Dear Gene Carter Team,
So far, 2021 has been crazy busy. Teressa and I have already written 19 new contracts, all resort condos so far - in the coldest months of the year! There are good deals out there for buyers but, man oh man, it’s a great time to sell right now! Inventory levels are at their lowest in over a decade. Many oceanfront condo developments in North Myrtle Beach have no available listings. We are seeing more multiple offers and “instant” sales as prices in most segments of the market are being driven up (although appraisals are limiting appreciation). Please contact us if you are thinking of buying or selling in these exciting times.
Below is my 2020 comprehensive oceanfront and resort condo sales analysis – focused specifically on this hyper local segment of our market – complete with charts and reports on historical numbers of sales, average and median prices, sales per price range, sales per number of bedrooms, cash vs. financed sales, comparative numbers of sales in 100 popular developments, and the leading sales company on the Grand Strand (my company, RE/MAX Southern Shores was number one from a 9th straight year with $648M in volume).
Greetings from The Grand Strand!
Wow, it’s been busy! So far in 2021, Teressa and I (Beach Pro Team) have already written 19 new contracts, all resort condos so far - in the coldest months of the year! Of course there are good deals out there for buyers and interest rates remain historically low but, man oh man, it’s a great time to sell right now! This edition includes my big analysis of 2020’s sales but let’s briefly discuss the current boom first.
Last night when I sifted through all the active listings of resort properties for my Best Buys as I do every month, it took about half as long as normal because there are so few for sale. As of yesterday, there were 786 active oceanfront condo listings on the entire Grand Strand. There have consistently been between 950 and 1200 listings every month for as long as I’ve been putting these lists together - at least 10 years. There were only 659 active condo listings off the beach (non-oceanfront buildings), also the lowest number I have seen. There were only 36 oceanfront houses for sale. For years, this number hovered around 100 at any given time. Per the overall market stats provided by MLS, overall active home listings are down about 16% from this time a year ago.
We are seeing multiple offers and “instant” sales frequently although it has not reached the level we’re hearing reports of in some markets where all new listings are immediately bombarded with dozens of offers. The increased demand is driving prices up but more in some segments of the market than others. Also, appraisals (which are typically based on recent comparable sales and do not generally account for increased demand and low supply) have been holding market prices back.
Judging from conversations with agents who specialize in residential single-family sales, some price ranges and geographic areas are far more active than others. Condos in most areas are selling well, both oceanfront and off the beach. In fact, many oceanfront condo complexes in North Myrtle Beach currently have no active listings for sale. Although condotels remain the least active segment of the market with the most inventory, interest is picking up with the anticipation of a strong rental season. In fact, 13 of the 19 new contracts for my team so far in 2021 have been for condotels. As increased sales draw down the inventory, we should see some price improvement.
And now here is my big 2020 condo sales analysis. Incidentally, most resort condos (as opposed to condos almost exclusively purchased and occupied by primary residents) usually follow the same market trends as oceanfront condos. Stats on quite a few other resort condos (non-oceanfront) are also included. Let’s get started…
The first graph (below) shows the number of closed oceanfront condo sales in each year since 2003.The number of sales in 2020 was almost exactly the same as in 2019 (1698 in 2020 vs. 1687 in 2019). Personally, I think this is amazing considering the primary buying season for oceanfront condos was virtually eliminated by the shutdown at the onset of Covid in the spring. Sales for the rest of the year, particularly the fall and winter, made up the difference.