Murrells Inlet Market Update July 2013

In the combined Garden City/Murrells Inlet market,

33 single family homes were sold in July 2013, a 27% increase from July last year and up almost 17% year to date with 182 sold.  The median sales price in July was $259,000, up 10% from last year. Year to date the median sales price was $243,00, up almost 4% year to date. 

10 condos were sold in July 2013, a 233% increase from July last year and with 59 sold up almost 43% year to date.  The median sales price in July was $122,500, down 5.7% from last year. Year to date the median sales price was $136,000 down 25.5%. 

Read the full report from SiteTech Systems at: http://ccarimages.fnistools.com/Uploads/RECos/1207/ContentFiles/gardencitymurrellsinletjuly.pdf

Myrtle Beach Real Estate Market Report for July 2013

Good news for the Grand Strand Real Estate Market

In July, Single Family Residential Sales were up 12.5% compared to 2012; year to date, SFR sales are up 20.1% from 2012. In addition to these strong sales numbers, prices are up as well, the median sales price was $177,836 up 4.94% over last July and 4.77% year to date.  Inventories of homes for sale continued to decline, but are still up 4.45% from last year, but the good news for sellers is the distressed inventory (houses in foreclosure) is down 32.6% below last year—taking some downward pressure off prices.

Condos sales are up 17% compared to last July and 7.6% year to date. The median condo sale price is $110,000, up 16.4% over last July and up 2.6% year to date.  Condo inventory is down 8.43% and the distressed inventory down a whopping 43.7%.

What do all these numbers mean to the average seller or buyer?  For sellers, it’s looking better and if you’ve priced your house with the market, stick with your price.  For buyers, it’s no longer the time to make unrealistically low offers as sellers are seeing multiple offers for well-priced homes.

This data is based on research by Site Tech Systems; read their full report at: 

http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf

Murrell's Inlet Mortgage Rates for August 12, 2013

Mortgage Rates for August 12, 2013 by one Grand Strand Lender:

30 yr fixed 4.50% purchase;   4.50% refinance

20 yr fixed 4.125% purchase; 4.25% refinance

15 yr fixed 3.50% purchase;   3.625% refinance

10 yr fixed 3.375% purchase; 3.50% refinance  

While up a little from months past, they still represent a historic opportunity to lock in a low rate.