Real estate market strong after 2014

Real estate market strong after 2014

MYRTLE BEACH, SC (WMBF) - The year 2014 was the sixth consecutive year of sales gains for the housing market in South Carolina and 2015 is projected to improve even more.

"We're predicting that 2015, we're going to have a banner year," said Barry Thigpen, broker in charge at RE/MAX Ocean Forest.

South Carolina Realtors found a nearly 8 percent increase in sales around the state between 2013 and 2014. In Myrtle Beach, that figure was slightly higher at around 9 percent, according to the Coastal Carolinas Association of Realtors.

The most popular homes in the area sold for $100,000 to $250,000, Thigpen said. That's on track with the state median sales price of $160,000 for 2014.

"Price it right and let it show well and it will sell," Thigpen said. "Overpricing a product just because you've got to have so much out of a thing, that doesn't work. It didn't work in 2014 and it won't in 2015."

New construction made up one-third of home sales on the Grand Strand, the Coastal Carolinas Association of Realtors said. Back in April 2013, only one-fifth of the sales weren't resale.

Berkshire Hawthorne Real Estate credits lower lot prices over the past couple years to the growth in new construction homes.

"It's opened up the market for new construction for builders to come back in, for custom homes, for track building, so it really is a fantastic opportunity for buyers to get a brand new home for great prices," said Kaci Horonzy, real estate agent at Berkshire Hawthorne Real Estate.

The Coastal Carolina Association of Realtors found new construction houses in the area are selling for more than $200,000, which is about $50,000 more on average than the price of resales.

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