Myrtle Beach Condos Market Update

Myrtle Beach Condos Market Update
Hello everybody, Abe Safa here with Century21 The Harrelson Group here in Myrtle Beach, SC. Hope you and your family are all safe and well. Just wanted to give you a quick market update when it comes to condos because as you have seen in my videos lately, we have been having a little bit of a struggle with the condo market over the last six to seven weeks with the Coronavirus and the beaches shutting down. If you remember about six weeks ago, we have had a complete stop in condo sales, it really dropped low and then every week since then it gradually got better and better. We even got to a point three weeks ago when we looked at the number of units under contract relative to what is on the market, that is a big indicator to look at where the market is trending to, we were as low as 18% when it comes to condos and were typically around 28%. As of this morning I ran the numbers and here is what we have right now. There are 3,369 Condos and out of those, 751 are pending that is 22%, were getting real close to that 28% normal level. Again we were as low as 18% and it gradually is getting better and better, last two weeks we have seen a big pick up on traffic, lot of showings and seems like a regular normal month. Things are definitely picking back up in the condo market. When we look up ocean front specifically, that one was hit even harder. If you remember ocean front was about 8% pending relative to what was out there. As of this morning there is 1,457 on the market and the pendings are starting to increase. We are seeing offers coming daily for condos on the ocean, right now there is 188 condos are pending on the ocean front, that is up to 13%. It is still lower that what the normal is but we are gradually making our way up, it’s a whole lot better than 8% of a couple of weeks ago. Anyway, that is the condo market, things are looking good, the market is active once again it feels like a regular normal month. If you are looking to sell this could be a great time to get out, we had a little bit of a scare with the Coronavirus, we were not sure what was going to happen with the condo market, the rental season seems like we got a little bit of a window. I’m not so sure with what is going to happen is the Coronavirus does come back in the summer or in the fall we could be back in the same scenario.
My advice is unless you have a property, unless you have a condo on the ocean front that you use a lot, and it’s a family property and you really get a lot of enjoyment out of it, if it’s purely as an investment. My advice would be let’s get ahead and get you out of this thing. Get ahead and cash out while the market is still good and then we can revisit later on if it feels like you need to get back into the condo market.
Either way, call me, let’s talk about what your situation is, let’s talk about the finances, let’s talk about whether in one of this units or not.
843-360-2145
www.abesafa.com