Homes Selling Faster for Less in Grand Strand Area

July 30, 2008

By: Jessica Foster – Sun News

Homes sold in the Myrtle Beach area saw the steepest year-over-year price declines in the state during the first half of the year, according to a report recently released by the S.C. Association of Realtors.

The silver lining is that buyers seem to be snapping up the lower-priced homes. Homes spent fewer days on the market during the first half of the year: an average of 202 days on the Grand Strand compared with 225 during the same period last year.

Across the state, homes are spending an average of six days longer on the market than last year, at 142.

Median prices for condominiums and single-family houses sold during the six-month period fell to $184,000, down 11.1 percent from prices in the first half of 2007. That’s compared to a 3.4 percent decline statewide.

Other coastal areas saw prices fall, too. Hilton Head’s median prices fell 11 percent from last year to $332,000 and the Beaufort area saw an 8.5 percent drop to $204,000.

That’s because people flocked to the coast in 2004 and 2005 to buy investment, vacation and retirement properties, said Coastal Carolinas Association of Realtors market analyst Tom Maeser. That caused a drastic runup in sales and prices.

“The coastal communities were getting the highest increase in prices and multiple offers and all the things that went with that,” Maeser said. “Those are the communities, I think, that are suffering now the same thing that we are with the high prices, high inventory and sales dropping.”

Home sales also took a dip on the Grand Strand in the first half of the year. They were down 29.3 percent from the same period last year, compared with a 23.1 percent drop statewide.



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