City of Myrtle Beach sees continued growth in development
MYRTLE BEACH, SC (WMBF) - The city of Myrtle Beach is coming off a year of rapid growth in both residential and commercial building.
The city issued nearly 7,300 building permits in 2018 and leaders said the growth in development is part of an ongoing trend.
The permits issued last year include nearly 600 new single-family homes and 51 new commercial buildings, all coming in at a total construction value of $355 million.
The numbers show new single-family homes on the rise with the number of permits issued, up from 369 in 2016 and about 530 in 2017.
Carol Coleman, Myrtle Beach planning director, said it shows the interest in coming here goes beyond vacationing.
“I think we’re starting to see more of a full-time residential representation here. I think people are coming here and staying here," said Coleman.
According to Myrtle Beach realtor Anthony Schibilia, new construction sales in terms of homes sold from January 2016 to January 2019 are up 7 percent. That’s compared to a 4 percent decrease in resale.
“The resale market having a low inventory is kind of propelling new construction. Buyers aren’t finding what they want, they’re having to look elsewhere which increases the demand, which is why we’ve seen new construction grow more than the resale in terms of average price point," said Schibilia.
Coleman said they’re seeing big numbers in areas like The Market Common, an area that has growing for quite some time, and also in places like Grande Dunes.
But there’s only so much building that can be done. Coleman said the city is running out of raw land to develop.
“We’re getting to the point where we’re close to the end of what’s available out there, but until that time happens, you’re going to see the growth continue," she said.
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