Myrtle Beach: 2008 worst real estate market in 15 years

In 2008, selling prices of Grand Strand homes posted their steepest declines in at least 15 years, according to year-end stats provided by the MLS. The declines show just how much sellers have been willing to slash prices - and are evidence of bargains out there for buyers.

The Bad News: MLS stats for 2008

• Single-family home prices fell 5 percent from 2007
• Single-family home sales fell 32 percent in 2008
• Condo prices fell 23 percent from 2007
• Condo sales fell 36 percent in 2008

The Good News: Silver lining for patient buyers

The decline last year brings prices about back in line with what they were in 2005, said Tom Maeser, market analyst for the Coastal Carolinas Association of Realtors.

The number of homes for sale is also on the downswing, a good sign that supply is starting to get back in line with demand, Maeser said. The number of homes on the market fell from 13,484 at the end of 2007 to 12,801 at the end of 2008.

The price declines have been necessary to get buyers to bite and to help sell excess inventory, said Coastal Carolina University research economist Don Schunk.

His forecast calls for the housing market to start stabilizing in the second half of this year as low mortgage rates spur people to buy homes, as economic stimulus efforts from the new presidential administration take effect and as inventory gets eaten up.

“That’s not saying that 2009 is going to be a banner year by any means,” Schunk said, “but toward the end of this year, the declines should be slowing.”

Resource: Jessica Foster, The Sun Times, Myrtle Beach