- Real Estate
SC Real Estate Investing in 2013
Consumer Affairs online is confirming what real estate agents have been claiming for months. Not only are home purchases up in numbers nationwide, but prices are too.
The National Association of Realtors has reported that sales of homes, town homes and condos were 12.9% higher this May than in May of 2012, and that sales were the highest since November of 2008.
Prices are up 15.4% from a year ago and the price increase is the highest since 2005 when the boom was in full swing.
The south is showing some of the best numbers in the nation, which is very good news for South Carolina.
- Northeast (NY, NJ, PA, etc) Sales up 8.3% from 2012. Prices are up 12.3%.
- West (CA, WA) Sales up 7% over 2012. Prices are 19.9% from last year.
- South (NC, SC, FL, GA, etc.) Sales up 16.1% from last year, and Prices up 15%.
- Midwest (TX) Sales up 16.3% with prices up 8.2% higher than 2012.
The midwest may be slightly above the south in number of sales, but look at the price increases here (15% increase) and there (only 8.2% increase)
In the state's money maker, Myrtle Beach, new home builders are revving up, although chiefly in single family, low cost residential homes. Charleston SC home sales are continuing to grow as well, especially since they were not hit as hard with the market crash six or seven years ago.
Sales inland in South Carolina such as the cities of Greenville, Greenwood, Spartanburg, and Columbia have likewise increased, though not as dramatically as coastal real estate, which supports most of the state. Again, they were not hit as hard during the crash, simply because there was very little vacation condo "flipping" and speculation in non-resort areas. Due to the tightening of mortgage funds, secondary homes and condos at the beach are nearly limited to cash purchases now, or at least a very high down payment. Yet buyers and investors are finding the means to buy.
Summer is the big season for the resorts in South Carolina, so it's yet to be seen how the fall and winter months will show for real estate in Myrtle Beach, Charleston, Hilton Head, and others. For now, though, all signs are pointing to a recovering market and happier days ahead for investors.
Did you lose money with the real estate crash in 2006?
Myrtle Beach Real Estate on the Rebound
South Carolina Coast
Greg Harrelson of Century 21 The Harrelson Group in Myrtle Beach explains how to tell the market is back on the rebound.