Myrtle Beach, SC - MYRTLE BEACH, SC (WMBF) - New numbers from the Department of Commerce show a large drop in new home sales for the month of May. Those numbers might not be reflective of the Grand Strand, as one expert said Myrtle Beach is actually doing well.
Tom Maeser, a board member with the Coastal Carolina Association of Realtors, said the Grand Strand has a higher demand than other parts of the country.
"Selling is tough, and if you don't have to have to sell, it's probably not a good time. You're not going to get the best value," Maeser said.
That's because the large amount of foreclosures and short sells have flooded the markets with buyers looking for better deals.
The Department of Commerce said existing home sales nationwide had dropped as well, but by not nearly as much. Some area homeowners said that they've had a hard time selling.
"We've had a lot of contracts on it, but they've been complicated a lot of times. Its someone who has a home somewhere else that has to sell it first," Jeffery Sarajian said, a realtor in Myrtle Beach.
Some analysts attribute the drop nationwide to the end of federally-backed tax credits that expired at the end of April.