MB Housing Prices ~ Up Year Over Year / Down in 3rd Quarter

The Grand Strand housing market is showing its first sign of quarter-over-quarter price declines, and one economist says insurance increases are largely to blame.

• “The condo market will see continued price declines that is going to get worse, unless we find a solution to the insurance problem” said Al Parish, economist at Charleston Southern University.

• Skyrocketing insurance premiums have hit the condo market harder than the single-family market.

• He cited up to 100 percent increases in single-family premiums and up to 700 percent increases in condos.

RE-SALE PRICES DOWN IN THIRD QUARTER

• Condos: median price fell to $169,500 in the third quarter from $173,900 in the second quarter.

• Single Family Homes: median price dropped from $197,000 in the second quarter to $193,300 in the third quarter.

NEW HOUSING MIXED IN THIRD QUARTER

• Condos showed a slight decrease, from $201,820 to $199,900.

• Single-family homes - are seeing price increases.

HOWEVER - PRICES HAVE INCREASED, YEAR OVER YEAR

• Resales: Condos up 1% and Single-Family Homes up 7%.

• New Housing: Condos up 29% and Single-Family Homes jumped 23%

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