The real estate market in the Myrtle Beach area started out miserable in the first few months of 2009. Although we have seen an upswing in sales and activity, it is still way below historical averages. As of December 6, 2009 there have been 6,390 total sales this year in Horry and Georgetown County.
Of the 6,390 properties sold, 1,354 properties consisted of foreclosures, short sales and pre-foreclosures. With these numbers taken into consideration, 21% of the transactions closed in the Myrtle Beach area were foreclosures, short sales, or pre-foreclosures.
It is my belief that we will continue to see this large amount of foreclosure sales in the Myrtle Beach area for the foreseeable future. When will it end? The obvious answer is; it will end when the foreclosure inventories are reduced to normal levels. The local foreclosure sales still continue to be large and have no signs of slowing down in the near future.
If you would like to search for real estate in the Myrtle Beach area, please visit the Myrtle Beach MLS search tool found on my website.