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.
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