Real estate and happenings in the Grand Strand, from Myrtle Beach to Georgetown, including Murrells Inlet and Surfside.
Showing posts with label grand strand surfside beach. Show all posts
Showing posts with label grand strand surfside beach. Show all posts
Wednesday, May 29, 2013
Monday, May 7, 2012
Forecosures Take Big Jump in 1st Quarter
In the first quarter of 2012, Horry County foreclosure filings were up 95% compared to last year with about 1460, most of which were lis pendens, the papers lenders file to start the foreclosure process. About 1 out of every 127 properties in the state has a foreclosure filing, the 3rd highest in the state and the 10th highest in the nation.
What brought about the jump? The economy is still weak and some of increase is those folks who were struggling to keep ahead and now they've had to let go. Also federal and state lawsuits against 5 of the largest lenders has been settled, so a lot of pending foreclosures moved to foreclosure.
The foreclosures continue to push down prices, in March the median price of a home or condo along the Grand Strand was $130,000 down 10.3 % from the same month last year. With the tough financing environment, it's investors who are keeping the market going, paying cash--51 % of 1st quarter sales were cash.
What brought about the jump? The economy is still weak and some of increase is those folks who were struggling to keep ahead and now they've had to let go. Also federal and state lawsuits against 5 of the largest lenders has been settled, so a lot of pending foreclosures moved to foreclosure.
The foreclosures continue to push down prices, in March the median price of a home or condo along the Grand Strand was $130,000 down 10.3 % from the same month last year. With the tough financing environment, it's investors who are keeping the market going, paying cash--51 % of 1st quarter sales were cash.
Wednesday, March 28, 2012
February 2012--Sales Up, Prices Down
Real Estate sales along The Grand Strand rose 10.2 percent in February, to 541, compared to last year, significantly out pacing state wide sales which increased 4.8 percent. But prices continued to fall, 2.2 percent but compared to a state with increase of 2.6 percent. However, if you look at other areas in the state, we're doing better--Aiken dropped 18.1 percent, Greenwood dropped 17.3 percent, the Piedmont region fell 15 percent and north Augusta fell 13.3 percent. The median price of a house or a condo along the Strand fell to $135,000.
What are we likely to see going forward? --more of the same as the area works through a back log of foreclosures and a short sales. Then there is the shadow inventory--houses not on the market, but whose owners want to sell. Some are owned by banks and will hit the market as the foreclosure process is completed while others are owned by individuals waiting for the market to improve.
When can we see prices firming? Probably not until 2014. When can we expect to see prices increasing? Even further out and then nothing like the boom years 2000-2006. When prices start to increase again, they're likely to pace the rate of inflation, 2-3 percent a year.
Bottom line: A buyer's market for the next few years.
What are we likely to see going forward? --more of the same as the area works through a back log of foreclosures and a short sales. Then there is the shadow inventory--houses not on the market, but whose owners want to sell. Some are owned by banks and will hit the market as the foreclosure process is completed while others are owned by individuals waiting for the market to improve.
When can we see prices firming? Probably not until 2014. When can we expect to see prices increasing? Even further out and then nothing like the boom years 2000-2006. When prices start to increase again, they're likely to pace the rate of inflation, 2-3 percent a year.
Bottom line: A buyer's market for the next few years.
Thursday, February 23, 2012
Grand Strand Market Report, January 2012
After declining during the second half of 2011, the number of single family homes and condos on the market increased slightly in January 2012, however, the 2012 inventory is still below January 2011 by almost 6%. Good news if this trend continues.
Sale prices increased Horry and Georgetown Counties except in top end properties; another good trend; top end homes will respond in time. The number of sales of single family homes was up almost 14% in January as compared to last year, but distressed (foreclosures & short sales) properties accounted for 37% of all single family sales. While this is the best January sales performance since 2007, those distressed sales kept the median home price to $163,700, up slightly from a year ago.
Condo sales numbers are similar, slight increase in inventory with a median sales price of $94,900, a 10% drop from January 2012. The price drop was fueled by distressed sales and the large number of cash buyers--over 70% of all condos were sold for cash. The high percentage of condo cash sales is interesting, probably mostly real estate investors who hope to turn a profit in a few years. Time will tell, stay tuned.
Sale prices increased Horry and Georgetown Counties except in top end properties; another good trend; top end homes will respond in time. The number of sales of single family homes was up almost 14% in January as compared to last year, but distressed (foreclosures & short sales) properties accounted for 37% of all single family sales. While this is the best January sales performance since 2007, those distressed sales kept the median home price to $163,700, up slightly from a year ago.
Condo sales numbers are similar, slight increase in inventory with a median sales price of $94,900, a 10% drop from January 2012. The price drop was fueled by distressed sales and the large number of cash buyers--over 70% of all condos were sold for cash. The high percentage of condo cash sales is interesting, probably mostly real estate investors who hope to turn a profit in a few years. Time will tell, stay tuned.
Subscribe to:
Posts (Atom)