Homes in the Myrtle Beach Area: January and February 2009 Market Report:

We currently have 6,291 single family homes available for sale in the Myrtle Beach Area.  Of these available listings, a total of 374 homes have been sold during the months of January and February 2009.  That is a sales activity rate of 2.97% per month.  At that rate, it will take us 2 years and 9 months to sell out of our current inventory.

Which price points have the most activity?  Here is the break-down:

#        Price Range:                      Available:       Sold:             % Sold per month:

1.       $ 1,000-$99,999                     413             45               1.22%

2.       $100,000-199,999                   1,846          171             4.63%

3.       $200,000-299,999                   1,502          93               3.09%

4.       $300,000-399,999                   835             26               1.56%

5.       $400,000-499,999                   475             14               1.47%

6.       $500,000-749,999                   490             9                 0.92%

7.       $750,000-999,999                   283             7                 1.23%

8.       $1,000,000 & up                      447             9                 1.00%

The price point with the most available inventory is also the one with the best sales:  the $100,000-$199,999 price point, which has a monthly sales activity of 4.63%.  

The second most popular one is the $200,000-299,999 category with 3.09% monthly sales activity. 

The Least popular price point in the Myrtle Beach area for January and February is the $500,000-749,999 category with monthly sales of under 1%.

Why is this pricing break down significant?  For many reasons.  Here is an example:  if your home is priced at $305,000, your potential success rate of producing a sale is only 1.56%.  Lower that price to $299,999 and your odds practically double.

Here is another example:  if you are a buyer in the market for a $500,000 to a $749,999 home, you know you can be even bolder than the current market permits, for those sellers' odds are the worst right now and their motivation may be at a peak level. 

If you are the seller of a home priced between $100,000 and $199,999, you are only looking at 1 year and 9.5 months of possible wait time versus the 9 years it would take a Seller of a home priced between $500,000 to $749,999, and that's a significant difference, don't you think? 

Oh, so NOW, you're finally paying attention to the numbers?

Mirela Monte, Your Myrtle Beach Real Estate Connection             Join The Snapshot of the Real Estate Market Group