Real Estate | Property sales jump, prices drop in October in Myrtle Beach area

jfrost@thesunnews.comNovember 16, 2012 

Real estate sales jumped in October along the coast at the same percentage rate they did statewide, according to data from the South Carolina Realtors association.

The number of homes and condos sold in Horry, Georgetown and southern Brunswick County, N.C., jumped 24 percent, to 754, in October compared to the same month last year, according to SCR. Statewide, sales also increased 24 percent, to 4,608 homes, condos and villas sold in October compared to the same month in 2011.

“Investors are still a strong part of the market,” said Tom Maeser, a real estate analyst for the Coastal Carolinas Association of Realtors. “They are seeing really good prices. They are taking cash or taking money out of other places and putting it in real estate.”

Investors make up two-thirds of the market, Maeser said.

While real estate sales jumped, prices dropped in October along the coast as they did statewide.

The median price of homes and condos sold in Horry, Georgetown and southern Brunswick County, N.C., dropped 6.2 percent, to $136,000, in October compared to the same month last year, according to SCR.

Prices continue to be driven down by foreclosures, Maeser said. About 29 percent of single-family home sales and about 35 percent of condo sales along the Grand Strand are either foreclosures or short sales, Maeser said.

The Piedmont Regional area had the biggest decline in prices, dropping 13.6 percent, to $143,875, in October compared to the same month last year, according to SCR. Cherokee County had the next highest decline in prices, dropping 6.3 percent, to $56,250, in October, according to the association.

Statewide, the median price dropped 0.1 percent, to $149,900 in October compared to the same month in 2011, according to SCR.

Local Realtors association to host foreclosure prevention workshop

The Coastal Carolinas Association of Realtors will host a foreclosure prevention workshop next month.

The event will be held from 10 a.m. to 1 p.m. Dec.1 at the CCAR office, 951 Shine Ave., Myrtle Beach.

Individuals can meet one-on-one with a Housing Urban Development-approved counselor who may be able to offer options to foreclosure.

The clinics are free of charge. Individuals should bring their most current mortgage statement and other related information to the clinic.

For more information, call 735-5522.

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