Myrtle Beach Real Estate

Myrtle Beach Real Estate Market Report - September 2008

Every month I await with great anticipation the opportunity to compile the Real Estate Sales figures for the previous month.   Although September ended over a week ago, it takes a while for all the figures to pour in.   Since I am a regular at the Horry County Monthly Foreclosure Sale, I have to wait for that event to unravel, so that I can compile a comprehensive and accurate reading of the market.   Immersing myself in the data captivates me as much as reading an exciting book.  I can't wait to get to the bottom of it!  This past month's figures were eye opening, to say the least.  

This blog will give the generalities of September's Real Estate Total Activity.  I will post several other blogs addressing activity at the single family home, land and condo levels.  Stay tuned!

We currently have a total of 20,986 listings on our Myrtle Beach Area MLS (Coastal Carolinas Association of Realtors). 

During the month of September, we had a total of 475 Real Estate closings posted on our MLS system.  So, only 2.26% of the inventory got sold during the month of September.

Aside from these closings, we've also had a total of 161 Foreclosure transactions.  If you add these transactions to the ones effected within the MLS, you are looking at a Grand Total of 636 Real Estate Transactions.  Of these, a full 25.24% were Foreclosures.  This 25.24% does not reflect the many short sales or REO's effected during September; those were accounted for within the MLS statistics given above (four of those Short Sales/REO's closed within September were my transactions).  

So what's our best selling product for September?  The single family home came out as the clear winner with 3.69% of the inventory selling during September; out of a total of 7,432 listings, 181 were sold.  At that rate, it will take us a little over 2 years and 3 months to sell out of the current inventory.

Q:  What's the worst performer for September? 

A:  Land.  Only 0.62% of the inventory got sold; 5,847 listings and only 36 sales.  At that rate it will be almost 14 years to sell out of the inventory.  Ouch!

Condos held steady at 2.44% activity.  We have 7,432 listings and 181 sales.  At that rate it will be almost 3.5 years before we sell out of the inventory; not a good market if you are a Seller...

Multi-family performed at 2.5% and commercial properties were at exactly 1% absorption rate.

Were there some great buys?  You bet!  ...But that's another blog...