According to Metrostudy data for the Myrtle Beach—Conway—North Myrtle Beach, NC-SC housing market, the first-quarter was a bad one. Both new and existing home sales in the market plummeted. Existing home sales fell from 3,187 in the first-quarter of 2013 to 1,017 in 1Q14. This is a 68 percent year-over-year drop. There is also a more significant drop quarter-over-quarter in which existing home sales fell from 3,528 to 1,017. New-home sales saw similarly dramatic downturn in sales with a fall from 534 closings in 1Q13 to 188 in 1Q14, a 64.8 percent year-over-year decline. New-home sales had hit peak in the Myrtle Beach market in the third-quarter at 678 closings.
Despite the very slow sales start in 2014, the price of both existing and new homes in the market continues to rise slightly. The median price for existing homes in the first-quarter was $141,700, up quarter-over-quarter from $133,300 and from $113,500 in 1Q13. This is a 24.8 percent year-over-year increase in existing home closing price. Meanwhile, new homes jumped year-over-year in median price from $190,700 in 1Q13 to $201,400 in 1Q14, nearly a 10 percent year-over-year increase. Despite this price appreciation, however, homes in the market still maintain affordability. The entry-level or first-time buyer can find a new-home in their price range, markets for which are becoming few and far between.
The median price per square foot has crept over $100 in the last year, coming to a median $75 per square foot for new homes in the first-quarter and $120 for existing homes. For new homes, this was the cheapest price per square foot median in the last year, down from $129 in 1Q13.
Learn more about markets featured in this article: Myrtle Beach, SC.