Myrtle Beach Home Sales May have Bottomed Out, according to statistics from the CCAR (Coastal Carolina Association of Realtors)

"Myrtle Beach" encompasses the entire Grand Strand area

Newly interpreted statistics for July suggest that Myrtle Beach real estate is seeing less price erosion but a slow down on volume.  For while we are still up, 24.1% year to date, in volume for July we are 5.3% lower this year over last year - 2009.

Pricing, for single family homes, seems to have stabilized and in some cases even rebounded some over the summer months.  We all knew this without the statistical reports because at new construction sites, the signs showing base prices have mostly moved upwards, in some cases by as much as 10%. 

Condo sales, however, are down for the 3^rd month in a row.  Pricing is thought to have “bottomed out” on the basis of median sales remaining at $120,000.  So we’re selling fewer of them, yet, finally, at similar prices.  Since 40% of condo sales are distressed sales, this might suggest that the banks are standing firm on what they’ll accept.  A responsible position for the banks to take, in my opinion.  Someone had to step in and stop continually declining prices.

Inventory levels in both homes and condos remains unchanged.