is trending.
Based on a recent report from SiteTech, Single Family home sales are lagging behind 2013. February’s 2014 sales volume alone was off 4.6% compared to February2013 levels.Keep in mind, we are comparing same time different year. This takes into account the season.
2013 started off with 10 straight monthsof double-digit growth. The sales volume in November and December were flat and the 2014 Year to Date sales are down 5.1% compared to 2013. So, we had 10 months of strength, 2 months of flat and the first 2 months of 2014 are down. I know it is too early to declare a shift in the market but we think it is very important to keep our eyes open for the next few months.
There are many factors that can contribute to the decline such as record setting 2013 sales, weather, tight inventory in parts of the Grand Strand, and fewer investor sales. Single Family homes inventory has continued to increase with year over year inventory growth of 2.5%. February 2014 inventory levels are at its highest of all February’s since 2011.
One thing we can all celebrate is that distressed inventory is down 24.3% from February 2013, however distressed inventory has increased slightly over the previous 2 months. The current level of distressed inventory represents 9.7% of all home listings on the market. The median sales price for single family homes has maintained its levels at $185,000. So far this year, we are seeing a slight increase in median price. Some say this is influenced by the high-end homes that are being sold.
The condo market is showing similar trends:
Condo sales in 2014 have started off a little slow. February’s sales activity is off 13.5% from its 2013 performance and 2014 total sales year to date are down 10.5% compared to the previous year.Just like the inventory of homes, condo inventory rose from its January level. Distressed condo inventory is still down and the median sales price is flat so far in 2014.
The real estate market in the Myrtle Beach area has had its ups and downs. A lot of the losses have been washed away over the last two years. The market still has a long ways to go and we are all keeping our fingers crossed that these short trends will reverse so 2014 will end up being another year of growth.
We recently gathered all of the agents at Century 21 the Harrelson Group to discuss the market numbers and brainstorm how we could market our properties to make sure our owners are getting top dollar. Our goal is to maximize price and/or protect our client’s equity.
No matter what the market does, we will aggressively market our properties to ensure maximum exposure. We like to see our listings getting more showings than the competition. More showings equal more offers and that equals higher price.