We currently have 474 homes on the market with price tags of over a million dollars. Of these homes, only 25 have been sold in the past three months. That represents only 5.27% of available inventory, or 1.75% per month. At this rate, it will be almost 5 years before we sell out of the current inventory (4 years and almost 9 months to be exact).
Although the sold oceanfront condo prices are more in line with 2004 - 2002 pricing, the million dollar home market is still not reflecting that trend, thus they are still in the paralysis period our condos experienced in the previous year (2007).
Million Dollar Sellers: it's time to get realistic! Either drop the price, or take your property off the market. 2005 is long gone!
Here are the 25 Myrtle Beach Area properties sold:
|
Million Dollar Homes Sold in the Myrtle Beach Area between Aug. 1-Oct. 29, 2008 |
|
RESIDENTIAL Summary Statistics |
||||
|
|
High |
Low |
Average |
Median |
|
List Price: |
$4,375,000 |
$1,275,000 |
$1,811,156 |
$1,595,000 |
|
Sold Price: |
$3,900,000 |
$1,025,000 |
$1,576,030 |
$1,400,000 |
|
Area |
Price |
DOM |
BR |
Appx Age |
Total SQFT |
DOM |
List Price |
$/Total SQFT |
Sold Price |
$/Total SQFT |
|
North Myrtle Beach - Cherry Grove |
$1,025,000 |
88 |
5 |
34 |
1750 |
88 |
$1,299,900 |
$742.80 |
$1,025,000 |
$585.71 |
|
Garden City |
$1,070,000 |
216 |
4 |
37 |
2800 |
216 |
$1,450,000 |
$517.86 |
$1,070,000 |
$382.14 |
|
Litchfield Beaches |
$1,100,000 |
134 |
5 |
6-10 |
5150 |
134 |
$1,275,000 |
$247.57 |
$1,100,000 |
$213.59 |
|
Myrtle Beach 79th Ave N to Dunes Cove |
$1,100,000 |
393 |
3 |
2 |
3501 |
393 |
$1,590,000 |
$454.16 |
$1,100,000 |
$314.20 |
|
Litchfield Mainland |
$1,145,000 |
221 |
4 |
New |
10041 |
221 |
$1,295,000 |
$128.97 |
$1,145,000 |
$114.03 |
|
Garden City |
$1,150,000 |
142 |
5 |
36 |
4707 |
142 |
$1,295,000 |
$275.12 |
$1,150,000 |
$244.32 |
|
Litchfield Beaches |
$1,150,000 |
486 |
4 |
new |
6000 |
486 |
$1,300,000 |
$216.67 |
$1,150,000 |
$191.67 |
|
Litchfield Beaches |
$1,150,000 |
75 |
5 |
unknown |
2001 |
75 |
$1,375,000 |
$687.16 |
$1,150,000 |
$574.71 |
|
Myrtle Beach 79th Ave N to Dunes Cove |
$1,234,000 |
184 |
3 |
New |
4153 |
184 |
$1,695,000 |
$408.14 |
$1,234,000 |
$297.13 |
|
North Carolina |
$1,250,000 |
568 |
4 |
35 |
2074 |
568 |
$1,490,000 |
$718.42 |
$1,250,000 |
$602.70 |
|
Myrtle Beach 79th Ave N to Dunes Cove |
$1,275,000 |
464 |
5 |
2 |
5250 |
464 |
$1,599,000 |
$304.57 |
$1,275,000 |
$242.86 |
|
Myrtle Beach 79th Ave N to Dunes Cove |
$1,335,000 |
253 |
3 |
New |
3800 |
253 |
$1,575,000 |
$414.47 |
$1,335,000 |
$351.32 |
|
Garden City |
$1,400,000 |
317 |
4 |
33 |
2405 |
317 |
$1,595,000 |
$663.20 |
$1,400,000 |
$582.12 |
|
Myrtle Beach 79th Ave N to Dunes Cove |
$1,415,000 |
97 |
3 |
New |
5851 |
97 |
$1,495,000 |
$255.51 |
$1,415,000 |
$241.84 |
|
Pawleys Plantation South |
$1,445,000 |
113 |
5 |
4 |
5400 |
113 |
$1,595,000 |
$295.37 |
$1,445,000 |
$267.59 |
|
North Myrtle Beach - Ocean Drive |
$1,500,000 |
98 |
6 |
38 |
2001 |
98 |
$1,500,000 |
$749.63 |
$1,500,000 |
$749.63 |
|
Garden City |
$1,600,000 |
157 |
5 |
35 YRS |
3500 |
157 |
$1,750,000 |
$500.00 |
$1,600,000 |
$457.14 |
|
Pawleys Island Beaches |
$1,625,000 |
185 |
4 |
55 |
1701 |
185 |
$1,750,000 |
$1,028.81 |
$1,625,000 |
$955.32 |
|
Garden City |
$1,706,765 |
124 |
5 |
10 |
3300 |
124 |
$1,950,000 |
$590.91 |
$1,706,765 |
$517.20 |
|
Myrtle Beach 79th Ave N to Dunes Cove |
$1,750,000 |
192 |
5 |
2 |
6000 |
192 |
$1,990,000 |
$331.67 |
$1,750,000 |
$291.67 |
|
Myrtle Beach 79th Ave N to Dunes Cove |
$1,875,000 |
49 |
5 |
New |
7003 |
49 |
$2,395,000 |
$342.00 |
$1,875,000 |
$267.74 |
|
Litchfield Beaches |
$2,100,000 |
256 |
5 |
11 |
5900 |
256 |
$2,300,000 |
$389.83 |
$2,100,000 |
$355.93 |
|
Pawleys Island Beaches |
$2,500,000 |
428 |
6 |
new |
6000 |
428 |
$2,795,000 |
$465.83 |
$2,500,000 |
$416.67 |
|
Pawleys Plantation South |
$2,600,000 |
167 |
5 |
16-20 yrs. |
4500 |
167 |
$2,550,000 |
$566.67 |
$2,600,000 |
$577.78 |
|
Litchfield Beaches |
$3,900,000 |
234 |
6 |
3 |
6774 |
234 |
$4,375,000 |
$645.85 |
$3,900,000 |
$575.73 |
|
|
|
|
|
|
|
Avg |
Avg |
Avg |
Avg |
Avg |
|
|
|
|
|
|
|
225 |
$1,811,156 |
$477 |
$1,576,030 |
$414 |
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I'm hoping some seller read this and embrace the reality. More and more of these homes are going the foreclosure route every month...
I'm hoping some seller read this and embrace the reality. More and more of these homes are going the foreclosure route every month...
An appraiser friend of mine was telling a fellow Realtor and me yesterday that it is her opinion and she's right - that if the people who do not have to sell now get their homes off the market, then the inventory will drop, demand will rise, prices will stabilize and voila! they may be able to sell in a couple of years. Right now is not for the faint-hearted seller.
Great blog. I must say this is one of my favorite groups on AR and the fact that you are able to uphold the content that is posted is great.