Myrtle Beach Market Update

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What’s happening in the Myrtle Beach market? Where is it headed? As a consumer, how you can take advantage of opportunities out there?

What happened with single family residential properties?

• Single family residential home sales increased 2.5% compared to the same month in 2015. 
• Year to date, SFR sales are up 6.4% compared to 2015. 
• SFR inventory continues its seasonal increase and is expected to peak in June. 
• Median sales price maintained its strength at $195,864, up 3.1% for the month and up 7.4% in 2016. The median sales price in new construction sales is up slightly and slightly down in resale activity, compared to April 2015. 
• The average sold-to-list ratio in April was 96%, a slight increase compared to the same month in 2015.

What about condo sales in April 2016?

• Condo sales activity and prices are up slightly for 2016.
• Condo sales decreased 7.6% in April and are up 1.5% year to date compared to 2015. 
• Condo inventory increased slightly in April and it is expected that inventory will increase slightly due to seasonality. 
• Median sales price increased 0.4% to $115,500 in April and is up 2.9% for the year. 
• The average sold to list ratio for condo sales in April was 92%, which is flat compared to the same month in 2015.

What’s the deal with residential lot sales?

• Residential lot sales decreased 38.1% in April compared to 2015 and are down 14.9% year to date. 
• Median sales price is down 9.1% for the month compared to 2015 and slightly down year to date. 
• Sold to list price ratios are down slightly for the month but are up 100 basis points year to date, compared to 2015.

The biggest problem facing our market is the total lack of inventory. We have buyers from all over the country coming to Myrtle Beach looking for homes. Now is the time to put your home on the market before it becomes flooded with inventory by midsummer. Homes in good condition that are priced well are selling extremely fast.

If you’re thinking about selling this spring or summer, we would love to talk to you!

Grand Strand Monthly Market Report April 2016

Time to Sell in Myrtle Beach

Looking for a Myrtle Beach home? Click here for a full home search  

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

The brand new market numbers are in for Myrtle Beach and there’s some very interesting figures we ran into.

Some things were up while others were down, starting with single-family homes. They were actually down 4.4% in sales last month, but the good news is the year-to-date sales are up 3.9%, which we’re seeing due to lack of inventory in certain price ranges.

Some good news - prices are up 5.9% last month alone and year-to-date, the average sale price is up to $204,830. What does this mean for you?

Sales prices are growing and inventory is low. If you’re thinking about selling, contact me, or if you know someone who might be interested in selling, forward this email.

As for condos, sales were down last month nearly 5%, but year-to-date sales are up 4.1%, which is great news. We’re seeing things in a lot of different price ranges getting bought up very quickly, so we need inventory in certain areas.

The market is hot all around. Right now there’s 5,400 homes on the market and 4,100 condos available. If you’re looking to sell in the mid to high range, you need to call me.

Give me a call or reply to this email with any questions you have and we’ll help you through it.