Condo Sales Increase
Along The Grand Strand

December turned out to be another month of increased real estate sales on the Grand Strand, with a 62 percent increase in condominium sales.

It's the latest indicator that the Grand Strand housing market, like the nation, is poised to set all-time sales high in 2005!

Mortgage brokers, analysts and real estate agents agree that low interest rates, low inventory and high demand have fired up investment buyers and made for a continuing seller's market.

The average price for condos rose to $162,884 from $122,145 a year ago. That’s an increase of 34% according to the Coastal Carolina Association of Realtors' multiple-listing service, which covers about 80 percent of sales in Horry and Georgetown counties.

More expensive inventory and a shortage of low-end condos are driving up the average price, said Tom Maeser, president of Fortune Academy of Real Estate in Myrtle Beach, SC

"We don't have a lot of inventory in that low end to have a healthy low-end market," Maeser said.

He said the increase in condo sales is because of the redevelopment of mom and pop establishments that now are high-rise condo units. "You just have to close on one building to make a significant increase in condo sales," he said.

Resort Vacation Services at the popular Myrtle Beach Resort reports a 36 percent increase in sales, 2004 compared to 2003. And business still was busy during the first week in 2005.

One Broker said, “The hot market is being spurred by more than interest rates. The growing national popularity of Myrtle Beach and an increasing number of baby boomers wanting investment homes also are driving the market. As available property declines, the price starts to go up, and that just creates a frenzy, and one feeds off the other. When you think you can't get it later, it makes you want to buy it".

"There is no bubble that is going to burst anytime soon," another added.
The average number of days a property sits on the market fell from last year, another indication the market is healthy and good for sellers. Maeser said the 151 days on the market for homes shows that buyers still determine value.
"They are not going to pay way over what similar properties are going for," he said.

Broker Phil Cox at Resort Vacation Services reports, “there’s a thousand condominiums at this resort and we always expect a percentage to be available for new buyers. In spite of the fact that ocean front property is at a premium, situations change for owners requiring them to sell. My advice to prospective purchasers is to shop around. While the bargains may be gone (from last year) there are still values to be found.

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