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I wanted to give an update on the Myrtle Beach real estate market because of some ups and downs we’re seeing.
Overall year-to-date sales and volume prices are up 7.7% and 3.2% respectively, and our condo sales remain strong with prices up 3% so far this year. When looking at single-family homes in May, sales went up 4.4% overall versus last year; single-family home sales year-to-date are up a whole 7.7%. That’s also on top of the same growth we had the same month last year overall as well.
Median sales price fell slightly to $198,975, which is down 5.2%, but that’s no big deal as it’s up 3.2% so far year-to-date. Why? We saw a mix of new construction and resale, so when you segment that out, we saw about 6% fewer new construction sales, mostly because there is less inventory out there. On the other side, we actually saw a slight increase in resale.
"We’re seeing a lot of movement in the luxury market."
We’re seeing that all over the board. We’re seeing a lot of movement in the luxury market; we recently put $580,000, $600,000, and $900,000 homes under contract, in addition to everything else we’re doing right now. There’s a lot of movement in the luxury market, but we’re coming to peak season in June, July, and August when everyone’s coming down. If you’re thinking about selling in this market, be sure to call us.
As of right now, we’re looking at an average resale ratio of 95%, which is very healthy. Condos remained virtually unchanged year over year; there was literally one fewer condo sale this month last year. The good thing is it’s up 2.2% year-to-date overall. Median sales price for condos is up 5.2% last month to $119,950, and up 3% overall this year.
We are seeing some struggle at this time, especially in the lower end of the market, so if you’re thinking about selling at any price, reach out to me today. We’re expecting a very strong market this summer.
