The Willis Journal - Information on Real Estate Sales and Real Estate for Sale

MYRTLE BEACH REAL ESTATE ANALYSIS

Myrtle Beach Real Estate - Myrtle Beach Real Estate Analysis

We have just completed an analysis of the MLS as of January 7th, 2008 to compare the entire year 2007 to 2006, 2005, and 2004. It is summarized for you below: Also, if you would like to see this information graphed out please click here!

YTD vs YTD last 4 years (January 7th, 2008)
Number of Sales
	2004		2005		2006		2007
Residential	5003	25.0%	6254	-5.2%	5931	-22.0%	4624
Land	1631	55.9%	2542	-8.0%	2338	-45.6%	1271
Condos	6465	44.9%	9370	-29.9%	6564	-38.5%	4036
OF Condos	1722	51.7%	2612	-33.1%	1748	-36.8%	1104
Average Sales Price
	2004		2005		2006		2007
Residential	212287	19.6%	253837	6.8%	271222	0.1%	271568
Land	141886	14.1%	161843	5.0%	169965	1.8%	172973
Condos	149838	28.6%	192725	17.7%	226824	18.0%	267646
OF Condos	219875	25.9%	276801	5.4%	291610	32.7%	386954

Total Number of Sales
	2004		2005		2006		2007
All	14821	40.2%	20778	-20.2%	16581	-33.4%	11035
Average Sales Price
All	723886	22.3%	885206	8.4%	959621	14.5%	1099141

As you can see, what you have been hearing about decreasing values in real estate is happening in other areas of the United States. We are starting to see some of the recent sales dropping in the average price from what you see from the numbers listed above. Part of the reason for the big increase in average price for condos is due to a lot of pre-construction buildings closing this year that were started in 2005/2006 that were higher in price and a some higher end properties being built that closed during 2007.

Active units available at 11/27/2007 are listed below:

Current Active
Residential	5364
Land	5144
Condos	6670
OF Condos	2144

Myrtle Beach has a lot going on and should be one of the quickest to return to its growth due to several factors:

It is the #1 beach in the US according to Yahoo Travel
It is the second most desired area to move to for retirees behind California.
We have the Hard Rock Theme Park opening in 2008
We have a higher repeat visitor base than any other tourist beach
There are over 10,000 baby boomers retiring every day. 25% to 30% are heading to the southern coast for the quality of life.
Myrtle Beach is the #1 golf destination in the US.

We have a lot going on here at the beach and we expect things to start to improve in 2008. Now would be a great time to buy, there are some great deals available and they want be around long!

The Willis Journal is a real estate sales analysis journal for Myrtle Beach real estate. The Willis Team Professionals have created this information to help our viewers to better understand what is currently going on in the real estate market. You will see that we also have created an analysis for some communities around the Myrtle Beach, South Carolina area.

Real Estate for Sale - Real Estate Sales Analysis