Myrtle Beach - Home, condo sales decline again in August

Sales for homes and condominiums fell again in August on the Grand Strand, continuing a slower market compared to last year’s record sales.

• Home sales dropped 22 percent and condo sales dropped 52 percent compared to August 2005 - a trend that has stabilized prices somewhat.

A buyer’s market is when there is more than six months worth of inventory.

• Nationally, there’s more than seven and half months worth of inventory.

• On the Strand, there’s about a year’s worth of inventory on the market, said Tom Maeser, market analyst and president of the Fortune Academy of Real Estate.

Maeser expects inventory to be absorbed once the market gets more permanent home and second home purchasers.

• That’s because the market has lost the rental income investor as its main buyer, Maeser said.

Prices are up year-over-year in August except for the average price of homes, which fell to $248,377 from $251,553.

• The median price for homes is up 13 percent to $210,000 from $185,950.

• The median price of condos also increased 13 percent to $175,500 from $154,900.

The number of days that property sits on the market is also increasing.

• Homes stayed on the market for 148 days in August, compared to 130 days last year.
• Condos stayed on the market for 217 days in August, compared to 80 days last year.

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