Grand Strand Real Estate News - April 2024

April 2024

Volume 2024 Issue 4

Dear Gene Carter Team,

Summary

Condo inventory continues to increase, insurance rates seem to be leveling off, and Myrtle Beach’s inaugural PGA tournament was a smashing success. 

Oceanfront and Resort Condo Market Conditions

Overview: Listings are generally coming in faster than they are selling, leading to inventory increases in most buildings. Extremely well-priced or upgraded condos are still attracting buyers and there are some segments of the market that still have relatively few listings available.

Sellers: If you want to cash out on the big price increases in 2021 in 2022, now is the time to do it.

Buyers: You have far more choices than have been available in the past several years. Also, for investors, this is an ideal time to purchase to take advantage of the upcoming peak rental season.

The number of active oceanfront condo listings increased for the 13th month in a row. As of May 15, there were 962 active listings compared to 926  in March. The number of active condo listings off the beach also increased again for the 13th month in a row, from 1592 in March to 1696 in April (See chart in newsletter).

In the month-to-month comparisons for oceanfront condo sales stats, as was the case last month, the two numbers that I believe most accurately reflect current activity are the number of pending sales (which represent new contracts within the past 30 to 45 days) and the number of new listings in the month of March (roughly the same time period). There were 229 new listings and 152 pending sales (See chart in newsletter).  

New Homes and Resales

As was the case in March, there were a few more closed resales than new construction closed sales, 503 vs. 475. Also, as in March, there were far more new resale listings than new construction listings, 750 vs. 624. Average and median closed sale prices were similar for resales vs new construction with a median price for resales at $370,000 vs. $366,364 for new construction. (See chart in newsletter).

The Myrtle Beach Classic

Myrtle Beach’s first-ever PGA tour event, The Myrtle Beach Classic, concluded on Sunday, May 12. Held at the Dunes Golf and Beach Club in Myrtle Beach, more than 40,000 spectators attended Wednesday through Sunday. On Saturday, 15,281 ticketholders enjoyed the gorgeous day, the highest total ever for a first-time PGA Tour event. The pictures in the newsletter were from the tournament on Sunday.

Insurance Rates Settling Down?

It appears that condo insurance rates have leveled off. Although I haven’t heard of any large decreases in premiums in 2024, at least they seem to either be holding steady or not going up as rapidly. 

Greetings from The Grand Strand!

In the news this month, condo inventory continues to increase, insurance rates seem to be leveling off, and Myrtle Beach’s inaugural PGA tournament was a smashing success. First, let’s take a look at this month’s market report.  

“2024 Myrtle Beach Classic”

Oceanfront and Resort Condo Market Conditions

Overview: Listings are generally coming in faster than they are selling, leading to inventory increases in most buildings. Extremely well-priced or upgraded condos are still attracting buyers and there are some segments of the market that still have relatively few listings available - mainly large oceanfront condos in North Myrtle Beach and a few resorts with consistently high incomes year-over-year (Dunes Village, for instance).

Sellers: If you want to cash out on the big price increases in 2021 in 2022, now is the time to do it.

Buyers: You have far more choices than have been available in the past several years. Also, for investors, this is an ideal time to purchase to take advantage of the upcoming peak rental season.

As can be seen in the chart below, the number of active oceanfront condo listings increased for the 13th month in a row. As of May 15, there were 962 active listings compared to 926 in March. The number of active condo listings off the beach also increased again for the 13th month in a row, from 1592 in March to 1696 in April.

The next chart shows month-to-month metrics for oceanfront condos. As was the case last month, I think the two numbers that most accurately reflect current activity are the number of pending sales (which represent new contracts within the past 30 to 45 days) and the number of new listings in the month of March (roughly the same time period). There were 229 new listings and 152 pending sales.  

New Homes and Resales

The chart below shows single-family home stats for April. As was the case in March, there were a few more closed resales than new construction closed sales, 503 vs. 475. Also, as in March, there were far more new resale listings than new construction listings, 750 vs. 624. Average and median closed sale prices were similar for resales vs new construction with a median price for resales at $370,000 vs. $366,364 for new construction.

The Myrtle Beach Classic

Myrtle Beach’s first-ever PGA tour event, The Myrtle Beach Classic, concluded on Sunday, May 12. Held at the Dunes Golf and Beach Club in Myrtle Beach, more than 40,000 spectators attended Wednesday through Sunday. My family and I were there for the final round and it was an amazing experience. The pictures in this newsletter were taken by me and Kevin on Sunday. The crowds weren’t as large as on Saturday but it was still a great time. 

On Saturday, 15,281 ticketholders enjoyed the gorgeous day, the highest total ever for a first-time PGA Tour event. More than 1,300 volunteers contributed to the Classic and 132 players took to the greens. Fan favorites included 16-year-old junior amateur Blades Brown, who entered the final round in the top 20, and tournament champion Chris Gotterup, who achieved his first PGA Tour win. It will be hard to beat the success of this year's inaugural tournament, but those in charge are already talking about adding more merchandise, vendors, sponsors, and cool venues.

Insurance Rates Settling Down?

Although this is strictly based on anecdotal evidence, it appears that insurance rates have leveled off. Most condo complexes renew their insurance in the spring so we have been following up on the premiums for the renewals. I’ve also talked to several people in the insurance industry regarding this. Finally, Teressa researched this matter quite a bit after the insurance at the complex in which she lives increased 400% last year from the previous year. Although I haven’t heard of any large decreases in premiums in 2024, at least they seem to either be holding steady or not going up as rapidly. As for the reasons, I think the high premiums have generated more competition. Also, many condo complexes have started shopping around more and, in some cases, they have found ways to slightly reduce their premiums by making small changes in their policies.

That’s all for now. Check out all our usual Grand Strand Market Reports, Sales and Listing Updates, my Best Buys, and new Beach Pro Team reviews.

See you at the beach!

Please Contact The Beach Pro Team If:

You are thinking of buying or selling an oceanfront or resort condo in our area

                                                                  Or

You are considering moving to our area or know someone else who is

                                                                  Or

You are an agent who has clients thinking of moving here or buying or selling in our area

                                                                  Or

You currently own a condo in our area and want a permanent home

Here are some new reviews published on Google. 

• The team at Beach Pro surpassed our expectations with respect to the purchase of our new vacation home. Their expertise in the industry and knowledge of the Myrtle Beach housing market is second to none. A special shout out to Teressa Carter for her personal assistance throughout the process. She made what can be a very stressful dilemma a most enjoyable experience. Joe. Cypress Ridge. Longs.

• Gene and his team are knowledgeable and a pleasure to deal with. He provides me with context around the situation which helps me understand whether a situation is normal or not. I feel that I was dealing with an expert in the local market at Myrtle Beach, SC. Tak. Coral Beach. Myrtle Beach.

We just started collecting Google reviews. At this time we have over 20 Google Five Star reviews and over 150 Zillow Five Star reviews which can be seen on our website Beach Pro Team reviews. 

Grand Strand Market Report - March 2024

OF/OV Homes Brochures:    Link to Listings 

OF/OV Homes Spreadsheet:   Link to Spreadsheet  

OF/OV Condo Brochures:    Link to Listings

OF/OV Condo Spreadsheet:   Link to Spreadsheet

Non-OF Condo Brochures:     Link to Listings 

Non-OF Condo Spreadsheet:  Link to Spreadsheet