Sizzling Real Estate Market

According to the National Association of Realtors, 36% of all homes purchased in 2004 were second home purchases and 23% of all homes purchased were investment properties. Even more amazing is that 64% of all second homes are investment properties with only 36% considered true vacation homes. Evidence of this trend can be seen in the Myrtle Beach/North Myrtle Beach areas where sales have increased from 17% to 39% this year alone. MLS statistics for June show that overall home sales are up 21% for the first half of the year and median prices are up 10%. The Orangeburg and Myrtle Beach/North Myrtle Beach markets show the highest median price increases of 30% and 26% respectively. Another trend is the increase in the number of retirees moving into South Carolina. Based on trends and data from the NAR Research Division, it is expected the "hot" conditions to continue well into 2006.

Phil Cox, Broker-in-Charge, at Myrtle Beach Resort Vacation Services, was asked his opinion - "Everyone knows that second home sales are on fire. With the approaching off-season, we do anticipate a slow down. However, this is the ideal time to purchase. Sellers who’ve already received the proceeds of record summer rentals are more likely to be negotiable.”

For condominium sales at the popular Myrtle Beach Resort, Myrtle Beach Condo Sales