Myrtle Beach Real Estate Market Report April 2012

After a strong first quarter performance, Single Family Residential (SFR) sales slipped in April. For the month, SFR sales fell 6.7% from last month and 7.9% from April, 2011. Year to date, SFR sales is up 4% from 2011 levels. Consistent with March, SFR Median Sales Price remained flat at $165,000. As expected, SFR inventory seasonally increased to 4,697 homes. The current inventory is down approximately 6% from 2011 levels. It is anticipated that the inventory will peak in May before declining. Condo activity was filled with mixed results. Condo inventory fell from March while sales remained flat to March’s level. However, Condo sales are down 10% from April, 2011 and approximately off 3% for the full year (as compared to 2011). Offsetting flat sales was an increase the Median Sales Price for condo. Driven by more financed transactions and higher average cash transaction size, April was the second consecutive month of Condo sales price improvement. Residential lot sales activity continues to improve. The improvement continues to be at the expense of price as Median Sales Price of Residential Lots is $30,000. Distressed activity continues to be a consistent part of the area sales activity accounting for 28 – 33% of all transactions