CertifaxAppraisals.com: Myrtle Beach Real Estate Recovery - Four Key Indicators Say Bottom Reached

Kay Van Hoesen, senior appraiser and founder of Myrtle Beach real estate consulting firm Certifax Appraisals, announces four key housing indicators, all pointing toward a bottomed Grand Strand real estate market, saying the time to buy is now.
By: www.CertifaxAppraisals.com
 
Sept. 27, 2012 - PRLog -- Myrtle Beach, SC -- Kay Van Hoesen, founder of Myrtle Beach real estate consulting firm Certifax Appraisals, released statistics, graphs and data with four current indicators confirming a bottomed Myrtle Beach housing market.

1. Improving Sales-to-Listings Ratios

Every year since 2009, the gap between available inventory and closed sales has diminished. For the year ended August 31, 2012, 84% of listings sold compared to only 45% for the year ended August 31, 2009.

Year ended August 31, 2009:
- 6,221 single family listings, 3,221 sales = sales-to-listing ratio of 52%.
- 6,501 condo listings, 2,530 sales = sales-to-listing ratio of 39%.

Year ended August 31, 2012:
- 5,495 single family listings, 4,685 sales = sales-to-listing ratio of 85%.
- 4,530 condo listings, 3,744 sales = sales-to-listing ratio of 83%.

2. Pricing Trends and Improving Sales Prices

The overall median sales price of residential property--combining condos and single family homes--increased 7% from $136,000 in August 2011 to $145,000 in August 2012. Moreover, for every single family and condo price point for the 12 months ended August 31, 2012, the median sales prices remained stable to increasing for the entire year.

3. Number of Properties Sold

Year-over-year sales of condominiums and single family homes have surged every month since April. During the last two months, single-family home sales experienced increases of 23% and 15%. In the last month, condominium sales increased 22%

4. Days on Market

Most industry experts believe a six-month supply is balanced inventory. Among all the single-family and condominium sales over the last year, the median days on market of sold properties ranged from only 119 days to 143 days, or between four and five months.

"Every single one of these indicators points to an improving market. If you’ve been sitting on the sidelines, waiting for the lowest possible price, you’d better get busy, because prices are inching up, and the “steals” are disappearing," said Van Hoesen.

For more details on the Myrtle Beach and Grand Strand real estate market, contact Kay Van Hoesen at http://www.certifaxappraisals.com/.

See all charts and graphs at http://www.certifaxappraisals.com/myrtle-beach-real-estat...
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Source:www.CertifaxAppraisals.com
Email:***@certifaxappraisals.com Email Verified
Zip:29577
Tags:Myrtle Beach, Real Estate, Market Bottom, Real Estate Appraiser, Myrtle Beach Appraiser
Industry:Real Estate, Investment
Location:Myrtle Beach - South Carolina - United States
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