NORTH MYRTLE BEACH, SC (WBTW)- Right now, the real estate market is hot, but the high end luxury market is showing signs of weakness across the country.
According to realtor.com overall market growth last year outpaced the luxury market, and the number of days a luxury home was on the market increased by 116 days which shows a slow down in the pace of sales.
“A lot of people instead of buying the one huge home very expensive home they’re buying 2 or 3 smaller homes in other locations,” said Michael King, founder and CEO of King One Properties.
The myrtle beach luxury home market is staying strong and it’s all because of location.
“You still have the larger homes that are selling as a matter of fact we’ve already sold 50 homes that exceed a million dollars adn we’ve already sold 5 that exceed 2 million dollars,” said King.
King is also working on selling homes priced over 3 million dollars. King said the luxury market does affect the average overall market, and it all boils down to consumer confidence.
“The more money that’s being spent in a particular area, the more attention that area gets and the more advertising and marketing dollars that’s put into the Grand Strand area,” said King.
However, because of growth in our area King said there’s an inventory shortage as more people want to buy new construction which hurts resales.
“The new construction is not keeping up with the sales,” said King.
King said right now it’s a sellers market and thinks the housing market in our area will be strong for the next 8 years.