Dear Gene Carter Team,
I’ll keep this newsletter relatively brief with a grab-bag of market updates and local news. I’m also including a few cell phone pictures I’ve taken recently of the local fall beauty. (See these in the main newsletter below).
Inventory Keeps Dropping: This is once again the LOWEST INVENTORY I’VE EVER SEEN FOR OCEANFRONT CONDOS. The count for active listings of any type in all oceanfront buildings on the entire Grand Strand is now at 150, down from 192 at the end of last month. The number of active condo listings off the ocean also declined, to 282 from 315 last month. See the updated chart below in the Newsletter.
Listings Keeping Pace With Recent Years: The low inventory appears to continue to be driven by high buyer demand rather than fewer listings than in recent years. However, I think I’m seeing the pace of listings pick up in the buildings with recent sales at higher prices. This usually cools the market down when there are enough listings to restore a competitive balance.
Huge Price Increases in the Past 30 Days: I listed 8 oceanside condos in November at prices up to 20% higher than comparable closed sales in September of this year and all were under contract in less than 3 days. Please be aware that buyers are currently paying higher (sometimes much higher) prices than comparable properties sold for just weeks ago. I don’t know how long this is going to last. Either call or send me an email and I’ll respond with a quick answer as to what I think your property is worth in the present market. You may be shocked at the price your property could bring right now.
Big Increase in Vacation Rental Income: For most resorts, YTD incomes through October are up 10% to 30% in 2021 over the incomes in 2019 (the most recent normal year). Year-to-year increases of this magnitude have never occurred before. This is another reason for the sharp price increases.
Zillow’s iBuyer Collapse: After 3 years, Zillow recently shut down it’s iBuyer program after losing hundreds of millions of dollars. Its algorithms failed miserably at predicting market values. It just proves that you can’t beat the expertise of competent local realtors.
Check out all our usual Grand Strand Market Reports, Sales and Listing Updates, my Best Buys, and new Beach Pro Team reviews.
Please contact us if you have any questions or comments.