Don’t fret over January’s real estate sales in Myrtle Beach area

sjones@thesunnews.comFebruary 14, 2014 

US NEWS ECONOMY-HOUSING 1 MCT

A sign advertises a lot for sale in Deale, Maryland

KEVIN G. HALL — MCT

January’s real estate market report from SiteTech Systems is out and it shows a continuing slowdown in the number of single-family home sales, but it’s likely nothing to fret.

“It’s not unusual for this time of year,” said Laura Crowther, CEO of the Coastal Carolinas Association of Realtors.

According to the report, sales fell 11.3 percent in January compared to the same month in 2013, making it the third consecutive month of flat to slightly declining volume. At the same time, the number of distressed properties on the market showed a slight uptick, but were still down 28.2 percent from a year earlier.

Todd Woodard, SiteTech president, said the context of the slowdown is important, as the three months it’s being compared with, November 2012 through January 2013, set record sales numbers for the Grand Strand.

“Prices are stable,” he said.

Indeed, January’s $179,530 median sales price was consistent with the full 2013 performance, and the sold to list price ratio was a healthy 94 percent.

While single-family inventory rose 3.2 percent in January, the condominium inventory dropped 2.4 percent for the month. As with single-family homes, condo prices were up from a year earlier to $110,000.

Woodard said he is guardedly optimistic about 2014. He expects growth to continue, but at a less than double-digit performance as in 2013.

Still, he noted, 2014 sales growth will be above what was recorded in 2012.

Contact STEVE JONES at 444-1765.

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