(843) 286-1000In today’s real estate climate it can be difficult to sift through the positive and negative information permeating in the press. Unfortunately it seems the media is often charged with providing pictures of only dire figures.
So here’s some good news. We are now seeing the incredibly heavy inventory levels of existing empty new homes being chipped away. This may be due in part to a decrease in new construction. And we have still managed to attain a new housing starts rise to a 6 month high as of June 2011. This according to data released from the Census Bureau and HUD.
This trend seems to signify a slight tightening in some building while promoting the sale of existing homes creating a positive trend. Many individuals in the industry have been waiting for just this.
“I believe the market is finally on the upswing”; says Marianne McCarthy, a Sales Counselor with Ryland Homes in Murrells Inlet. “I finished the month with eight new home sales myself. Many of my buyers are coming from up north and I’ve been working with them for some time but are finally getting their home sold. They’re realizing that although they may be selling their homes for less than they would have, say two years ago, they are more than making it up on the buying end”, McCarthy said.
A second important sign in this data is the seasonally adjusted estimate of new houses for sale. As far back as January 2009 that figure stood at a 12.1 month supply of new homes on the market. That figure dropped to a 6.3 month supply; hitting the lowest inventory level since April 2010.
Another set of numbers indicates that the single-family home market has begun to stabilize. According to the Multiple Listing Service, single family home sales from April dropped a mere 3 percent from that same period in 2010.
During this same period, foreclosures and short sales continue to play a heavy role in the Condo market creating fantastic opportunities for individuals and investors. Per MLS, Condo sales are up 3 percent for the month from last year. And that figure doubled for the past quarter compared to 2010.
We continue to enjoy what has become a natural influx of out of state investors and retirees excited to invest their hard earned dollars into real property futures in our area. Myrtle Beach was named one of the top retirement destinations in the September/October issue of “Where to Retire Magazine”. As our beach crowds begin to disperse we prepare for what should be an active autumn real estate season for residents and others alike.
We welcome you as the reader to contribute “Some Good News” for our upcoming issues.