No Really, Is NOW the Time to Buy Real Estate in Myrtle Beach??

Ever since the beginning of the Crash in 2008, the number one question out of everybody's mouth was and is: "Have we reached the bottom yet?" My favorite response was " There is no Crystal Ball. I'm watching the market now and can tell what the current & past situations are, but not the future."

Recently, the South Carolina Association of Realtors released some Historical data that goes back over the past Five years and shows some very interesting details I would like to share with you all. Looking at the Graph below, you will see the timeline of closed transaction for both houses & condos over these past Five Years.

It's easy to see just how "Out of Hand" things got with condo sales at the Height of the summer season in 2005 with closed sales topping out at about 1,150 transactions, WOW!!

As the years roll by, Month after Month, closed transactions begin to decrease with the sharpest drop happening the same year as the highest peak, 2005! One pattern you may notice is that closed transactions consistently peak during the Summer Seasons, then they slide down as we roll into the Winter Seasons. Not uncommon considering our area is such a high traffic Beach Vacation Destination with 60 miles of unobstructed beachfront.

The next pattern I would like to point out & should be of special interest to both buyers & investors: Looking at the above graph at the all thegreen arrows, you will notice that every year, soon after the Month of January, closed transactions increase constantly! If the pattern holds true and continues this year in 2011 as it has the past Five Years, we should see an increase in properties selling. Taking in consideration that over the recent past 3yrs, Sales have plateaued, hovering between 200 & 450 Transactions per Month, NOW would be a good time to Buy properties in Myrtle Beach!

Now looking at the graph above, you will see what average sales prices tracked over the past Five Years. The same pattern follows Avg. Sales Pricesas with the Number of Closed Transactions, there are spikes during the Summer Seasons. But one main difference between the two graphs: The number of closed sales started to diminish in the middle of 2006 yet the avg. sold prices continued to rise even higher, reaching their apex around mid 2007 for condos where single family homes peaked several times during 06, 07 and well into 2008.

Myrtle Beach Area Condo Prices have trolled along just above $150,000 during all of 2010, never peaking anywhere near the 200K mark. Our area's average sales price for condos stayed flat through 2010 and continues that way into the 1st part of 2011.Comparing both graphs above, you can see that condo prices are staying Low. Opportunity is HIGH to garner that vacation condo, investment property or retire at the beach like you have been planning year after year. Starting after this January, sales activity will increase but condo prices will remain low.

So, my question is still the same: No Really, Is NOW the Time to Buy Real Estate in Myrtle Beach??