Grand Strand Home Sales 2011 Review

Short Sales to rise in 2012With 3731 single family detached homes sold along the Grand Strand in 2011 the Myrtle Beach real estate market picked up more unit sales over 2010 by 3.5% while the median home sale prices fell 6.1%.  Not bad when you consider Horry County has the third highest foreclosure rate in South Carolina but unfortunately some neighborhoods have greater value losses than others as goes the local nature of real estate.

Overall distressed sales increased 3.75% year of year with Horry County seeing the largest increases in foreclosure sales but in Georgetown foreclosures sales increased 71.4% 2011 and is the hardest hit area in Georgetown County a likely result of the job losses in the area when the ArcelorMittal steel mill closed in June 2009.  The mill has since reopened and will hopefully help stem the tide of foreclosures in our port city.

Short sales increased 41.7% over the last year in the Myrtle Beach area and this is likely a good sign that will continue into 2012 and will help all homeowners as this alternative to foreclosure should help home values from futher declines.  In the past short sales had long approval timelines but lenders have implemented programs to increase approvals making closing rates much higher and added other welcome improvements to help distressed homeowners that are unable to pay their mortgage.