Myrtle Beach Area Condos

3rd Quarter Sales Comparison between 2008 and 2007

2008:                                                                    2007:

Market Overall:

Active:        7,412                                                 Active:                  9,290

Sold:           694                                                      Sold:                     942

% Sold:       9.36%                                               % Sold:                10.14%

Absorption Rate:

2 years 8 months                                                 2 years 5.5 months

Price Range:

$1,000,000-$45,000                                           $2,750,000-$39,900

Myrtle Beach Proper:

Active:        3,097                                                Active:                  4,108

Sold:           235                                                     Sold:                     316

% Sold:       7.59%                                              % Sold:                7.69%

Absorption Rate:

3 years 3.5 months                                            3 years 3.5 months                 

Price Range:

$1,000,000-$48,500                                          $2,200,000-$63,000

North Myrtle Beach:

Active:        1,273                                             Active:                  1,662

Sold:           119                                                  Sold:                     112

% Sold:       9.35%                                           % Sold:                6.74%

Absorption Rate:

2 years 8 months                                            3 years 8.5 months

Price Range:

$845,000-$45,000                                           $1,495,000-$40,000

As you can see, while the sales prices have dropped substantially - price range of $1,000,000 to $48,500 from $2,200,000 to $63,000 - the time frame these condos are staying on the market remains virtually unchanged for Myrtle Beach Proper, even though the available inventory has been reduced by almost 25%.  If you are a seller, you are still looking at 3 years and 3.5 months of waiting to get your condo sold.

North Myrtle Beach is having a brisker sales activity.  While condo inventory in the North Myrtle Beach area has been reduced by over 23% compared to last year's, sales were up by 2.61% for the third quarter compared to last year.  That means that instead of lingering on the market for 3 years and 8.5 months, condos in the North Myrtle Beach area are selling within 2 years and 8 months, shaving a year off the wait time.  Are we on the upswing in the North Myrtle Beach Condo Market?  Maybe!

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