Turmoil in the housing market spurred double-digit drops in sales of houses and condos along the Grand Strand last year, though prices inched up, according to year-end figures released this week.
Condo sales plunged 37 percent compared to sales in 2006, while single-family home sales dropped 21 percent.
Those are the biggest percentage drops since the statistics started being recorded in 1993. The statistics, compiled from the Multiple Listing Service, represent about 80 percent of the listings in Horry and Georgetown counties.
High insurance rates, a new property tax law, stricter lending policies and rapid appreciation have made it difficult to buy and sell property, said Tom Maeser, president of the Fortune Academy of Real Estate.
"Those four things are kind of like the perfect storm, and it severely impacted our investors," he said.
Plus, as the national real estate market tumbles, many people who want to move to the Grand Strand can't because they're unable to sell their homes elsewhere, he said.
The decrease comes after a housing boom the area experienced in 2005, when condo sales leaped 48 percent and single-family home sales rose 27 percent.
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