Real estate prices expected to level off

2005 Real estate prices rose rapidly but are expected to level off in near future

Single-family homes on the Grand Strand didn’t see the dramatic appreciation of condominiums in 2005 - but low inventory kept all neighborhoods hot, especially in the second half of the year when investors moved inland.

Some investors left the high prices of the oceanfront and turned inland to single-family homes and condos, creating more demand and pushing up prices.

Overall, the average price for homes increased 20 percent in 2005 to $258,037.

Still, resort and beachfront communities increased the most.

Barefoot Resort jumped 66 percent from a median price of $216,200 to $358,000.

But as homeowners learn what sticker price might be on their home, many are choosing to sell. And that has started increasing inventory, which gives buyers more options and levels the playing field.

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