The Myrtle Beach area is beginning to find its footing in the real estate market. Sales have increased in single family homes by 25% in May and by 11% for condos. While sales have been increasing, prices seem to be decreasing! In May, single family home prices fell by 5%, while condos fell by 1%.
Tom Maeser, a real estate analyst, made the statement that sales can’t keep going up and prices can’t keep going down. Agencies may start to see decreases in the amount of sales and price drops, but this is only signaling stabilization in the market. Once the prices begin to increase, so does competition.
Maeser doesn’t expect to see huge differences in where we are right now with the market, but he does expect gradual improvement. He descries the market like dribbling a basketball, some months there will be increases and some months there will be decreases. But overall, he expects the market to start smoothing out from this point on. We can’t go backwards…we can only go forwards!