MYRTLE BEACH — March sales of townhomes and condominiums in Myrtle Beach nearly doubled to 295, reaching a total of 681 for the first quarter of 2021, according to statistics released by the Coastal Carolina Association of Realtors.
With that increase in demand came an increase in price as the price of townhomes and condos in Myrtle Beach rose by nearly 19 percent in the first quarter year-over-year to $148,500.
Much like single-family homes, though, the inventory dropped from 1,219 available homes in March 2020 to 714 this March, reflecting a consumer confidence that's being realized nationwide.
Though national figures for March have not been released by the National Association of Realtors, existing condo and townhome sales in February were up 18.6 percent from a year ago. The median existing condo price was $280,500 in February, an increase of 12.3 percent from a year ago.
Lawrence Yun, NAR’s chief economist, warned in a press release of a possible slowdown in growth in the coming months as higher prices and rising mortgage rates will cut into home affordability.
Of note, the city of Georgetown is down to two condos/townhomes on the market in March — the lowest inventory by far, according to the stats.
Other Grand Strand communities that saw an increase in townhome/condo sales were North Myrtle Beach with 388 sales as of the end of March, up nearly 34 percent, and Carolina Forest with 142 sales of townhomes/condos, which is up 23.5 percent compared to the first quarter last year.
Here are the median sale prices for the first quarter in several Grand Strand communities (percentage of growth compared to first quarter 2020):
- Carolina Forest: $132,500 (6 percent)
- Garden City/Murrells Inlet: $192,000 (+12.9 percent)
- Conway: $116,000 (43.2 percent)
- North Myrtle Beach: $220,250 (5.1 percent)
- Pawleys Island: $219,625 (17.1 percent)