Glimmers Of Hope In Myrtle Beach Housing Market

Home prices hit high for year, and condo inventory drops

August 12, 2008

By Jessica Foster – The Sun News

The prices of condominiums sold on the Grand Strand continued falling in July as did the amount of condo inventory, but single-family house prices were at their highest levels this year, according to the monthly Coastal Carolinas Association of Realtors report released Monday.

The median condo price – where half sell for more and half sell for less – fell to $149,000 in July. That’s 16 percent less than its peak this year at $177,500 in March and down 20 percent from July 2007.

What’s promising for condo sellers is that the number of condos on the market also dropped in July. Inventory continued its downward slide to 7,691 units, 19 fewer than in June and 280 fewer than at the beginning of the year.

That means less competition for condo sellers and could indicate the market is inching closer to achieving a balance between supply and demand.

But just because inventory is going down doesn’t mean the property is selling, said real estate broker Eddie Marshall with Century21 Boling and Associates.

Some of his clients, unwilling to budge on their prices, have thrown in the towel for the time being, he said.

“Some obviously sell, and then others, when they’ve been on the market for a while, the sellers just decide to take them off the market,” Marshall said. “When the prices go down, some of the sellers just will not accept that. They won’t accept the reality that they’re going to sell for less.”

Sales remained sluggish in July at 263 condos sales and 267 single-family house sales, down 22 percent and 35 percent from July 2007, respectively.



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