Grand Strand ~ sales down / prices up in Oct

Summary: Everybody is waiting. The only people buying and selling are those that have to.

Skyrocketing insurance premiums and steadily growing inventory have sent real estate sales tumbling on the Grand Strand.

• Single-family home sales dropped 20 percent to 428 in October from 538 in October 2005, according to the Multiple Listing Service for Horry and Georgetown counties.

• Condominium sales dropped 34 percent to 423 from 640 last October.

• The market is seeing a sharp increase in supply and a moderate decline in demand.

Overall prices are still showing year-over-year increases.

• The average home price increased 5 percent to $272,701 from $258,567

• The average condo price was up 5 percent to $243,851 from $231,646.

Motivated sellers drop prices.

• Most real estate agents say prices are being cut in certain segments of the home and condo market and motivated sellers are offering big incentives.

• Investors have left the market; some agents predict they will return in the spring when they expect the market to rebound.

Insurance

• Insurance spikes have contributed to plummeting condo sales with 10,211 condos still sitting on the market.

• Some condominium owners are having to pay as much as seven times the amount of insurance that they paid a year ago.

Source: Jenny Burns, The Sun News, Myrtle Beach, SC