According to the Coastal Carolinas Association of Realtors (CCAR), the Grand Strand housing market is heating up as Spring arrives. Pending sales for single-family homes in March increased by almost 18% compared to last year, indicating a strong real estate market outlook for the local area.
Laura Crowther, the CEO of CCAR, mentioned that the Grand Strand continues to attract people looking to move to the area. Inventory is up, which is beneficial for buyers, and the prices of single-family homes remain high, with a steady median price of $360,000. However, the condo market has seen slower sales, with a median sales price of $250,000, up 6% from last year.
A recent $418 million anti-trust settlement agreed to by the National Association of Realtors may bring changes to the current real estate system. If approved, compensation for buyer and seller agents would no longer occur on the MLS, and home sellers would no longer be responsible for paying commissions for both agents. Local brokerages are preparing for these changes, adapting their forms and practices accordingly.
Despite potential changes, Crowther believes that the real estate industry will not see significant shifts due to the complexity of transactions. Communication and transparency are expected to improve, benefiting both buyers and sellers. Interest rates are also a key factor to watch this year, as they can impact buying power.
As the settlement is reviewed by the court, changes to the buying and selling process are expected to take effect by July. The impact of these changes on the Grand Strand remains to be seen, as local real estate agents are currently unable to comment on the matter.