MYRTLE BEACH, SC (WMBF) Myrtle Beach is on a "hot streak" when it comes to housing. So much so that it's gaining national attention. Online and in print, the word is, if it's for sale in Myrtle Beach, it's selling.
According to www.DailyFinance.com, Myrtle Beach is one of the "5 Surprising Housing Markets on Big Hot Streaks." The article states Myrtle Beach topped the list because last year, nearly 2,000 homes were sold, a 34 percent increase from 2012.
But how long will this hot streak last? Experts say there are plenty of variables. The Grand Strand doesn't have a lot of inventory - right now, there are 4,000 listings for condos, and 5,000 listings for single-family homes. To put this in perspective, before the recession, those numbers were more than double.
Plus the area is still dealing with a large number of foreclosures. In fact, foreclosures make up about 20 percent of the market, and that percentage needs to go down to 5 percent before we see a major jump in prices. We are starting to see home values increase, but it might be a while before it happens for condos.
Real estate experts say while the Myrtle Beach area may be showing some positive signs, it shows what the rest of the country is dealing with.
"It also kind of tells how bad some other markets are," explained Tom Maeser with Coastal Carolina Association of Realtors. "There's still some people suffering in markets elsewhere; it'll be years before prices start to improve, so we are very fortunate."
Maeser says in order to keep the momentum, the next couple of months are very important. The spring selling season, the months of March through June, are big for buyers and sellers.