Myrtle Beach housing market sees jump in single-family home, condo sales
MYRTLE BEACH, SC (WMBF) - The Myrtle Beach real estate market continues to flourish at record-breaking levels.
The May 2021 real estate market report released by Coastal Carolinas Association of REALTORS shows closing sales on single-family homes increased by 52.3% compared to May of last year.
This is despite a 17% increase in the average sale price of a single-family home, as well as a 67% drop in housing inventory from last year.
Jason Potter, who owns Grand Strand Coastal Realty, said he initially thought the COVID-19 pandemic would have the opposite effect on home buying in slowing down the real estate market.
Instead, they’re now seeing people other than retirees relocate to the Grand Strand. People who were, at first, undecided are closing on homes.
Then, there are those looking to trade the city for the beach.
“That’s really what we saw was happening with COVID. People wanted to start living outdoors again and doing things and Myrtle Beach, of course, that’s our strength so now you’ve got this third group of potential home buyers and you’ve put this perfect storm together and here we are,” Potter said.
Condo sales are up 151% and Potter said there are several reasons more people are buying them. One of those reasons is low maintenance.
“You can live in it for four or five months of the year, lock it up, go travel, go on a cruise, get an RV, and then come back and it looks the exact same way you left it,” he said.
Realtors don’t expect things to slow down anytime soon. With the warmer weather and reopening of the economy, they say the area may see even more sellers enter the market.
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