Myrtle Beach Real Estate sees year-end gains in 2009

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Real Estate Agent with Condolux Real Estate & Vacation Rentals

Myrtle Beach Real EstateThere was a nice article in the Sun News about the Myrtle Beach real estate market. It seems things are starting to look up for the Grand Strand. And about time too!

After a slow year for sales, the real estate market in Myrtle Beach is finally beginning to head in the other direction, according to statistics compiled from the Myrtle Beach MLS. Real estate agents found themselves gaining business and busier than ever in December, said Marvin Heyd of Prudential Burroughs and Chapin Realty.  Of course, with the increase in workload, the wheels are starting to roll again.

Agents are finding plenty of reasons to be optimistic about the Myrtle Beach real estate market. Sales have been increasing since the beginning of September for a fourth quarter overall gain. November 2009 showed dramatic gains as compared to November 2008, with condo sales up 69 percent and single-family home sales up 65 percent. The gains were less pronounced in December 2009, but any sign of growth brings hope for stability in the Grand Strand real estate market.

According to the article, the median price for Myrtle Beach condominium sales had fallen 20 percent in December as compared to the previous year. Alex Holbert, President of Coastal Carolina Association of Realtors, believes these lower prices helped drive the increase in sales. Low interest rates and the first- time home buyer tax credit also played major roles.

With prices at their lowest, it remains firmly a buyer's market for those looking for condos, homes, and real estate. However, if the growth in sales continue and the economy continues to strengthen, that may start to change by late 2011. 

We can only hope for a good change. Quite a few agents I have talked to have recently needed to get a second job to pay the bills since commissions have dipped.  Even so, Myrtle Beach is still a good area that will continue to see growth year after year, not just with new houses, but new businesses as well.   We are far from a metropolitan city, which is a positive draw for many, and the Myrtle Beach real estate market will bounce back.

 

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