Myrtle Beach Real Estate Market Update - The Good & The Bad

Abe Safa from Century 21 Harrelson Group provides an in-depth analysis of the Myrtle Beach real estate market in this December 2024 update. He discusses inventory levels, absorption rates, and the challenges in the market due to rising inventory and selective buyers.

Abe also highlights the impact of new construction on resale properties and shares insights on what sellers and buyers should expect in the current market environment.

Market Highlights

*Condo Market Overview:*
Inventory: 7.1 months of inventory for condos overall; 8.8 months for oceanfront condos
Absorption Rate: Only 18% of condos and 13% of oceanfront condos are under contract, leaving the majority unsold
Buyer Trends: Buyers are cautious, focusing on rental income and mortgage rates before committing

*Single-Family Homes:*
Inventory: 4.5 months of inventory, relatively steady but up from 1 month post-COVID
Absorption Rate: 22% of resale homes under contract, with 78% sitting unsold
Challenges: High interest rates (~6.75%) and static home prices are limiting buyer activity

*New Construction Advantage:*
Absorption Rate: 45% of new construction homes are under contract, double the resale rate
Buyer Appeal: Builders offer incentives like lower mortgage rates and customizable features, attracting buyers away from resale properties
Agent Incentives: Builders offer competitive commissions and bonuses to agents to drive sales

Market Outlook

*Positive Indicators:*
Buyer Demand: Leading indicators like website traffic and mortgage applications suggest strong pent-up demand
Outlook: Anticipated improvement in the market as mortgage rates continue to drop

*Advice for Sellers:*
Homes must be aggressively marketed, competitively priced, and well-positioned against new construction to sell in this market.

Conclusion

While the market remains soft, especially for condos, there are signs of improvement as mortgage rates ease and buyer activity increases. The Myrtle Beach area remains highly desirable, particularly for retirees.

For questions or property consultations, viewers are encouraged to contact Abe Safa directly.

Abe Safa Sales Team is one of the top real estate teams in the country and serve the Myrtle Beach and surrounding areas. We have helped hundreds of Home and condo Sellers navigate the process of selling or buying.

Call us for all your real estate needs or questions. (843) 360-2145

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