Grand Strand Real Estate News - October 2023

October 2023

Volume 2023 Issue 10

Dear Gene Carter Team,

Summary

With Thanksgiving around the corner, this is a short newsletter - just the market reports and some cool pictures I took of horses on the beach.

Oceanfront and Resort Condo Update

(See chart in Newsletter) The number of active oceanfront condo listings increased from 700 in September to 727 as of today. The number of active condo listings off the beach also increased again, from 1103 in September to 1178 today.

(See chart in Newsletter). Since inventory started dropping precipitously in October of 2020, oceanfront and non-oceanfront active listings tracked similarly through 2021, finally bottoming out in February 2022. There were only 125 active oceanfront condo listings at that time. The numbers for oceanfront and non-oceanfront active listings climbed in unison until about July 2022 when they diverged. Since fall of 2022, they’ve followed the same pattern, just at different levels. Both dipped in the spring of 2023 and they’ve been climbing for the remainder of this year so far. Keep in mind that there is an inverse relationship between inventory and prices - supply and demand! 

(See chart in Newsletter showing month-to-month metrics for oceanfront condos). Pending sales were up 2.5% and closed sales were down 6.5%. Active listings increased 4.3%. 

Please contact me if you are considering selling in the near future or even if you just want to chat about market conditions.

New Home Sales

(See chart below showing single family home stats for October). Resales once again edged out the new construction sales 482 versus 454. There were 670 new resale listings versus 436 new construction listings. Please contact Teressa or Kevin to help you find the best deals.

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

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

See you at the beach!

Greetings from The Grand Strand!

Well, we are almost to the halfway point of HalloThanksMasDay, the nonstop holiday season! I’m sure everyone’s busy planning for Thanksgiving next week so this will be a short newsletter. I’ll just cover the usual market reports and share some cool pictures I recently took of the 42nd Annual American Heart Association Beach Ride. Over 1000 horses and their riders from more than 20 states participated in this year’s event.

Oceanfront and Resort Condo Update

As you can see in the updated chart below, the number of active listings continues to climb, both for oceanfront and non-oceanfront condos. The number of active oceanfront condo listings increased from 700 in September to 727 as of today. The number of active condo listings off the beach increased again, from 1103 in September to 1178 today.

Here’s an expanded graph showing active condo listings for oceanfront and non-oceanfront condos extending back to October 2020. This was when the inventory started dropping precipitously. 

As you can see, both tracked similarly as inventory dropped through 2021, finally bottoming out in February 2022. There were only 125 active oceanfront condo listings at that time. The numbers for oceanfront and non-oceanfront active listings climbed in unison until about July 2022 when they diverged. Since fall of 2022, they’ve followed the same pattern, just at different levels. Both dipped in the spring of 2023 and they’ve been climbing for the remainder of this year so far.

Keep in mind that there is an inverse relationship between inventory and prices - supply and demand! As I’ve mentioned in a number of newsletters, the increase in supply (active listings) is occurring mainly in the condotels - primarily efficiencies and one bedrooms. Inventory is still pretty tight for the larger condos and the non-condotel types, particularly on the oceanfront.

The next chart shows month-to-month metrics for oceanfront condos. Pending sales were up 2.5% and closed sales were down 6.5%. Active listings increased 4.3%. Average price was lower but this is largely a function of what type of units are selling the most in any given month.

Please contact me if you are considering selling in the near future or if you just want to chat about market conditions.

New Home Sales

The chart below shows single family home stats for October. Resales once again edged out the new construction sales 482 versus 454. There were 670 new resale listings versus 436 new construction listings so the gap seems to be growing there. Please contact Teressa or Kevin to help you find the best deals.

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

See you at the beach!

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 are some new reviews published on Google. 

• I bought 4 condos all from Gene, he is the best real estate agent that I ever had. Gene is very knowledgeable, professional, and also take the consideration from buyer’s perspective. Recently I had to help my brother who is out of state to sale his condo, I contacted Gene and he provided exceptional service and sold my brother’s condo within a week. I can’t say how much I appreciate his service. I would highly recommend Gene Carter to anyone who wants to purchase property in Myrtle beach, SC. I am sure u will receive the best service from Gene! Minyu. Myrtle Beach.

• Gene and the Beach Pro Team are very professional. Took care of our sale quickly and easily! They were extremely helpful as we needed to conduct the complete process remotely. Pattie. Dunes Village. Myrtle Beach.

We just started collecting Google reviews. At this time we have over 150 Zillow reviews which can be seen on our website Beach Pro Team reviews. 

Grand Strand Market Report - September 2023

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