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.
Percentage change of closings from
same quarter previous year
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.
Lender Sales as % of Resale
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.
with the rest of the nation, the Grand Strand experienced exceptional
real estate activity in the 2005-2006 period. To get a more realistic
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.
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.
activity for the first quarter of 2010:
County was 30% of the 2005 level.
County was 28% of the 2005 level.
County was 25% of the 2005 level.