Myrtle Beach Real Estate News

Gene Carter and The Beach Pro Team


March/April 2016
Volume 2016 Issue 03
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In This Issue

Gene Carter CDPE

Professional, Courteous Service /
28 Years Experience / Oceanfront, Waterway & Golf Real Estate Specialist in Myrtle Beach, North Myrtle Beach, Little River, Surfside, Garden City, Murrells Inlet, Litchfield, Pawleys Island, Carolina Forest


1107 48th Avenue N, #110

Myrtle Beach

South Carolina  29577  

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News Flashes





Interest rates continue to drop and more options have become available.  Contact me for details.




Click on the "Calendar of Events" below for more happenings. 



Quick Links...


Greetings from the Grand Strand

I guess it's obvious at this point that this will be a combined March and April newsletter. This is the big, comprehensive 2015 oceanfront condo sales analysis. Hopefully it was worth the wait! Last year, I included a loooong article with lots of charts and my detailed analysis of the previous year's oceanfront condo sales (2014). I am simplifying matters this year. The same charts, with 2015 data added, are included in the body of this newsletter. There are also links to full size versions of the same charts. This time, I have added only a few comments.

Before I get to that, I want to address another matter. A number of readers have sent me emails asking about the alleged water quality issues in the Myrtle Beach area. Apparently, there have been some online reports which erroneously state that the water in the Myrtle Beach area is unsafe to swim in. The reports are based on the fact that there are permanent signs in some areas which advise swimmers not to frolic in the water directly in front of the storm drains immediately after heavy storms. Well Duh! For more details on this and the local Chamber of Commerce's efforts to combat these "reports", 'MB Chamber blitz on water quality rumors' (3/30/16 Sun News).

By the way, the cities of Myrtle Beach and North Myrtle Beach are both making long-term (and very expensive) investments to do away with the storm drains altogether. They are building structures called outfalls. Each outfall takes all of the water from a number of storm drains, filters it somewhat and then pumps it 1000 or more feet out to sea where it dissipates harmlessly away from the beach. These outfall projects typically cost tens of millions of dollars apiece and take several years to complete. For more info, 'MB ocean outfall project done by May' (4/4/16 Sun News)

Now, back to the 2015 oceanfront condo sales. Basically, 2015 was a continuation of what we've seen for the last several years. As you can see on the chart below, there were 1223 closed oceanfront condo sales in 2015. There have been approximately 1200 sales per year for six years in a row now (since 2010) - give or take 100 or so. This is remarkably consistent. Part of the reason is probably that there have been no new buildings added in that time so the total inventory of existing oceanfront condos has remained constant.

The next two charts show average closed sale prices and median closed sale prices. Average sale prices remained unchanged while average sale prices increased by about $13,000 from 2014 to 2015. The fact that the average went up while the median did not indicates that there were at least a few very high end sales to pull up the average.

Median Closed Sale Prices for Oceanfront Condos

The next two charts show sales by price range and number of bedrooms. 2015 figures generally follow the same patterns we have been seeing for years. In particular, they were virtually identical to the 2013 figures.

The next chart shows the percentages of cash purchases versus financed purchases. The majority of the purchasers in 2015 still paid cash but the percentage of financed sales has continued to climb as condo and condotel financing has become more readily available.

The next two charts show the respective numbers of closed sales in selected oceanfront and non-oceanfront condominium developments. Again, there were no remarkable changes. Sales in some developments were up, others down, but, generally speaking, the numbers of sales correlated with the size of the developments (lots of condos in the development - lots of sales, not many condos in a development - not many sales).

Finally, this last chart shows the office rankings for the Grand Strand. As you can see, RE/MAX Southern Shores, my new company, led the area (for the 4th year in a row) with over $322 million in total sales volume, representing 1775 closed sides.

Overall, this may seem a bit boring - no dramatic ups and downs. There are, however, subtle trends within specific buildings and specific types of properties. Please contact me if you are thinking of buying or selling or just want to know what is going on in your development or one of interest to you.

That's it for now. All the usual reports are included as well as this month's Best buys.

Come see me at the beach!
February & March Reports

Breakers Boutique 1754 Balcony
Below are links to several detailed reports on the current state of our local real estate market complete with statistics for just about anything imaginable.  Please keep in mind that these statistics cover a broad range of properties and that particular areas or developments may behave quite differently.  

As always please contact me if I can be of service in any way.

See link below to interpret terms used in these reports.

News to You

This monthly newsletter feature shares press releases that caught my eye in the previous month.  Here they are.  (These articles are on my website under "News/Useful Info"). 
Best Buys (My Picks)

The following current listings are exceptionally well-priced and represent great values.  The spreadsheets are sorted by price.  These are live links to listing details and they will change according to changes in the MLS (Pending, Sold, etc.).  The listing details are in the same order as the spreadsheets. Please call me directly if you find something of interest to you.


OF/OV Homes Brochures:        Link to Listings 

OF/OV Homes Spreadsheet:    Link to Spreadsheet 


OF/OV Condo Brochures:        Link to Listings

OF/OV Condo Spreadsheet:    Link to Spreadsheet

Non-OF Condo Brochures:       Link to Listings  
Non-OF Condo Spreadsheet:   Link to Spreadsheet 
If you are considering buying or listing any property on the Grand Strand, or if I can be of assistance in any other way, please contact me.  Also, please feel free to forward this newsletter to friends or acquaintances and of course I will be happy to add them to my email list.

Finally, please let me know if you are going to be in the area and would like to get together.

See you at the beach!

Gene Carter
Beach Pro Team
Cell Phone:  843-455-4785

The material provided is for informational and educational purposes only and sometimes contains current or forward-looking statements on real estate market conditions, and should not be construed as legal, investment and/or real estate advice.  Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors, and is not necessarily the opinion of RE/MAX Southern Shores or its agents.