Myrtle Beach Area Real Estate Market Update - July 2014 Statistics

The real estate market in the Myrtle Beach area has seen a few interesting twists both in June and year to date. Here are a few important statistics to consider:

• Single-family home sales jumped 11.5% in June from June 2013 in Horry and Georgetown counties
• Myrtle Beach area up 6% in growth for the first half of 2014 versus the first half of 2013
• The local area's real estate market is no longer dependent on sales of homes priced $150,000 and lower
• The real estate growth in the area for both this June and the first half of 2014 has been in home sales in the $200,000 - $400,000 range
• Sales of homes priced $200,000 - $250,000 surged 23% in June 2014
• 204 homes priced between $200K - $400K sold in Horry and Georgetown counties in June 2014, 93 more than in the 2nd highest selling price range, $150K-200K
• For the year, 990 homes priced $200K - $400K have sold, 387 more than the 2nd highest price
  
  range, $100K-$150K
• There were 715 pending sales at the end of June, 34.4% higher than June 2013
• The median sales price for single-family homes in June 2014 was $193,929, up 5.1% year to date
• Condominium sales are slightly below last year's numbers

The large increase in the number of single-family homes sales is due  to the fact that there have been relatively fewer distressed properties (short sales and foreclosures) for sale. The number of lower priced single family homes which made most of the transactions for the past few years has dropped, making room for higher priced properties.