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SC oceanfront taking a hit

The Myrtle Beach area posted the biggest decline at 22 percent. That region also showed a 68 percent spike in the number of days homes are staying on the market — up to 251 days from 149 in April 2006.

Hilton Head in April saw a relatively mild 8.7 percent decline in home sales, but a 28 percent decrease in median home price to $270,000.

The rest of SC is going gangbusters with the Pee Dee area posting the biggest increase in home sales at 34 percent and the Rock Hill area showing the biggest off-coast decline at 11.5 percent.

The reason for the SC oceanfront being so slow is the cost of insurance which skyrocketed after Hurrican Katrina.

My question - are there any other coastal markets being affected in this way?

Posted by Teri B. Clark on 05/26/2007 10:02 AM

Comments (4)

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4 Comments on SC oceanfront taking a hit

JUN

2007

Teri, No doubt our market has cooled! Fortunately, the insurance crisis has been addressed by the insurance commission. The "wind pool" has been extended to include all property to the Intra-Coastal Waterway which has softened the exposure to the insurance industry. This has given a less concentrated area (it was just to highway 17 business and east to the ocean) of exposure and because of this more companies have started writing coverage and started coming back into the state. More competition!

So, we shall see how this effects the real estate market. Keep checking on us ... we are ready for the turn around!

Nancy - I want to see it work for you and for others. I just love the coast!

SEP

2007

Teri- I was in Hilton Head over Labor Day and was AMAZED at the number of properties for sale. Almost every other home on the oceanfront was for sale! I'm glad it's not my market!!

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