Posted By Gene Carter @ Dec 1st 2021 9:21am In: Monthly Real Estate News



Grand Strand Real Estate News


November 2021


Volume 2021 Issue 11

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Dear Gene Carter Team,


Summary

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.


Greetings from the Grand Strand,

I hope everyone had a nice Thanksgiving. At this time of year, most people’s thoughts are focused on the holidays so 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. 


Inventory Keeps Dropping 

I keep saying this month after month but 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.


Listings Keeping Pace With Recent Years

The low inventory appears to continue to be driven by high buyer demand rather than fewer listings. Through November of this year, there have been 2381 new listings in oceanfront buildings vs. 2308 in 2020 and 2273 in 2019 (slight increases from year to year). However, I think I’m seeing the pace of listings pick up in the buildings with recent sales at higher prices. This has happened in previous hot markets as prices rose rapidly and it 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 and all were under contract in less than 3 days. All were listed at prices higher than any previous comparable closed sales in the past 10 years. Several were listed at prices up to 20% higher than closed sales in September of this year! It didn’t matter. 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 but if you are considering selling anytime in the near future, please contact me. You may be shocked at the price your property could bring in the current market. Contact me even if you have not planned to sell because sometimes it’s just a good idea to grab a handful of cash when the opportunity arises. 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. 


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). Although the popularity of the Grand Strand has been growing for many years, year-to-year increases of this magnitude have never occurred before. Hopefully this is a sign of things to come, although Covid relief money and pent-up beach fever may have added to the spike. Incidentally, 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. Their stock cratered and the company subsequently laid off 25% of its entire workforce. Zillow provides some useful services (although our website is way better for searching for property in our area) but its algorithms failed miserably at predicting market values. Zillow CEO Rich Barton stated, “Fundamentally, we have been unable to predict future pricing of homes to a level of accuracy that makes this a safe business to be in.” It just proves that you can’t beat the expertise of competent local realtors.


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!


Beach Pro Reviews

Here are some new reviews published in Zillow. 


  • This was our second time working with Gene, this time as the seller. Gene and his team are unmatched in their knowledge of the Myrtle Beach real estate market and their marketing expertise brought us a strong offer in just 4 days. We always highly recommend Gene for all real estate transactions. Tom. Ocean Marsh. North Myrtle Beach.

  • We have used Gene Carter with multiple purchases and sales. He and his team have great local knowledge and can guide you through the process like a pro. Gene and his team have always been very responsive to all our questions and needs. We would recommend Gene Carter to help any one that has a need for a real estate professional. Darwin. Marina Inn. Myrtle Beach

We have chosen to utilize Zillow's review platform. This is not an endorsement of Zillow (Please ignore the ridiculous "Zestimates") but we think an online third-party review service provides more credibility than simply printing reviews ourselves. At this time, we have over 100 reviews with more coming in each month. To see all of the reviews at any time, you can visit Zillow Beach Pro Team reviews. 

Grand Strand Market Report


Below is a link to a detailed report on the current state of our local real estate market complete with statistics for just about anything imaginable. Please keep in mind that these statistics cover a broad range of properties and that particular areas or developments may behave quite differently.  

As always please contact me if I can be of service in any way.

See link below to interpret terms used in this report.


Grand Strand Market Report - October 2021

Best Buys


The following current listings are exceptionally well-priced and represent great values. The spreadsheets are sorted by price. These are live links to listing details and they will change according to changes in the MLS (Pending, Sold, etc.). The listing details are in the same order as the spreadsheets. Please call me directly if you find something of interest to you.
  


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
If you are considering buying or listing any property on the Grand Strand, or if I can be of assistance in any other way, please contact me. Also, please feel free to forward this newsletter to friends or acquaintances and of course I will be happy to add them to my email list.

Finally, please let me know if you are going to be in the area and would like to get together.

See you at the beach!




Gene Carter
Beach Pro Team
Cell Phone:  843-455-4785

The material provided is for informational and educational purposes only and sometimes contains current or forward-looking statements on real estate market conditions, and should not be construed as legal, investment and/or real estate advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors, and is not necessarily the opinion of RE/MAX Southern Shores or its agents.

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