Real Estate News

Study shows less time on market for Myrtle Beach area homes

While the stats all pointed down in May for real estate activity in the area covered by the Coastal Carolinas Association of Realtors, the one that showed properties were on the market two weeks less before selling in 2014 than 2013 is one Realtors like to see.

And while the number of properties sold and the median price they commanded were also down for the area, they mirrored activity in the rest of the state’s metro areas, according to South Carolina Realtors, the statewide association.

At the same time that May-to-May comparisons were generally headed in a direction most wouldn’t say is positive, while the year-to-date looked less disturbing. Year-to-date, the number of sales fell just 1.1 percent and the median price was up 6.4 percent to $149,000.

The same figures for just Horry County show that sales activity and the median price are up not only year-to-year, but also when comparing May 2014 to May 2013.

The Coastal Carolinas area includes Horry, Georgetown and other, less populous counties. The state association figures group single-family homes, condos and uillas as one statistic, while the for Horry, single-family homes and condos are reported separately.

Area wide, according to state association numbers, overall property sales dropped 3.9 percent -- or 38 fewer -- in May compared to the same month last year, while the median price fell from $150,000 in May 2013 to $145,000 this year, a 3.3 percent drop.

The statewide report said that properties in the Coastal Carolinas area were on the market for an average 161 days before selling in May versus 176 days in May 2013, a drop of nearly 16 percent, the second highest fall in the state.