Myrtle Beach Real Estate

Upon compiling my market statistics for 2009, I was shocked to discover that 62% of all the oceanfront condos sold in the Myrtle Beach area in 2009 had transacted for CASH. That year, for the first time in my career, I noticed a trend with my own clients paying cash for their oceanfront condo purchases. By then, we knew we had a lending issue and nowhere else was it more evident than in the Oceanfront condo inventory.

I anticipated a rise in that number when I compiled the statistics for 2010, but I didn’t expect what I actually found: Fully 76.15% of all Oceanfront Condos sold in the Myrtle Beach area were transacted for CASH in 2010! More than three quarters of all Oceanfront Condo sales were CASH transactions in 2010.

Only 22.83% of all oceanfront condo sales in the Myrtle Beach area were transacted via conventional financing. The 1.02% remainder of the transactions were effected by other means, such as owner financing.

The numbers tell the story of a tightening of the money, especially for oceanfront condos, which are increasingly difficult to finance. Examining the numbers also helped me see a few other trends, so stay tuned to my blog, for the rest of the Myrtle Beach Real Estate Story!