... perhaps a more significant indicator of future trends in the oceanfront sector is the declining inventory relative to the annual number of sales.
Past News ReleasesRSS
Myrtle Beach, SC (PRWEB) May 20, 2011
Century 21 Strand Group announced today the creation of a new tool for its customers to help them find the best deals when shopping for Myrtle Beach condominiums for sale. The new set of analytical tools contain insight into recent market trends and includes valuable information such as the most popular oceanfront resorts in the last 12 months as well as the best priced listings in the market by unit type and project. The new Oceanfront Condominium Market Trends report is available free online and provided exclusively by Century 21 Strand Group.
The new analytical tools also help Century 21 Strand Group monitor the market on a daily basis. Trends perhaps not otherwise seen are often learned. For example, sales of Myrtle Beach oceanfront condos rose again for the year ending December 31, 2010 as compared to the prior year. The oceanfront condo sector achieved a sales volume of $262 million in 2010 exceeding the prior year by approximately $4 million. 2010 results exceeded the 2008 market by a wide margin of $30 million marking a continued upward trend in Myrtle Beach oceanfront condo sales for the past two years.
CENTURY 21 Strand Group has studied the Myrtle Beach oceanfront condo sector and developed its exclusive condo market analytics by selecting specific projects along the oceanfront corridor giving the firm an enhanced ability to monitor trends not found in standard MLS reporting.
J. Patrick Lowe, principal and broker-in-charge of CENTURY 21 Strand Group, added that “perhaps a more significant indicator of future trends in the oceanfront sector is the declining inventory relative to the annual number of sales.” During the slow-down period in 2008 and 2009 inventories approached 3,000 Myrtle Beach condos for sale in the sector. “Today, we are down to approximately 1,800 units available for sale in the sector and declining.” Prices seem to have reached a level needed to stimulate demand. Annual condo sales velocity is now around 1,500 units or approximately twice the number of units sold in 2008 during the market contraction.
Although the Myrtle Beach oceanfront sector is seeing increased demand in sales, market pricing is still being influenced by distressed transactions such as bank-owned units, short-sales and foreclosures which accounted for 46% of all transactions in the sector in 2010. Real estate investors and those seeking second homes and rental property have recognized the opportunity to acquire oceanfront condominiums at price levels not seen since 2003.
Perhaps surprisingly, the newer and luxury class of condominium resorts in the oceanfront sector lead the market in sales activity. Top sellers in 2011 included projects such as North Beach Plantation, Atlantic Breeze Ocean Resort, Anderson Ocean Club, Mar Vista Grand and The Caribbean Resort with a combined sales volume in excess of $50 million.
Century 21 Strand Group’s focus on analytics and technology has led to several innovative online tools for its customers. For example, the firm has developed a new risk-free way for buyers to interact with sellers coined the “Non-Binding e-Offer”.
For more information please call 843-280-2121 or visit http://www.oceanfrontrealestate.com.
J. Patrick Lowe: Broker-In-Charge, Market Analytics
David O’Connell: Oceanfront Condominium Sales and Investments
Loyd R. Daniel: Investments, Mergers & Acquisitions