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Myrtle Beach Market Update- August 2014

By
Real Estate Agent with Re/Max Southern Shores

Myrtle Beach Single Family Residential (SFR) sales maintain strength; up 6.4% 

for the full year. Condo sales continue to lag behind prior year 

level. SFR and Condo Sales Prices continue to outpace 2013

In July, SFR sales are flat as compared to July 2013. Year to date (YTD) SFR 

sales were up 6.4% with 2013 performance. SFR inventory is up 8.0% from 

prior year levels and remains at its highest level since 2010. SFR inventory 

has begun its seasonal decline and is anticipated to decline for the balance 

of the year. Distressed SFR inventory remained steady and is 23.3% below 

prior year levels. Fueled by fewer distressed sales, SFR median sales price 

remain strong at $195,000 in July and is up 6.9% in 2014. SFR sold to list 

ratios were up 97% returning to 2006 levels.

 

Myrte Beach Condo sales continue to lag 2013 performance. In July, condo sales were 

down 5.7% as compared to July 2013 levels and YTD 2014 sales are off 

4.0%. Condo inventory is up 2.1% to 2013 levels, but has begun its seasonal 

decline and is anticipated to decline for the balance of the year. The condo 

distressed inventory declined for the 28th consecutive month and is 53.9% 

below its 2013 level. Condo median sales price slipped in July and is 1.8% 

off from July 2013. YTD Condo median sales price is $110,000 and up 1.9% to 

2013 levels.

 

Residential lot sales in July were down 4.6% from 2013 levels, and YTD sales 

were down 9.7% as compared to 2013. Offsetting a decline in volume., the 

median sales price for residential lots is up 30.0% from 2013.