Myrtle Beach area sees 56% drop in homes on the market; reaches all-time low

Drop in available houses causes closed sales to decline.
Drop in available houses causes closed sales to decline.(WAVE 3 News)
Published: Aug. 18, 2021 at 10:48 PM EDT
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HORRY COUNTY, S.C. (WMBF) - A record year for home sales last year in South Carolina is continuing into 2021, but recent data from the Coastal Carolina Association of Realtors shows the market may be starting to shift.

According to the association, the Myrtle Beach area saw a 9% drop in the number of closed sales last month.

Although it’s not for a lack of interest from buyers; there just aren’t enough homes on the market right now.

“When I came down, you could get whatever you wanted,” said Cory McPherson, who lives near The Market Common. “There was no problem.”

McPherson moved from Brooklyn, New York, to Myrtle Beach just before the pandemic at the end of 2019.

He spent six months in Carolina Forest but realized he liked The Market Common area better.

By that time, his real estate agent told him the housing market had totally changed - in favor of sellers.

“She said to me, now’s the time, you’ve got to jump on it really quick,” said McPherson. “I was able to sell it in two days.”

ALLSTARS Realty co-owner Tammy Eaves says she’s selling house in two or three days all the time.

“My husband and I have owned our own business for over 30 years, so I’ve got a lot of experience and I haven’t seen it like this before,” she said.

The Coastal Carolina Association of Realtors says the Myrtle Beach area experienced a 56% drop in the number of available houses from June to July.

The association says that drastic drop has led to a record low, which has made for a seller’s paradise. The median cost of a homing climbed 18% to nearly $300,000 last month.

“A seller and I are talking and they’ll say, ‘I want to list at this pie in the sky price,’ and sometimes they’re getting it,” said Eaves.

She also said the one thing holding sellers back from listing way above what they paid is that they can’t find a place to go. Part of it has to do with how long new homes are taking to finish construction because of material delays.

“I talked to a plumber today who told me he can’t get water heaters, he can’t get toilets, PVC pipes - there’s a shortage,” said Eaves.

She added the inventory picks up so buyers will stand a fighting chance again.

As for McPherson, he’s happy he landed where he did when it was still available.

“There’s more and more of us northerners coming here all the time, so it’s great,” he said. “I’ll never look back.”

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