Myrtle Beach real estate sales continue decline

Real estate sales on the Grand Strand are still falling from last year’s levels, but the amount of condominiums on the market has dropped _ signaling that buyers are likely pulling units off the market.

• Homes are selling at the same pace they did in 2004, but down 19 percent from last year, according to third quarter statistics from the Multiple Listing Service released Thursday.

• Condo sales have dropped 38 percent from last year, and are selling at the same pace they did in 2003.

Outlook

“Well, it’s not getting worse. I don’t look for numbers to start turning around for probably another year,'’ said Tom Maeser, president of the Fortune Academy of Real Estate. “People need to hang tight. Sellers need to get realistic in pricing and buyers have to realize they can’t wait forever for good deals. There are definitely good deals out there, and it’s the time to buy.'’

• Falling condo inventory is a good sign that the market is correcting. There are currently 8,975 units on the market compared to 10,493 last year.

• But single family home inventory is up 20 percent to 6,344 homes from 5,291 last year.

Third quarter MLS stats recorded year-over-year price increases, but analysts say that is mostly due to more upper end product selling and a large number of preconstruction condos that closed this year.

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