Myrtle Beach Buyers Market

The S.C. Association of Realtors has recently confirmed and reported South Carolina’s coastline is quickly becoming a market for buyers due to recent sales declines in certain areas. The Myrtle Beach condos in the Grand Strand area have seen an increase of 5% in sales. Hilton Head has had a decline of 26% in sales while sales in Charleston have only declined by 3%.
However, upstate South Carolina has been seeing an increase in sales of real estate driven by recent job growth which has in turn created a demand for housing. First quarter real estate sales have increased 28% in Greenville and increased 21% in Spartanburg.
According to Jim Peters (Association of Realtors CEO), the entire South Carolina and Myrtle Beach real estate market is experiencing some buildup on inventory. The decrease in real estate sales contributes much to a shifting toward a buyer’s market, in which homebuyers will not have to engage in a bidding war. “Ultimately, we will see some leveling off and even a price decline, particularly in the condominium market,” Peters said.
In a comparison of last year’s first quarter figures, the average price for condos and homes then saw an increase of 24% along the Grand Strand. Comparatively, prices were also up last year in Charleston to 14% and in Hilton Head at 18%. These increases in asking prices have boosted home values to parallel those neighboring states and cutting out any potential first-time buyers alongside the coastline. Peters also said, “Local communities will have to respond to growing housing needs for service sector workers, teachers, policeman, and firefighters.”

MYRTLE BEACH CONDOS SELLER BOUGHT BY DEVELOPER

The leading Myrtle Beach condos marketing companies, the Hoffman Group has been bought by local developer Casey Shroff. The deal was announced Wednesday to the employees, bringing some of them to tears. The former owner of Hoffman Group, David Hoffman was the bearer of the bad news. Thirty-five agents and fifteen staff members comprised the company and is looking to expand more into Myrtle Beach real estate as it invests in technology, company officials said.
Hoffman was quoted as saying “ I’ll be CEO for three to five years and Shroff’s energy will be a great addition to the company”. Both Shroff and Hoffman added that the change would be seamless and the company name will remain the same. The Hoffman Group sold Myrtle Beach property up to 450 million in 2005 and has a 500 million goal this year. Neither Shroff nor Hoffman will comment on how much the deal is worth. Since the two of them met in 1999, they have teamed up on many projects. Shroff said, “He and Hoffman are complete opposites. He likes the financial side of the operation, while Hoffman enjoys the creative part of it.
In 1984, Hoffman came to Myrtle Beach and started the Hoffman Group. He says, “When no one was selling Myrtle Beach vacation homes on the ocean, we did, taking the market by storm in the 80’s”. Shroff was very adamant about the fact that the employees are the main asset when you by a service company. An employee who has been with the group since it began, says his only concern was what changes lie ahead. The fundamentals of business changes anytime corporate structure changes.

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 oceanfront condos, because some of the vacation homes 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.