Myrtle Beach Sales: condos down / single-family-homes up

Condominium sales dropped in February on the Grand Strand compared with the same month last year even though more units are on the market. Increased inventory in the condo market, especially condo conversions, has caused a slowdown there.

Single-family-home sales, however, jumped 28 percent. The increase is a sign that the single-family market is in high demand.

Condo inventories are not only up on the Grand Strand, they’re up nationally. The Kiplinger Letter, a weekly economic newsletter, said there’s about 6.3 months worth of unsold condo supply nationwide compared with last year’s average of 4.8 months.

The newsletter forecast 10 percent fewer sales in 2006 than 2005 as investors drop out.

Citing that data, local oceanfront tower architect Tom Pegram cautioned agents at the Coastal Carolinas Association of Realtors meeting last week about setting prices for oceanfront units too high. He said it could cause a slowdown.

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