News By Tag
News By Location
Myrtle Beach Real Estate: Housing Recovery Despite Foreclosures?
Certified appraiser reports June 30, 2012 data pointing to a Myrtle Beach and Grand Strand real estate market teetering on recovery.
Van Hoesen stated, "You may have heard these rumblings recently: ‘We’re still going to see declining prices,’ but I’m not convinced."
Pointing out a recently published article in the local newspaper, The Sun News, Van Hoesen stated, "Much of the data that does get reported is generalized and doesn’t paint a clear picture."
The Sun News story indicated that over the last year, the median price of condominiums fell 3% and houses dropped 2%.
However, using the same data source, Van Hoesen provided more refined statistics that actually show increasing prices in five out of eight price points, one price point remained stable, and only two price points declined over the past year.
Ratio of Sales to Listings also has shown a marked improvement over the last four years..
For the year ended June 30, 2009, out of 6,264 single family listings, there were only 3,169 sales. That’s a 51% sales-to-listings ratio. Each year the ratio has improved. For the year ended June 30, 2012, the ratio is 82%.
Likewise, the ratio of condominium sales-to-listings has also steadily improved from 51% in 2009 to 72% as of June 30, 2012.
Number of Properties Sold: Month-by-Month Comparison:
In the last two months, sales increased substantially compared to the same month in the prior year, with double-digit increases in May. In June, for both condos and single family, unit sales increased 9%.
Van Hoesen concluded, "I don’t have a crystal ball, and it’s true, we have many more foreclosures coming on the market. But judging by historical data, the Myrtle Beach market’s in pretty darn good shape."
See all charts and graphs at http://www.certifaxappraisals.com/