Myrtle Beach ~ buyers’ market in condos confirmed

A report by the S.C. Association of Realtors confirms that coastal South Carolina is becoming a buyers’ market as some areas have seen sales declines.

Jim Peters, chief executive officer for the S.C. Association of Realtors, said all markets across the state are experiencing an inventory buildup like Myrtle Beach.

In Myrtle Beach, the condo market has changed dramatically. MLS statistics show 9,012 condos listed for sale at the end of the 2006 first quarter, as compared with 2,712 last year. And they’re taking longer to sell – now averaging 143 days on the market, as compared with 36 days last year.

The home market inventory has also increased, but more modestly. MLS statistics show 4,253 homes for sale at the end of the 2006 first quarter, as compared with 3,036 last year. Homes are now averaging 133 days on the market, as compared with 83 days last year.

Sales - particularly in the condo market - have not kept pace with the dramatic increases in inventory, even though overall sales have increased by 5% during the first quarter.

The drop in sales is contributing to the shift to a buyers’ market, where customers will have respite from bidding wars.

“Ultimately, we will see some leveling off and even a price decline, particularly in the condominium market,” he said.

Some speculators may be finding it difficult to sell property right now, Peters said.

Source: Jenny Burns, The Sun News, Myrtle Beach, SC