Myrtle Beach Real Estate by Mirela

Myrtle Beach Real Estate Market: October 2007 vs. October 2009

 

Myrtle Beach Real Estate Market: October 2007 vs. October 2009

 

Myrtle Beach Real Estate Oceanfront at Crescent Keys

 

Single Family HomesMyrtle Beach Waterway Home at Carolina Waterway Plantation

 

                                   2007                               2009

Available for sale:                   6,360                                       6,227

Sold during October:              287                                          312

2007:  4.51% of the home inventory was sold during October.  At this rate, we'll need over 22 months to sell out of our current inventory of listings.    

2009:  5.01% of the home inventory was sold during October.  At this rate, we’ll need almost 20 months to sell out of current inventory.  

Conclusion:  A home now sells two months faster than it did in 2007.   The time it stays on the market is over a year and a half.     We have a similar home inventory as we did in 2007 (available homes for sale).

 

Condos

Available for sale:                   8,840                                       6,182

Sold during October:              362                                          288

2007:  4.10% of the condos were sold during October.  At this rate, we'll need over 2 years to exhaust our condo inventory.

2009:  4.66% of the condos were sold during October.  At this rate, we’ll need about 21.5 months to exhaust our condo inventory.

Conclusion:  We now have over 30% less condo inventory available for sale than we did in 2007.  Condos now sell about 3 months faster than they did in 2007.

 

Land

Available for sale:                   5,670                                       5,216

Sold during October:              72                                            53Myrtle Beach Million Dollar Home For Sale

2007:  1.27% of our land inventory was sold during the month of October.  At this rate, we'll need over 6.5 years to exhaust the existing inventory.

2009:  1.02% of our land inventory was sold during October.  At this rate, we’ll need over 8 years to exhaust the exiting inventory.

Conclusion:  Although we have 8% less inventory, it now takes 1.5 years longer to sell out of the land inventory than it did in 2007.

 

Multi-Family

Available for sale:                   147                                          162

Sold during October:              4                                              2

2007:  2.72% of our multi family inventory was sold during October.  At this rate, we'll need over 3 years to sell out of the existing inventory.

2009:   1.23% of the inventory has been sold in October.  At this rate, we’ll need 6 years and 9 months to exhaust the current inventory.

Conclusion:  Although we now have over 10% more inventory than we did in 2007, sales have been halved.   It now takes 3 years and 9 months longer to sell out of the inventory than it did in 2007.

 

Grand Conclusion:  Land is the most depressed Real Estate product in the Myrtle Beach Market, with a supply of over 8 years.  Multi family is the next most depressed product with an almost 7 year supply (6yrs. 9mos).  The condo market has 30% less inventory than it did two years ago and it’s selling 3 months sooner.  The single home inventory remains virtually unchanged, yet selling 2 months earlier. 


Mirela Monte, Your Myrtle Beach Real Estate Connection                      Proud Optimist!

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Comment balloon 6 commentsMirela Monte • November 20 2009 09:18PM

Comments

Investors usually like to see quarterly reports.  I find a lot of value in taking the temperature of the market by examining the latest month's activity.  I will post a quarterly report comparing two quarters spaced a year apart.

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

Mirela -

That's some "single family home" you have pictured there.

Posted by Jim Hale, Eugene Oregon's Best Home Search Website (ACTIONAGENTS.NET) almost 11 years ago

Hi Mirela,

Thank you for the update.

Zijuzijazijana

Posted by Eva Erdmann, interior decorator (Lion International Inc.) almost 11 years ago

Mirela, Publishing these reports on a regular basis is what gets me listings. Everyone loves to read real estate statistics.Good stuff.  Thanks.

Posted by Marcia Hawken, Naples Luxury Specialist (WILLIAM RAVEIS ) over 10 years ago

Marcia: Publishing these reports is what gets me listings also.   When I hear Agents say that they are too busy for Active Rain, I just cringe.  If they only knew how much business they could get from it, they'd get busy in a hurry...

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 10 years ago

Mirela, Yes, I agree.  It was difficult for me to grasp the whole concept last summer when I began on AR.  I have now come to fully appreciate what AR can do for a REALTOR!  I plan on taking time this summer when we have "downtime" in Florida, to really drill down to some of the great articles.  It is a treasure trove.  I also plan on working on the reports.  Thanks again for sharing .

Posted by Marcia Hawken, Naples Luxury Specialist (WILLIAM RAVEIS ) over 10 years ago

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