Myrtle Beach area real estate trends continue upward movement

sjones@thesunnews.comApril 26, 2013 

— Real estate activity in Horry County continued its upward trend in March and for the 1st quarter of 2013, according to reports from SiteTech Systems, which tracks the area’s real estate market.

Sales of single family homes were up 11.6 percent in March over a year ago, which matched the 1st quarter growth versus the same months in 2012.

Thanks primarily to a drop in distressed home listings, the median sales price in March was $176,000, $18,000 above March 2012 but $9,000 below March 2011. For the quarter, the median price was $174,990, above the same time in each of the last two years.

As with single family homes, the number of distressed listings for condominiums is down in March, 11.7 percent below March 2012, but the median price declined to $101,750 versus $105,000 a year earlier. The quarter’s median condo price, $104,500 is 4.5 percent above the 2012 first quarter median price of $99,000.

The report said that both in March and for the 1st quarter, condominiums sold for 89 percent of their list price, ahead of the same time in 2012 and 2011.

Closed sales for single family homes was above the same times in 2012 and 2011, with 991 closed in the first quarter versus 888 in 2012 and 803 in 2011. The price paid was 93 percent of the list price and 92 percent of the list price for the 1st quarter. Both are above the same time periods in 2012 and 2011.

SiteTech says it expects growth to continue for the first half of this year with limited improvement in prices for the year. The reports see sluggish job growth for the rest of this year, a dwindling inventory of building lots and limited quality lending with additional bank consolidation in 2013.

Hearing changes proposed at Barefoot

The Myrtle Beach Planning Commission will hold a public hearing at 5 p.m. May 7 on a major amendment to the Barefoot Resort development, according to information from the city.

The amendment is to modify the layout and land plan of the southern portion of the Retreat at Barefoot Village.

Specifically, the amendment is seeking to change the 50 approved fee-simple three-bedroom townhomes to 41 two- and three-bedroom, single family “in common” bungalows and five three-bedroom duplexes to be sold as fee simple.

Additionally, a temporary 12-foot by 46-foot modular sales building is proposed and would be located on the adjacent commercial site.

The hearing is to be in the City Council chambers at North Myrtle Beach City Hall.

Another grand opening

Grand openings for new subdivisions or new sections of existing subdivisions are increasing with an improving real estate market, and another will be held Saturday and Sunday in the eastern outskirts of Conway..

Ridge Pointe, a Lennar development off U.S. 501, has already sold 32 homes in the 188-site development that adjoins Burning Ridge golf course and the company wants to get people out over the weekend in the hope of stimulating more business.

To do so, it is offering hamburgers and hot dogs, some practice on the putting green and the chance to win a 50-inch plasma television. And for a limited time, Lennar will kick in $4,000 to help those who sign contracts with their closing costs.

The grand opening is to take place at the development’s Welcome Home Center, 604 Falls Creek Road.

Contact STEVE JONES at 444-1765.

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