In 2007 we have witnessed lower pricing as the market continued to correct itself from the over the crazy pricing and buying in 2005. The correction started early in 2006 but really didn’t get rolling until 2007.
I represent a lot of Sellers in this market. Currently many sellers choose to reduce their prices until their properties are sold. Other sellers choose to take their properties off of the market. By selling a Myrtle Beach condo or taking a unit off the market, this reduces the inventory for sale, and causes prices and the market to stabilize. Some people selling a Myrtle Beach house, just decide to rent it out.
Buyers who choose to wait much longer may be saying, in years to come, “I should have purchased this property when I had the chance”!
I am already witnessing some of the best value properties being bought up. It is true some motivated sellers truly want out, and of course properties that are priced right have been selling quick. I wouldn’t say prices are increasing, but I would say they seem to be stablizing.
Here is what is currently happening in the Myrtle Beach Real Estate Market.
Residential homes: asking prices range from $124,900 to $4.8 million. Average sold price is $307,700 and the median sold price is $250,000. Sellers are getting about 95% of their asking price and the average days on the market are 171 days.
Oceanfront and Ocean View Condos
Asking prices range from $71,000 to $2.9 million. Average sold price is $296,600 and the median sold price is $190,000. Sellers are getting about 94% of their asking price and the average days on the market are 275 days.
Condos West of 17 Business: Asking prices range from $45,000 to $2.9 million. Average sold price is $225,400 and the median sold price is $195,000. Sellers are getting about 97% of their asking price and the average days on the market are 321 days.
View my website to start your property search today and feel free to call or email me anytime with further questions.
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