Is the Myrtle Beach real estate market starting to show some recovery?

By
Real Estate Agent with Beach Realty - CRG Construction

 

 

There is a trend starting in the Myrtle Beach real estate market and hopefully it will continue into next year and beyond. Comparing the last 3 months of 2009 to 2008 there is some very positive news.

What is the new trend in the Myrtle Beach real estate market? Well it is trend in sells that has moved upward when comparing the last 3 months to the same months last year.

In September 2008 there were 282 single family homes sold along the Grand Strand. In 2009 there was 324 homes sold the same month; that is an increase of 15%. Comparing September 2008 to September 2009 condo sales increased by 14%. In a market that thrives on tourism, real estate and construction this is much needed news, but it gets better…

In October 2008 there were 284 single family homes sold in the Myrtle Beach area. In October 2009 there were 307, although this is just a slight increase, it is still better than the alternative. Comparing Myrtle Beach condos sales from October 2008 to October 2009 sales increased 31%.

Here comes the great news… Can I get a drum roll please? In November 2008 there was only a bleak 200 single family homes sold along the Grand Strand; that includes areas like Myrtle Beach, Murrells Inlet, Surfside Beach, and Pawleys Island. In November 2009 there were 329 single family homes sold! That is a staggering 65% increase. Surely condos did not see the same increases in November, did they? Comparing Myrtle Beach area condo sales from November 2008 to November 2009 there was a 69% increase in condo sales.

This is great news for the Grand Strand economy, not just for the real estate market. This upward trend started around July of this year and has continued, hopefully this upward trend will continue into the New Year and beyond. The Myrtle Beach area real estate market may finally be on the way to a recovery, although slow it is a much needed uptick in a market that has been down for too long. Please visit our website to search available homes and condos in the Myrtle Beach area.

 

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