Homes stabilize, condo prices still drop during June in Myrtle Beach area - Business - TheSunNews.com
The median condo price last month was down 5 percent from June 2010, to $118,900, according to the MLS. The median condo price between April and June was down 12 percent, compared to the same period in 2010, according to the MLS.
Radha Herring, the broker-in-charge of the Watermark Real Estate Group, said she wasn't surprised that condo prices continue to fall.
"As we continue to push through the short sale and foreclosure inventory it continues to drive prices downwards," she said.
A lot of the sales and showings her company has had have come from investors, Herring said. Thos investors can make better gross rent on a condo than a single-family house in many cases and condos are generally cheaper to buy, she said.
Condo prices are likely to continue dropping as distressed properties persist and more are put up for sale once the summer ends, Herring said. Single-family home prices are largely dependant on what neighborhood houses are in, because some have stopped dropping and are increasing in price, she said.
"Neighborhoods that have had a tremendous number of short sales and foreclosures, like Carolina Forest, have not seen the end of price drops in that area, simply because they haven't cycled through the short sales and foreclosures," Herring said.
Read more: http://www.thesunnews.com/2011/07/28/2302203/homes-stabilize-condo-prices-still.html#ixzz1TQJeJ7ck
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