Dear Gene Carter Team,
An owner recently asked me where our buyers were coming from (geographic areas). Teressa and I have already sold 56 condos so far this year and the buyers came from 19 different states. We’ve also sold 6 houses and those buyers came from 6 different states. See the chart below showing how many condo and house buyers came from each state. It definitely shows that Myrtle Beach buyers are nationwide with Arizona, Colorado, Texas and Wisconsin included on these lists.
The summer tourist season is in full swing. Judging from the reports I’ve been receiving from owners and rental managers, this may be the busiest season ever. It has been very difficult to show condos because they are rented every day and night.
Listing inventory is still shrinking in most segments of the market although the rate of shrinkage has slowed down a bit. There are currently 368 active oceanfront condo listings vs. 418 at the end of May, a decrease of 50 active listings. Keep in mind that there have been over 1000 active oceanfront condo listings at any given time throughout the past decade (until this past fall) so this is a huge change.
As for condos off the beach, there are currently 302 active listings vs. 290 active listings at the end of May - a slight increase of 12 listings.
The residential market (single family homes) is also tight, particularly new construction. Part of the problem is that supply chain bottlenecks have slowed building in recent months (combined with a sharp increase in demand and lingering Covid-related issues) which have forced even the biggest national builders to be unable to keep up with demand (and it’s resulted in price increases too). This situation should improve as suppliers catch up but for the time being many buyers are simply having to wait for new houses to be built.
For those wanting to buy, there are still reasonably priced condos out there. For owners wanting to sell, now is a great time to test the market.
For potential sellers, NOW is the time to decide whether you are going to sell in the next 12 months rather than waiting until the spring as most owners do. Many owners want to cash in on all of the summer income and then sell in the fall but the perfect time to list to achieve this is almost upon us. If you were to list next week, the sale would probably not close until mid to late August at the end of the peak rental season, even if it sells “instantly”. Just food for thought.
Check out all our usual Grand Strand Market Reports, Sales and Listing Updates, my Best Buys, and new Beach Pro Team reviews.
Greetings from The Grand Strand!
Our real estate market is still exceptionally busy and I’ll cover that in detail a little further down in the newsletter. But first, here are some interesting stats from my team’s sales this year. An owner recently asked me where our buyers were coming from (geographic areas). It’s a great question. I asked Bea, my team’s administrative coordinator, to do a little research.
Teressa and I have already sold 56 condos so far this year. The buyers came from 19 different states. We’ve also sold 6 houses and those buyers came from 6 different states. Here’s a chart showing how many condo and house buyers came from each state. It definitely shows that Myrtle Beach buyers are nationwide with Arizona, Colorado, Texas and Wisconsin included on these lists.