Willis Journal - Real Estate Analysis » Real Estate Analysis http://www.willisjournal.com Real Estate Analysis for Myrtle Beach Mon, 26 Jul 2010 13:54:00 +0000 en hourly 1 http://wordpress.org/?v=3.0 Myrtle Beach MLS Stipulation of Sale Analysis http://www.willisjournal.com/myrtle-beach-mls-stipulation-of-sale-analysis-2.html http://www.willisjournal.com/myrtle-beach-mls-stipulation-of-sale-analysis-2.html#comments Thu, 27 May 2010 14:59:49 +0000 Larry Willis http://www.willisjournal.com/?p=48 We have had many questions concerning our sales here at the beach about Short sales, Foreclosures, and Regular Sales. Some people think because it is a buyer’s market that they can offer 50% on the dollar for a property. There are some great deals still left but the steals are gone. The correction has been dramatic for a lot of seller’s; and people that thought they could not afford a property here at the beach a few years ago can now get something in their price range.

I will go through the Sales YTD by group and category and the percent that they were sold based on listing price according to our Coastal Carolina Association of Realtors MLS.

Residential

% of Asking Price
Aver. Days on Market
% of Total on MLS
Pre-Foreclosure or short sale 88.68% 291 05.24%

Foreclosure

93.97% 114 17.84%
Lender Approved Short Sale 95.76% 231 02.37%
Auction     00.08%
Regular Sales/ No Stipulation 92.51% 194 74.47%
       
       
Condos
% of Asking Price
Aver. Days on Market
% of Total on MLS

Short Sale

96.00% 303 10.42%
Foreclosure 96.77% 101 26.51%
Lender Approved Short Sale 93.36% 362 02.29%
Auction     00.18%
Pre-Foreclosure 99.89% 208 00.27%
Regular Sales/ No Stipulation 89.07% 199 60.33%
       
       
Land
% of Asking Price
Aver. Days on Market
% of Total on MLS

Lender Approved & Short Sales

80.31% 280 05.13%
Foreclosure 86.58% 139 26.50%
Auction     00.43%
Pre-Foreclosure     00.43%
Regular Sales/ No Stipulation 79.56% 186 67.51%

We hope you find this interesting. If you have any questions, give us a call and we will be glad to help.

The Willis Team wishes you, your family and our troops a very happy, relaxing, and safe memorial weekend and pray for peace and safety! We have attached a You Tube Video that is appropriate for this Holiday! We hope you enjoy it.

http://www.youtube.com/watch?v=hkGzqpGx1KU

bot.html) Myrtle Beach MLS Stipulation of Sale Analysis

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]]> http://www.willisjournal.com/myrtle-beach-mls-stipulation-of-sale-analysis-2.html/feed 0 Market Analysis – Comparing 2008 to 2009 by Month http://www.willisjournal.com/market-analysis-comparing-2008-to-2009-by-month.html http://www.willisjournal.com/market-analysis-comparing-2008-to-2009-by-month.html#comments Mon, 01 Feb 2010 21:54:38 +0000 Larry Willis http://www.willisjournal.com/?p=39

bot.html) Market Analysis Comparing 2008 to 2009 by Month

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]]> http://www.willisjournal.com/market-analysis-comparing-2008-to-2009-by-month.html/feed 0 Market Analysis – Comparing 2006 to 2009 Part 1 of 2 http://www.willisjournal.com/market-analysis-comparing-2006-to-2009-part-1-of-2.html http://www.willisjournal.com/market-analysis-comparing-2006-to-2009-part-1-of-2.html#comments Wed, 27 Jan 2010 18:30:04 +0000 Larry Willis http://www.willisjournal.com/?p=33



bot.html) Market Analysis Comparing 2006 to 2009 Part 1 of 2

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]]> http://www.willisjournal.com/market-analysis-comparing-2006-to-2009-part-1-of-2.html/feed 0 2009 Analysis of the CCAR MLS http://www.willisjournal.com/2009-analysis-of-the-ccar-mls.html http://www.willisjournal.com/2009-analysis-of-the-ccar-mls.html#comments Thu, 21 Jan 2010 16:41:35 +0000 Larry Willis http://www.willisjournal.com/?p=10 We completed an analysis for the MLS on 1/03/2010 comparing year to year variances so that we can have a better understanding of what is happening here at the Beach. In 2006, we sold $3,496,983,112 through the CCAR MLS for Horry Brunswick, and Georgetown counties. In 2009, we sold $1,345,706,590 for a -61.52% decrease. The decrease from 2008 is -13.42% which is the smallest decrease in the last 3 years. We calculate the monthly numbers decrease/increase as well and have the graph showing this for you below for 2009.

2009 Graph

As you can see from the graph, we have seen improvement over last year’s numbers since July, and November showed the largest increase for the year of over 85%. Based on our call activity, we expect this trend to continue to improve. The total number of units available in the MLS has dropped from 19,348 units as of 10/31/2006 to 15,984 as of 1/03/2010 which is a 17.39% drop in total units. The largest decrease was in condos with Land increasing from 3,732 units to 4,734 units.

We feel that banks have really hurt the market with land sales as well as reducing land’s value. A couple years ago, the banks gave interest only loans for land at 95% with a 3 to 5 year balloon payment. Land used to be the easiest to get financing. Today many banks don’t loan on land and if they do, they will only loan on 75% of the new appraised value and many of the loans they gave in the past: they have called and people are not able to get financing based on what they owe. In many cases they are trying to short sale their property or are foreclosed on.

There are many people that believe the reason we saw the increase in sales since July was due to the government incentive, but it only accounted for a small part of the increase. It is amazing that we have seen condo sales increase, especially since it so hard to get financing for condos and condotels. You could get 90% financing a couple of years ago and today most of the loans for condos are 80 to 75% of the appraised value of the units. The interest rates are still the best that we have seen in years with homes under 5% for people with excellent credit.

It has been a tough 3 years in Real Estate and we expect things to improve over the next several months as long as something drastic does not change in our economy! If you have any questions concerning this analysis, give us a call and we will be glad to answer your questions. I have attached a video from the Today Show for you to see.

bot.html) 2009 Analysis of the CCAR MLS

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