With only 1 foreclosure sale for the month of May sale prices in Murrells Inlet appeared to trend upward a slight 1.4% over May 2010. More remarkable is the number of single family homes sold dropped 46% over May 2010 with only 28 units sold last month. While the average sale price for homes in Murrells Inlet for May was $222,059, marketing time showed little significant change over last year averaging 157 days. The sale price trend for single family homes is also up 6.5% from April’s average sale price of $208,396.
Arriving at these figures was a bit of a challenge given the errors in the MLS for some locations and the changes in the MLS as far as how they classify Murrells Inlet homes. All Garden City Beach homes were eliminated from the data because they are not Murrells Inlet although several were entered that way in the MLS. Had these not been removed the year over year data showed over $67,000 loss in value for Murrells Inlet homes and that just doesn’t appear to be the case.
Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.