The Grand Strand real estate market continued to buck national trends in 2011, showing strong growth with a 6 percent increase in sales of single-family homes. And while condo sales were up just 1 percent compared to the previous year, it combined with the single-family home performance are good indicators that the condo market has reached the bottom of its sales trough and is poised to rebound.
Obviously, figures like those indicate it’s one of the best times in recent memory for buying a condo in Myrtle Beach, North Myrtle Beach, Surfside Beach, Murrell’s Inlet or other great Grand Strand communities. A strong buyer’s market with a good inventory of homes, it’s the perfect opportunity to buy one of the Myrtle Beach area’s many great condos for sale at prices that will likely ever be seen again and at historically low interest rates.
And while the market seems to have stabilized and is again on its way up, there are still many distressed properties available, with Grand Strand oceanfront condos for sale at bargain prices through foreclosures and short sales. Deals should continue to be available through 2012, although the strength of the buyer’s market will likely weaken as it moves more toward a neutral position.
Another positive in the Grand Strand real estate market is that 23 percent of home sales are new homes, a substantial increase form the 15 percent of just a few years back. Home building, of course, creates jobs that help create a stronger economy and housing market.