Myrtle Beach Homes - Market Report for Sales Activity in the last 90 Days - May 2009

We currently have a total of 6,400 homes listed for sale in the Myrtle Beach Area.  Of these, a total of 802 homes (12.53% of the inventory) are no longer available:  525 of them are pending financing (8.20%), 110 (1.72%) of them are waiting to close on cash terms, 100 (1.56%) have contingent contracts pending, and 67 (1.05%) are showing on hold (some kind of Real Estate "Purgatory").

A total of 534 homes (8.34% of the inventory) are distress sale listings (Bank Owned, REO's, Foreclosures and Short Sales).  Incidentally, of those, 110 homes currently waiting to close are cash terms, with prices ranging between $8,000 to over $2Mil.   

714 Homes have been sold in the past 90 days.  This means that 3.72% of our inventory is being sold per month.  At this rate, it will take 2 years and almost 3 months to deplete the current inventory.

With these statistics, is it any wonder that Buyers are garnering some fantastic deals?  Of the 714 homes sold in the past 90 days, here are some prime examples of great buys:

$150,000  A Bank Owned 4BR/2.5BA, 2 year old, 2,700 sq. ft. with 2 car garage in Myrtle Beach at Palmetto Glenn. 

$200,000   A 4BR/3BA, gorgeous 3 year old home at Carriage Lakes, on the North End of Myrtle Beach (Little River Area).  The stunning 2,800 sq.ft. home had a large gourmet kitchen, stainless steel appliances, 14 ft. ceilings, hardwood floors, a fireplace, a screened porch and a retreat.   Situated on almost a third of an acre on the Lake, this incredible deal was a normal sale (not a short sale or foreclosure).

$310,000  This 4BR/3BA Bank Owned Home was my listing.   It was a brand new, 4,000 sq.ft. all brick custom home at Carolina Waterway Plantation in Myrtle Beach. 

$500,000   Grande Dunes Foreclosure...  This superb 3,100 sq.ft. 1 year old custom home at the prestigious Grande Dunes was stunning indeed.  The builder did an exceptional job on it, paying attention to every detail.  It had ultra modern wiring and features not seen in many homes.  I had clients who wanted to bid $250K for this one.  We know that you can get deals for pennies on the dollar, but that does not mean one penny for each dollar...  Wake up people!  Don't be ridiculous!   This type of home used to be in the million dollar price range not too long ago...

$900,000   Tilghman Estates.  This stunning home sold by short sale.   It was a 3 year old, 6,000 sq.ft. 4BR/4BA/2HBA custom home with in-ground pool, located on a large lot at the prestigious Tilghman Estates (by the Surf Club in Ocean Drive). 

The piece de resistance, my personal favorite deal for these past 90 days is this amazing home on the Beach that sold for pennies on the dollar for $1,699,900.  It was located on an incredible lot surrounded by several bodies of water on almost an acre of land, with water all around it.  Can you say:  WOW!!!  Located on a majestic setting at the enchanting Briarcliffe Acres in Myrtle Beach, this stunning home had expansive, wrap around porches to maximize the incredible views of this magical location.  Over 6,000 sq.ft. 4BR/4BA, this 17 year old home was Bank Owned and needed some minor TLC.   Congratulations to the lucky Buyer; you have a one of a kind property!

Mirela Monte, Your Myrtle Beach Real Estate Connection