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Myrtle Beach Real Estate Market Report May 2014

May 2014

Single Family Residential (SFR) and Condo Sales Activity slide in May

  • Full Year SFR Sales up 2.5% while Condo Sales Activity Continues to Lag
  • SFR and Condo Sales Prices in 2014 remain up as compared to 2013

In May, SFR sales were down 5.1% from prior year levels. Year to date
(YTD) SFR sales were up 2.5% with 2013 performance. SFR inventory is
up 3.6% from prior year levels and remains at its highest level since
2010. It is anticipated that SFR inventory will begin its seasonal decline
in early June. Distressed SFR inventory began declining again and is
22.8% below prior year levels. SFR median sales price slid to $180,000
in May and remains up 5.0% in 2014.

Condo sales continue to lag behind 2013 levels. In May, condo sales
were down 4.5% as compared to May 2013 levels and YTD 2014 sales
are off 5.9%. Condo inventory began declining but remains up 1.5% to
2013 levels. It is expected that condo inventory has reached its peak
and should begin its seasonal decline for the balance of year. The
condo distressed inventory declined for the 26th consecutive month and
is 53.3% below its 2013 level. YTD, Condo median sales prices are up
2.9% to 2013 levels.

Residential lot sales in May tumbled, while YTD sales are down 11.2%
from 2013 levels offsetting a decline in volume. The median sales price
for residential lots is up 38.7% from 2013.