Say what they will, Myrtle Beach condo sales are still flying high. My own opinion is that the resales of older condos has dropped off substantially because they increased the prices to match the new construction. It just doesn't work like that. I don't think our NAR records will ever be correct because of them adding preconstruction figures in on it, simply because they don't close for a year or two years after they start pre-selling. That skews all the figures, and they shouldn't be listed on the MLS at all. Florida accepts this and doesn't. Anyway, accurate or not, this article shows what kind of increases we are dealing with. A 12 year record, to be exact!
Home appreciation in MB sets state record
JENNY BURNS
Grand Strand real estate set a record year for price appreciation - higher than any seen in South Carolina in the past 12 years.
That's as far back as the S.C. Association of Realtors has kept records.
For 2005, condominiums and single-family homes combined appreciated 26 percent in median price on the Strand, according to the association's statistics.
The median price - meaning half of the homes sold for more and half for less - jumped from $137,000 to $172,000.
Second place wasn't anywhere near that: Beaufort came in with a 15 percent increase.
"That is the kind of appreciation you've seen in the really hot markets in California and Florida where you've seen properties escalate at significant amounts. I mean this is not just double digits," said Jim Peters, chief executive officer of the S.C. Association of Realtors.
MORE...Labels: condos for sale, myrtle beach real estate |
