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Today, we're here with your Myrtle Beach real estate market update.
The market is going strong. Closed sales for single-family homes are up 16.8% from last year, and condo sales are up 9.8%. This is great news, but the biggest indicator for the future of the market is the number of pending sales. For single-family homes, pending sales are up 18.7%. Pending sales for condos are up 15.5%.
Based on this information, we predict prices will rise. Inventory has decreased 6.6% for single-family homes and 9.9% for condos. Demand is high and inventory is low. This helps to drive prices up. Even now, single-family homes saw an increase of 7.5% in median sales price. The median sales price is currently $202,000. Condos also saw an increase of 2.6%, making the median sales price $120,000.
While higher sales prices means good news for sellers, we need more inventory. If you've been thinking about selling your home, or if you have any questions about today's video, give us a call or send us an email. We would be happy to help you!
