Grand Strand single-family home market stable, condo prices still dropping

Sun News -  Real estate data released today shows that the single-family home market has stabilized, but the condo market is still navigating a bumpy road, according to local Realtors. Single-family home sales were down about 16 percent in June, when compared to the same month last year, according to the Multiple Listing Service. But for April through June sales were down only about 3 percent from the same period in 2010. The median single-family home price was up 3 percent in June, to $169.450, when compared to the same month last year, according to the MLS. The three-months between April and June had a 4 percent drop in median price, to $162,500, when compared to the same period last year, according to the MLS.  "The single-family home market has stabilized," said Tom Maeser, a real estate analyst with the Coastal Carolinas Association of Realtors. "There have been enough months of consistency without big swings." The condo market, by contrast, has continued to have more sales than last year, but also has had continually dropping prices. Foreclosures and short sales are driving down prices in the condo market and appealing to buyers who are more interested in lower-priced properties, Maeser said. Many of the lower-priced single-family homes have already sold, so sales have slowed in that part of the market while they have continued in the condo market, he said. Condo sales were up 3 percent in June when compared to the same month last year, according to the MLS. Condo sales were up 6 percent between April and June, when compared to the same period last year, according to the MLS. 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, to $108,000, compared to the same period in 2010, according to the MLS. Marvin Heyd, the owner of Prudential Myrtle Beach Real Estate, said he is confident the market has stabilized. "I know regardless of what the numbers are saying we are extremely busy," he said. "We have a lot of contracts being written and a lot of people coming in and looking at property and its going to feed right into the fall market."