February 2013 Myrtle Beach Market Update
January’s momentum continued in February.....strong sales
and rebounded sales price led a strong February.
Single Family Residential (SFR) sales activity remained strong as
February’s volume was up 13.6% from February 2012.
Year to date, SFR sales volume is up 16.6% to prior year levels.
SFR inventory is seasonally up, however February’s level is 3% higher
that prior year levels. On a positive note, non-distressed listings
continue to decline and now represent a declining share of the
total listing inventory. SFR median sales price rebounded from
January to $175,000. This improvement was driven by higher
non-distressed sales prices. Year to date, SFR median sales
price is down 3.7% from 2012. Condo sales activity was strong in
February; up 18.7% from prior year level. Year to date, condo sales are up 21.9%.
Condo inventory increased seasonally, but is
still below prior year levels (down 10.4%).
Condo median sales prices rebounded from January, up 14.5% from January.
The improvement was in both distressed and non-distressed
sales.Year to date, the condo median sales price is up
9.5% from 2012. The rate of residential lot sales improvement slowed,
but the 2013 volume is up 9% from 2012.
Overall, distress sales remain at 28% of all sales, up slightly from Q4 2012.
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