Myrtle Beach Real Estate Market: October 2007 vs. October 2009
Single Family Homes
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 53
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!
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.
Mirela -
That's some "single family home" you have pictured there.
Hi Mirela,
Thank you for the update.
Zijuzijazijana
Mirela, Publishing these reports on a regular basis is what gets me listings. Everyone loves to read real estate statistics.Good stuff. Thanks.
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...
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 .