More indicators that the Myrtle Beach housing market is strengthening. Active home and condo real estate listings have steadily declined and residential new construction permits have surged.
Horry County released the number of residential new construction permits issued for the month of September 2012. Permits are up 76% over September 2011. In August 2012, permits were up 89% over 2011. In July 2012, residential new construction building permits increased 44% over July 2011. For the quarter, residential new construction building permits are up an average of 70% over the same quarter in 2011.
Residential New Construction Building Permits
Source: Horry County Code Enforcement
Year-over-Year, Month-by-Month Increase / (Decrease)
While it’s too early to get accurate closed sales in September, we can compare active listings of both single family homes and condominiums. On September 30, 2012, MLS had a combined total of 9,907 single family and condo active listings compared to 10,694 in the same month last year, representing a 7% decline in year-over-year active listings.
Between August 31, 2012 and September 30, 2012, active listings declined by 1% from 10,025 in August to 9,907 in September.
As of September 30, 2012, active listings are down 2% from July 31, 2012, when the combined total was 10,096.
This data supports the conclusion reached last month that the overall market bottom has been reached.
Posted October 7, 2012
By Kay Van Hoesen
Phone: 843-497-9155, Ext. 103
Kay Van Hoesen is founder, senior appraiser and owner of Certifax, Inc., real estate appraisers in Myrtle Beach, specializing in condominium appraisals and single family home appraisals. With local appraisal experience since 1986, she and her staff have developed more than 35,000 appraisals for 3,400 clients.
Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in S.C., a participating member of the National Association of Realtors, the Coastal Carolinas Assn. of Realtors, and an Associate Member of the Appraisal Institute.
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