SC Coastal Market Hit Hard
Sky rocketing insurance costs continue to take its toll on the real estate market in coastal South Carolina, particularly in the area of ocean front condo sales. In fact, every coastal region in S.C. showed a drop in home sales for April and an increase in number of days homes are staying on the market.
The South Carolina Association of Realtors reported a 3.4% decline to 5,532 home sales from 5,729 in April last year. In Columbia, sales were up more than 13%, and the rest of the state showed mostly increases.
The Myrtle Beach area experienced the most significant drop at 22%. That particular region also showed a 68% spike in the number of days homes are staying on the market — up to 251 days from 149 in April 2006.