According to Steve Jones (sjones@thesunnews.com) from the Sun News:
The Grand Strand real estate market prices are registering their first year-to-year increase since 2007, according to a report by SiteTech Systems.
Median prices for single family homes were up 6.4 percent through June 2012, reaching $180,000 this year versus $165,000 last year.
For condominiums, the report showed, the 2013 median sales price in the half-year is at $107,000, which is $1,000 above 2012.
The report is more positive news for a market that is showing growing strength as the year progresses. But Realtors and others emphasize that the growth is slow, just the way they want to see it.
The SiteTech report further showed that year-to-year sales volume is up 20.4 percent over 2012, and the company is forecasting single digit growth for the second half of 2013 with the full year gain expected to be 11 percent.
Condo sales are up 5.4 percent so far this year and are projected to end the year with a growth of 6 percent.
Sales have improved to the extent that the absorption rate for single-family homes on the market now is down more than two months over the 12.7 absorption rate in the second quarter of 2012, according to the SiteTech report. The absorption rate is the amount of time it would take to sell all the properties currently on the market. For condominiums, the rate has dropped to 10.8 months this year versus 12.1 months for the same time last year.
Activity throughout Horry County varied by location, with the longest absorption rates, 13.8 months and 13.4 months, respectively, in North Myrtle Beach and Loris/Aynor.
The Loris/Aynor area also had the lowest median list price, $139,900, and sales price, $122,750, while North Myrtle Beach topped each at $324,900 median list price and $275,000 median sales price.
The Carolina Forest and Forestbrook/Socastee areas had the largest percentage of distressed homes on the market.
The lower overall inventory means there’s not as much for buyers to choose from in a particular price range as used to be the case. She said that while not too long ago, Realtors could show clients 40 homes to 50 homes in almost any category, now the number might be eight to 10.
The days of making low-ball offers are pretty much over.