From Greg Harrelson, C21 The Harrelson Group
The market for condos in Barefoot Resort suffered during the last 6 years while the real estate economy was declining. There are still signs of struggling real estate sales in many Myrtle Beach communities, yet Barefoot Resort seems to be recovering at a faster pace than most similar resorts along the Grand Strand. Anytime there is a shift in the real estate market, you want to evaluate what communities are selling the most and which ones are seeing a rise in price. The leader at the beginning of a market shift will likely lead the market for the next 5 plus years.
Here are a few things that we can see on the MLS about Barefoot Resort condos and for those that have sold:
1. Inventory has declined by 35%
2. Foreclosures and Short sales in Barefoot Resort have declined...very few on the market now.
3. List prices for the condos for sale in the MLS have increased.
4. Buyer calls specifically for Barefoot Resort have increased.
The Myrtle Beach real estate market is showing some positive signs of recovery. Based on the most recent numbers in the Myrtle Beach MLS shows that the condos in Barefoot Resort may be leading this recovery and prove to be a great investment for the long term.
Final Thought: If you are considering an investment in the Myrtle Beach or North Myrtle Beach real estate markets, those who buy first will be buying at the best prices. Those who buy last will pay the most. Let's not forget the lessons we have learned over the last 8 years in real estate.