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Coast real estate market improves in first half of 2010

Jul 13, 2010 10:58:00 AM - thestate.com

The greater Myrtle Beach real estate market improved in the first half of 2010, according to Realtors and experts, but with continued price drops there is still a way to go before the market reaches stability.

In Horry and Georgetown counties and southern Brunswick County, N.C., single-family home sales grew 32 percent in the first half of 2010, when compared to the same period in 2009, and condo sales rose 38 percent, according to the statistics gathered from the Multiple Listing Service.

The median price - the price at which half sold for less and half sold for more - of single family homes dropped 5 percent to $170,000 in the first half of this year compared with the same period last year. The median price of condos fell 6 percent to $122,000 in the first half of this year.

“It was better than we expected. There’s so much uncertainty out there I think [the market] is doing really well,” said Marvin Heyd, broker-in-charge at Prudential Burroughs & Chapin Realty. “I think the rest of this year will follow the same path.”

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