Grand Strand Real Estate News - August 2024

August 2024

Volume 2024 Issue 8

Dear Gene Carter Team,

Summary

In this newsletter, we’ll examine how this year’s sales and listings compare to those of recent years for oceanfront condos as well as how different segments of the market are doing relative to each other. First, let’s take a look at the current market conditions. Also, in the newsletter, I’ve shared some cool pictures from a recent visit to Brookgreen Gardens in Murrells Inlet.

Oceanfront and Resort Condo Market Conditions

Overview: Last month, I mentioned that showings for my listings had increased but I had received no offers. Since then, in a little over a month, I have sold 8 of them (out of 148 pending listings in the entire market!). Reasonably priced listings are still selling. 

Sellers: If you want to cash out on the big price increases in 2021 in 2022, now is the time to do it. I don’t see any more upside for a long time and there is a real risk prices could decline (Check out the graphs in the newsletter to see how the market has changed). It’s also a good time to sell because we are at the end of the peak rental season. Finally, as mentioned above, buyers are pretty active right now. Please contact me if you want to discuss a property you own.

Buyers: You have far more choices than have been available in the past several years and there are some motivated sellers out there. Contact Teressa or Kevin to help you find the perfect property.

Active Oceanfront Condo Listings

The number of active oceanfront condo listings remained flat for the second month in a row after increasing for 15 straight months. As of September 15, there were 995 active listings, about the same as last month (990). The number of active condo listings off the beach bounced back up to 1749 (up from 1692 last month). (See graph in Newsletter).

Oceanfront Condo Monthly Metrics

See chart in Newsletter showing month-to-month metrics for oceanfront condos. There were 183 new listings and 159 pending sales in August. This ratio of new listings to closed sales has been pretty consistent most of the year as will be shown in more detail in the discussion below.

The average sale price, $361,885, was up 13.4% from July’s average, which goes to show that the larger, relatively high-priced condos are still selling well. However, the overall number of sales was extremely low (103).

2021 to 2024 - My, How Things Have Changed

In the following, I extensively use the ratio between active listings and either pending listings or closed sales. This ratio is a good “common denominator” for comparing market conditions. Think of it this way: Listings represent supply. Pending sales and closed sales loosely represent relative demand. The higher the ratio of listings to sales, the lower the demand (and the pickier buyers can be), making it more of a buyer’s market. The lower the ratio, the more it shifts toward a seller’s market. All of these stats are for either the month of August or year-to-date through August.

Listings-to-Sales Ratios

The ratio of active listings to closed sales has increased from 1.4 to 9.7 for the entire market from 2021 to 2024 (seven times higher), indicative of much more of a buyer’s market. (See graph and further comments in Newsletter). 

The ratio of active listings to pending sales is not evenly distributed across the market. It’s higher in Myrtle Beach than in other areas and it’s higher for smaller condos than larger condos. I think this is because Myrtle Beach has a much higher percentage of condotels (particularly efficiencies and 1BRs) than the other areas. The ratios for efficiencies and 1BRs are higher than for condos with more bedrooms but the ratio for 2BR condos is surprisingly high as well. (See graphs and further comments in Newsletter)

Yearly Closings and Listings

The number of new listings each year has remained relatively stable. The increase in accumulated active listings (which I've been reporting each month) is a result of far fewer sales, not more listings. There were 1764 new listings in 2021 and 1803 in 2024. However, so far there have been less than half as many sales in 2024 as in 2021 (898 vs.1886). See graph and further comments in Newsletter).

Yearly Average and Median Sales Prices

Surprisingly, average and median prices have increased each year despite a shift to a buyer’s market. I think this may be a little misleading. As we saw with the ratio graphs, the ratios of listings-to-sales are higher for larger, more expensive properties than smaller, less expensive properties, suggesting that large condos have comprised a disproportionately large number of sales, skewing the averages and median prices. However, it also shows that, so far at least, many oceanfront condos have retained most, if not all, of the increase in value we saw in almost every building in late 2021 and early 2022. (See graph and further comments in Newsletter).

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

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

Greetings from The Grand Strand!

I’ve been covering other topics in recent months (NAR rule changes, Real Estate Tax Reassessment, …), so let’s take a deep dive into market stats again. In this newsletter, we’ll examine how this year’s sales and listings compare to those of recent years for oceanfront condos as well as how different segments of the market are doing relative to each other. First, let’s take a look at the current market conditions. I’ve also shared some cool pictures from a recent visit to Brookgreen Gardens in Murrells Inlet.

 “Recent Visit to Brookgreen Gardens”

Overview: Last month I mentioned that showings for my listings had increased but I had received no offers. Since then, 8 have gone under contract in a little over a month. Considering there are only 148 pending oceanfront condo listings on the entire Grand Strand at the moment, that’s not bad. There are definitely buyers out there but they are shopping hard. However, reasonably priced listings are still attracting attention and selling. 

Sellers: Once again, I’m sticking with the same advice I’ve been giving. If you want to cash out on the big price increases in 2021 in 2022, now is the time to do it. I don’t see any more upside for a long time and there is a real risk prices could decline (Check out the graphs below to see how the market has changed). It’s also a good time to sell because we are at the end of the peak rental season. Finally, as mentioned above, buyers are pretty active right now. That could change as the election approaches. Please contact me if you want to discuss a property you own.

Buyers: You have far more choices than have been available in the past several years and there are some motivated sellers out there. Contact Teressa or Kevin to help you find the perfect property.

Active Oceanfront Condo Listings

As can be seen in the chart below, the number of active oceanfront condo listings remained flat for the second month in a row after increasing for 15 straight months. As of September 15, there were 995 active listings, about the same as last month (990). The number of active condo listings off the beach bounced back up to 1749 (up from 1692 last month).

Oceanfront Condo Monthly Metrics

The next chart shows month-to-month metrics for oceanfront condos. Once again, 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 August (roughly the same time period). There were 183 new listings and 159 pending sales. This ratio of new listings to closed sales has been pretty consistent most of the year as will be shown in more detail in the discussion below.

The average sale price, $361,885, was up 13.4% from July’s average. I think this number largely reflects the mix of properties sold in any given month. If many large, expensive condos are sold instead of smaller condos, the average will go up even if prices for similar condos do not. The overall number of sales was extremely low (103). 

 “Recent Visit to Brookgreen Gardens”

2021 to 2024 - My, How Things Have Changed

We're all aware that the market has shifted significantly during this time. I’ll start out by giving a concise analysis of what has changed and then flesh it out with some interesting graphs. 

In the following, I extensively use the ratio between active listings and either pending listings or closed sales. This ratio is a good “common denominator” for comparing market conditions. Think of it this way: Listings represent supply. Pending sales and closed sales loosely represent relative demand. The higher the ratio of listings to sales, the lower the demand (and the pickier buyers can be), making it more of a buyer’s market. The lower the ratio, the more it shifts toward a seller’s market. All of these stats are for either the month of August or year-to-date through August. Here goes:

The ratio of active listings to closed sales has gone from 1.4 to 9.7 from 2021 to 2024 (seven times higher), indicative of much more of a buyer’s market. 

The ratio of active listings to pending sales is not evenly distributed across the market. It’s higher in Myrtle Beach than in other areas and it’s higher for smaller condos than larger condos.

The number of new listings each year has remained relatively stable. The increase in accumulated active listings (which I've been reporting each month) is a result of far fewer sales, not more listings.

Average and median sales prices have increased each year, even as the number of sales decreased and the number of active listings increased.

Listings-to-Sales Ratios

The graph below shows the increase in the listing-to-closing ratio for the entire market for the month of August for each year. In 2021, it was close to one-to-one but now there are almost 7 listings for every sale. 

This graph compares the listing-to-pending ratios for Myrtle Beach, North Myrtle Beach, and the South End (Surfside, Garden City, Litchfield). As you can see, the ratio is far higher in Myrtle Beach. I think this is because Myrtle Beach has a much higher percentage of condotels (particularly efficiencies and 1BRs) than the other areas.

This graph compares the listing-to-pending ratios for condos with differing numbers of bedrooms. The ratios for efficiencies and 1BRs are the highest but the ratio for 2BR condos is surprisingly high as well.

Yearly Closings and Listings

The next graph compares YTD new listings and closings (through August). I mentioned above that the increase in active listings has been the result of fewer sales rather than more listings. Here’s the proof. As you can see, the number of new listings in each year has generally stayed in the same range. There were 1764 new listings in 2021 and 1803 in 2024. However, so far there have been less than half as many sales in 2024 as in 2021 (898 vs.1886).

Yearly Average and Median Sales Prices

This last graph shows the average and median sales prices. Surprisingly, the prices have increased despite a shift to a buyer’s market. I think this may be a little misleading. As we saw with the ratio graphs, the ratios of listings-to-sales are higher for larger, more expensive properties than smaller, less expensive properties, suggesting that large condos have comprised a disproportionately large number of sales, skewing the averages and median prices. However, it also shows that, so far at least, many oceanfront condos have retained most, if not all, of the increase in value we saw in almost every building in late 2021 and early 2022.

That’s all for now.

Check out all our usual Grand Strand Market Reports, Sales and Listing Updates, and new Beach Pro Team reviews.

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

Here is a new review published on Google. 

• Both Gene and Theresa are the very best sales team. We bought property with Theresa and sold with Gene. We bought seamlessly. We sold quickly. They are first rate professionals! Shannonank. Dunes Village. Myrtle Beach.

• Kevin is very professional, personable and helped make our move from New York State seamless. I would recommend him to anyone looking for a realtor. He is an all around great guy!!!! Lauren. Conway.

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 - July 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: