MYRTLE BEACH CONDOS FAVOR BUYERS AS MARKET SHIFTS
Myrtle Beach condo prices skyrocketed last year and may have priced a lot of people out of the market. But the time to buy could be now. The change to the buyers market was caused by the number of Myrtle Beach condos for sale having tripled since the first quarter last year on the Grand Strand.
Rachel Broadhurst, president of Century 21 Broadhurst has been quoted as saying “ This would be an excellent time for people wanting to buy more affordable Myrtle Beach condos, because some of the condos have decreased in price, thus giving them more options”.
First quarter statistics of this year, as compared to the same time last year show 6,300 more condos on the market as reported by the Multiple Listing Service. Also Myrtle Beach condo sales from that same time period last year have dropped four percent. In contrast the sales of single-family homes have had a forty-two percent increase. There has been a dramatic increase in prices because more people are putting their property up for sale. Compared to last year there has been a twenty-four percent increase in the medium price of condos.
The condo market has several factors in play. Hotel and apartment conversions have increased in large numbers and have been added to the market. This has caused some condo prices to go down because of the increase listings and less demand from people wanting to buy. People aren’t losing money; they’re just not making as much money as they should. According to Broadhurst, she doesn’t think that increase of twenty-four percent to happen again, but she does think sales will definitely pick up.
Rachel Broadhurst, president of Century 21 Broadhurst has been quoted as saying “ This would be an excellent time for people wanting to buy more affordable Myrtle Beach condos, because some of the condos have decreased in price, thus giving them more options”.
First quarter statistics of this year, as compared to the same time last year show 6,300 more condos on the market as reported by the Multiple Listing Service. Also Myrtle Beach condo sales from that same time period last year have dropped four percent. In contrast the sales of single-family homes have had a forty-two percent increase. There has been a dramatic increase in prices because more people are putting their property up for sale. Compared to last year there has been a twenty-four percent increase in the medium price of condos.
The condo market has several factors in play. Hotel and apartment conversions have increased in large numbers and have been added to the market. This has caused some condo prices to go down because of the increase listings and less demand from people wanting to buy. People aren’t losing money; they’re just not making as much money as they should. According to Broadhurst, she doesn’t think that increase of twenty-four percent to happen again, but she does think sales will definitely pick up.
posted by Jeremy at 9:19 PM
0 comments
