The Sun News | 04/05/2005 | Housing market hot, experts say

The Sun News | 04/05/2005 | Housing market hot, experts say

Wow! The average time on the market of a condo in Myrtle Beach has dropped from 170 days to 36 days. A Century 21 Realtor was quoted in the above story. The Realtor pointed out that the average time on the market cannot get much lower because it normally takes 30 days to close. What is happening is that any new listing is sold within one week.

Prices have risen 25% YOY. With more and more folks spending time working from their second home, ocean front property is in short supply. To build a new building, 100% of the condos must be purchased in an older building. The cost of new construction has gotten dramatically higher than the used condos.