Myrtle Beach Area Real Estate Market Update | Real Estate Market Updtate for Horry and Georgetown Counties
Posted by Preston Guyton on Saturday, May 15th, 2010 at 3:55pm.Below is a Real Estate Market Report for the 1st Quarter of 2010. This report is provided by EF Hucks Associates in Pawleys Island. If you are thinking of buying in the Myrtle Beach area, it might be time to jump in as mortgage rates and prices continue to be at historic lows.
There was better news again this quarter. For the second consecutive quarter, all three Counties have shown percentage increases in the number of units sold compared to the same quarter in the previous year.
Horry | Brunswick | Georgetownfrf | |
| Q1 09-10 | 35% | 21% | 14% |
| Q4 08-09 | 33% | 16% | 33% |
| Q3 08-09 | -11% | -13% | -36% |
| Q2 08-09 | -21% | -31% | -47% |
| Q1 08-09 | -44% | -39% | -48% |
Percentage change of closings from
same quarter previous year
Foreclosures
and sales by lenders have continued to be significant this year. To
quantify this activity, the chart below shows the percentage of these
sales to market sales in the re-sale (not new construction) sector for
the first quarter of 2010.
| Horry | Brunswick | Georgetown | |
|
Homes | 25.2% | 16.5% | 15.9% |
|
Condos | 24.1% | 13.6% | 15.8% |
|
Lots | 31.1% | 15.1% | 15.0% |
Total
real estate sales volume during the first quarter of 2010 for the
Horry-Georgetown-Brunswick County area was approximately $503 million.
This is a 14% increase from sales during the same period in 2009.
Along
with the rest of the nation, the Grand Strand experienced exceptional
real estate activity in the 2005-2006 period. To get a more realistic
look at
where the market is today, a comparison was made between closings for
the first quarter of 2010 and the average closings for the same periods
in 1996-2009 without the 2005 and 2006 totals (adjusted average). These
charts give a better understanding of the current
situation based on long-term trends.
Total Closings
Comparing
closings for the first quarter of 2010 with prior years' indicates that
the Grand Strand real estate markets have shown some signs of the
market rebounding. These records include all closings; single-family
homes, condos, lots, commercial land and commercial buildings. As shown
in the graphs below, the annual peak in all three counties was 2005 (the
boom year). The downturn in sales in each county has also been similar.
Comparing activity for the first quarter of 2010:
- Horry County was 30% of the 2005 level.
- Georgetown County was 28% of the 2005 level.
- Brunswick County was 25% of the 2005 level.
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Share2 Responses to "Myrtle Beach Area Real Estate Market Update | Real Estate Market Updtate for Horry and Georgetown Counties"
Preston Guyton wrote:
I think sales and closings will continue to be on the upswing. Looking at pending properties and what has sold so far, we should have a significant amount of closings in the 2nd quarter of 2010. There are currently 2,043 pending contracts, and I am sure with the home buyers tax credit expiring there will be a large push to have many of these closed by the end of June.
I think sales and closings will continue to be on the upswing. Looking at pending properties and what has sold so far, we should have a significant amount of closings in the 2nd quarter of 2010. There are currently 2,043 pending contracts, and I am sure with the home buyers tax credit expiring there will be a large push to have many of these closed by the end of June.
Posted on Monday, May 17th, 2010 at 7:55am.
Great to see improvements in your area as well. From the areas that I follow, it seems that all have experienced slight ticks upwards (but I don't follow anybody in AZ or the most distressed areas of CA). Any projections/predictions for the coming quarter, Preston?
Posted on Monday, May 17th, 2010 at 4:42am.