November Real Estate Report Myrtle Beach

Dated: 11/30/2017

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Friends & Clients

Hello from Myrtle Beach, hope you had a great Thanksgiving break, as we wrap up November and head into the last month of the year it is always an interesting time for us in this market. Low occupancy rates with the vacation rentals provide for a great time to check out the inventory and the last couple of weeks to catch a motivated seller before we head into the first quarter of the new year.

As you’ll see from the sales stats below, some continued positive signs with the market, lower days on the market + higher avg sales prices = good news for improving values.

In local development news that has some residents ticked off, Heather Glen, the golf course in Little River is set to close this week to make way for a 430 acre housing development and an anticipated 1,000 new homes. Rarely do the home owners of a community “own” the golf course that their homes may be situated on, so its always good to do your homework(and/or make sure you have an experienced Realtor who knows where to look) if you are buying a condo or home on a golf course.

Resort Owners Real Estate Club – We kicked this off last month, next update is coming out 12/1. If you own in a particular Resort or are just curious about values and sales in a given location, let us know and we’ll get you on that updated list that has the past months sales, new listings and bank owned inventory.

Thinking of Selling? Remember we only charge a 1% listing side commission!

October Sales Stats:There were 1,280 total closed transactions and just over $260 million in closed volume. The average days on the market was 154(6% decrease from Sept), avg closed price of $203,507(3% increase over Sept). 14 sales over $1 million. 457 total condo sales, avg closed price of $157,612, avg days on the market of 133, 129 condo sales under 100K, 124 condos with an ocean view. Overall single family home sales totaled 658 transactions at an average closed price of $249,634, avg days on the market of 140. Showing us that the land and commercial sales are what pushes that general average days on the market over 150. There were a total of 34 foreclosure sales and 6 short sales(50% reduction from Sept) closed for the month.

My Deal(s) of the Month:As always, a “deal” depends on a number of factors with what you are looking for in a property, be it for personal use, investment etc. We can get you all of the details on any if you like what you read. I can’t guarantee they will still be available when you read this. Here are the details with some I like a lot this month. All of these have just recently hit the market! (In order of price, which is how they will pull up in the link below)

·1BR at Cobblestone 69K – Super popular for a long term rental or 2nd home getaway in a great part of town

·Bank Owned – 2BR/3BA in Willow Greens, near Coastal Carolina U, another great long term rental, great shape for bank owned, 134K

·Amazing Oceanfront Corner Unit – 2BR, floor to ceiling glass, one of the best prices for this layout and view. 239K Carolinian Resort #1833(18th floor)

·Bank Owned 4BR/3.5BA Home in Arrowhead – over 3000 heated sq ft, 282.9Kstate Was Just Settled – Ready to sell – 336 51st Ave N in Cherry Grove, 5BR/3BA, deep water access on a channel, $399,995

·Marsh Front Fixer Upper – Amazing views on the water in Murrells Inlet, basically listed for the land value, No HOA, 579K(Seller ready for offers, just hit the market 11/25)

·Rare to the market, 4BR/4BA Lockout layout in The Island Resort(aka Island Vista), over 100K in gross income, 635K

Link to these listings here - http://ccar.paragonrels.com/publink/default.aspx?GUID=09248fc4-5c5e-44bc-972b-6e315fb5d3c8&Report=Yes

You can always create your own search at www.realestatemodo.com

Keep us in mind for any clients or friends you know that are looking to buy or sell in the MB area!

Brian Piercy

Broker In Charge

o.843.800.8484

c.843.424.6560

www.realestatemodo.com

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Brian Piercy

Brian has been a local resident of Myrtle Beach and the Grand Strand for over 18 years. He originally moved to the area from Northern Virginia to attend Coastal Carolina University. After graduating w....

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