MYRTLE BEACH, S.C. (WBTW) — Real estate experts along the Grand Strand have recently been tracking a shift in the booming housing market.
Sloan Realty Group said it’s starting to see a change in trends after August numbers have come in. The realty group has tracked two straight months of decline in single family home sales and three months of decline in condo sales. That’s as inventory for single families has been rising over the last two months, according to Sloan.
Sloan Realty said prices haven’t been impacted yet, but it’s keeping a close eye on the trend. This means it could be time to sell if you’ve been waiting for the market to peak. Buyers may soon find a more favorable market.
“A lot of buyers have been waiting in the wings for prices to correct or the market to soften a bit, or maybe even just the competition to go down,” Director of Sales for Sloan Realty Group Alex Prout said. “So you’re not competing with so many multiple offers. Typically early October is when you’re going to see that start and given the numbers that we’ve been seeing, it looks like that’s going to support that as well.”
Prout said the changing season and interest rates could be factors behind the shift.
“We’re looking at a sharp up spike as far as interest rates go for lending, which is going to deplete the buyer pool and impact affordability as well,” Prout said.