Myrtle Beach Real Estate Market Report

Myrtle Beach, SC single family and condo/townhome sales are strong! Single family homes and condo sales are up 30% and 33% versus 2009 and up 14% and 14% versus 2008. Lower prices are the key to all the activity in the real estate market in Myrtle Beach. The year to date median sales price for single family homes is $180K and for condos, the median sales price is $121K.

Myrtle Beach foreclosure inventory decreased from May which is also attributed to the lower prices. The percent of distressed/foreclosure or short sales remains steady at 30%.

Myrtle Beach Active Real Estate Inventory:

Single Family Residential 4,495

Condo/Townhomes 5,238

Closed Sales- Single Family Residential: 281 in June 2009(avg. price $264,165) VERSUS 413 in June 2010(avg. price $247,474)

Closed Sales- Condos:282 in June 2009(avg. price $166,811) VERSUS 298 in June 2010(avg. price $145,624)

The market is strong and with lower prices, buyers are taking advantage and purchasing primary homes,2nd homes, and investment properties. Myrtle Beach’s low taxes and low prices are very attractive for retirees from the North looking to escape harsh winters and taxes and even half backs from Florida looking to escape higher taxes and hurricanes. Myrtle Beach market is hot, hot, hot!!! View foreclosure properties at www.myrtlebeachrealestatetoday.com/ to find the perfect home for you!

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