Myrtle Beach Real Estate Market: October 2007 vs. October 2009

Myrtle Beach Real Estate Market: October 2007 vs. October 2009

Single Family Homes

                                   2007                               2009

Available for sale:                   6,360                                       6,227

Sold during October:              287                                          312

2007:  4.51% of the home inventory was sold during October.  At this rate, we'll need over 22 months to sell out of our current inventory of listings.    

2009:  5.01% of the home inventory was sold during October.  At this rate, we’ll need almost 20 months to sell out of current inventory.  

Conclusion:  A home now sells two months faster than it did in 2007.   The time it stays on the market is over a year and a half.     We have a similar home inventory as we did in 2007 (available homes for sale).

Condos

Available for sale:                   8,840                                       6,182

Sold during October:              362                                          288

2007:  4.10% of the condos were sold during October.  At this rate, we'll need over 2 years to exhaust our condo inventory.

2009:  4.66% of the condos were sold during October.  At this rate, we’ll need about 21.5 months to exhaust our condo inventory.

Conclusion:  We now have over 30% less condo inventory available for sale than we did in 2007.  Condos now sell about 3 months faster than they did in 2007.

Land

Available for sale:                   5,670                                       5,216

Sold during October:              72                                            53

2007:  1.27% of our land inventory was sold during the month of October.  At this rate, we'll need over 6.5 years to exhaust the existing inventory.

2009:  1.02% of our land inventory was sold during October.  At this rate, we’ll need over 8 years to exhaust the exiting inventory.

Conclusion:  Although we have 8% less inventory, it now takes 1.5 years longer to sell out of the land inventory than it did in 2007.

Multi-Family

Available for sale:                   147                                          162

Sold during October:              4                                              2

2007:  2.72% of our multi family inventory was sold during October.  At this rate, we'll need over 3 years to sell out of the existing inventory.

2009:   1.23% of the inventory has been sold in October.  At this rate, we’ll need 6 years and 9 months to exhaust the current inventory.

Conclusion:  Although we now have over 10% more inventory than we did in 2007, sales have been halved.   It now takes 3 years and 9 months longer to sell out of the inventory than it did in 2007.

Grand Conclusion:  Land is the most depressed Real Estate product in the Myrtle Beach Market, with a supply of over 8 years.  Multi family is the next most depressed product with an almost 7 year supply (6yrs. 9mos).  The condo market has 30% less inventory than it did two years ago and it’s selling 3 months sooner.  The single home inventory remains virtually unchanged, yet selling 2 months earlier. 

Mirela Monte, Your Myrtle Beach Real Estate Connection                      Proud Optimist!