Tropical Storm Ana Update
The Grand Strand real estate market remains very active. We are reporting healthy sales activity for homes, condos and land.
New Home Transactions in Myrtle Beach are amongst the most active. The national builders seem to be pricing the homes correctly and offering upgrades and incentives, which are attracting a lot of buyers. We have seen an increase in the number of buyer calls that are looking for new construction.
Existing Home Sales along the Strand are also doing well. We have a shortage of resale homes on the market right now. Those that are listed are getting a lot of showings, and we are able to get them higher prices than we could last year. We are on track to sell more homes for full price this year than we have in the last two years combined.
Condo Sales - There still isn’t much new construction for condos going on today. Condo inventory is a bit lower than last year and sales are normal. It appears that condo sales will be flat for the year. It is still a little early to tell, yet this is where it is trending YTD.
Land Sales – Land sales have been steady. Last year, land was selling fast because the builders needed land for their new construction developments. Most builders have plenty of land now, so the main buyers are end users who plan to build themselves. Banks are lending again on lot/home packages and this has helped the recovery for land sales.
Well, I won’t pretend to be able to predict the market, but I am getting the sense that this is a good time to sell if you already had plans to do so in the next year or two.
I always think about the Law Of Supply and Demand.
When the supply is low and there are a lot of buyers in the market, that is the time I like to be a seller. This is exactly where we are in the market today.
Thank you again for allowing us to be your real estate resource. Please let us know what we can do to help you with your real estate needs.
Also, don’t forget The Harrelson Group if you know someone who needs a knowledgeable real estate agent. We will serve your referrals at the highest level.