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Single-family, condo sales grow in December in Myrtle Beach and Pawleys Island

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Home sales across thCiastla Carolina continue to grow[ in December 2020. Warren L. Wise/Staff

MYRTLE BEACH — December closed sales for single-family homes skyrocketed year-over-year by more than 27 percent, according to figures provided by the Coastal Carolina Association of Realtors.

Closed condo sales ended the year’s final month well, with sales at more than 41 percent compared to December 2019.

And signs of growth continue for the region, as new listings for single-family homes and condos have increased by 14 percent and 19 percent, respectively.

The report stated that December is normally “one of the slowest months of the year, but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.”

A long-time indicator of how the housing economy has been can be told through a property’s time on market. Inventory decreased 35 percent for single-family homes and 21.3 percent for condos. The Median Sales Price was up 5.6 percent to $263,489 for single-family homes and 17.8 percent to $164,950 for condos. Days on Market decreased 4.6 percent for single-family homes but increased 8.3 percent for condos. Supply decreased 46.8 percent for single-family homes and 29.8 percent for condos.

“With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020,” the report states. “Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.”

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