What’s Happening in the Myrtle Beach Condo Market?

Buyers have the upper hand, but sellers can still stand out with the right approach.

Is the condo market really as soft as everyone says? You might have heard that the national condo market is the softest it’s been since 2012. That’s according to the International Exchange, a data company that tracks trends for both real estate and mortgages. Here in Myrtle Beach, that softness is even more noticeable.

Right now, we’re sitting on about a ten-month supply of condos. It’s a little softer on the oceanfront, but honestly, most condos in the area are struggling. We’ve seen depreciation year over year, with resort condos down just over 10% and other condos following the same trend. So what does all this mean?

Implications for buyers and sellers. It’s a buyer’s market, and that comes with opportunities whether the market is moving up, down, or sideways. How you approach it depends on whether you’re an investor, a current owner, or someone looking for a second home.

The importance of localized knowledge. Every condo complex is different, so it’s important to get specific. If you’re buying, you need to target carefully. If you’re selling, you need to look closely at the condition of your property and think about what makes it stand out. There are lots of nuances in each area that can affect pricing and demand.

Overall, the condo market is soft, shifting, and depreciating. The most important thing you can do is get educated and work with a professional who can help you understand the market. If you’re considering selling, reach out to me at (843) 251-2693 or send me an email at greg@gregsisson.com. I’d love to talk.