There was a time not that long ago when Grand Strand Realtors were pleading for a lower inventory of foreclosures so sales of traditional homes could pick up.
That’s happened, as remains clear in the April real estate activity report by SiteTech Systems.
But behind the numbers, another potential problem could be lurking: low inventory.
The new low inventory, though, involves the number of traditionally-marketed homes for sale and available lots to put them on. While it’s not a crisis and no one’s saying it’s going to get that way, a tightening of available properties to sell to eager buyers could raise prices which, at some point, could suppress demand.
“The inventory is being pressured in all segments on the south end,” said Lee Hewitt, broker in charge at Garden City Realty.
Hewitt said he believes buyers will accept some price increases, but he’s not sure how much is too much that will cause them to put their money back in the bank.
“It’s going to be interesting how it plays out in the next three, four, five months,” he said.
It’s not just the Murrells Inlet area that is seeing a shrinking inventory, said Todd Woodard, SiteTech’s owner.
Inventories are tight in the Carolina Forest and Forestbrook/Socastee areas as well.
The situation has gotten serious enough, though, that it has prompted one Realtor to send an email seeking potential sellers.
MYRTLE BEACH: Better real estate market means scattered tight inventories | Real Estate | MyrtleBeachOnline.com.