Myrtle Beach Real Estate Growth
Market indicators point to a national real estate industry powering economic growth in many areas throughout the US. As reported by Bloomberg, the S&P/Case-Shiller index indicates that residential real estate prices have reached their highest growth rates since May of 2006 during the month of February, another indicator to a strengthening housing market.
Sticking to the national trend of the improving housing market, the Grand Strand and Myrtle Beach areas are both experiencing significant real estate growth as sales are up and pricing appears to be climbing. Both single family homes as well as condos are seeing growth and improvement from just a year ago, affirmation of a powerful housing sector in the Grand Strand area.
In February the National Association of Home Builders expanded their Improving Markets Index of housing markets to include the Myrtle Beach area. The IMI indicates and tracks improvements in three key areas: housing permits, employment, and home prices. The improving markets are closely tracked for at least six consecutive months before being included on the index. The inclusion is yet another indicator of a strengthening market.
Single-Family Home Upswing
Single family homes are experiencing considerable growth in both price and sales. Compared to this time last year, specifically the month of March, sales of single family homes are up 11.6%. This matches first quarter growth as well for 2013 versus growth during the same time frame last year. The pricing for single family homes is also up from a year ago, with numbers experiencing an $18,000 increase in price when compared to March of 2012.
Decreasing Distressed Listings
Distressed homes are properties that are under a foreclosure order or are being sold by the mortgagee and are, at times, offered to the public well-below market price. A great indicator of a growing real estate area is the number of distressed listings from year to year. An area experiencing decreasing and fewer distressed listings points to a growing economy and is a great indicator of a solid real estate environment.
Both single family homes as well as condos saw a drop in distressed listings for the month of March, with numbers showing distressed listings down 11.7% from levels seen in March of 2012. With fewer listings of these properties, new and existing homes are moving the real estate market forward, evidence of a growing national and local economy.
New developments such as The Cottages at 7th, rising prices, and the popularity of the Myrtle Beach area are all reasons you should be starting your search for your dream home soon. Check out our free whitepaper, Myrtle Beach Real Estate: 5 Things You Should Know, to learn more about the Myrtle Beach area and better prepare yourself to find your dream home in one of the hottest destinations in the US.