We’re here with the latest numbers for the Myrtle Beach real estate market.
Overall, our market remains strong. Single-family home sales are up 4.7% year to date. Last month, those sales were down 6.3% year over year. However, we’re seeing a lot less inventory on the market right now. In fact, there are 200 fewer homes on the market, so we are struggling with supply and demand. We need more homes to sell.
That said, single-family resale home sales are up 4.7% compared to 2015 (despite there being 6.3% less inventory available than in July 2015). Since inventory is so low, the median sales price increased to $210,000, up 5.1% for the month and 12.7% year over year. Homes that are priced well and in good condition are selling very quickly, sometimes within one or two days.
In certain price points, homes are selling within a couple of days!
Condo sales were up 3.1% last month and have risen by 6.7% year to date. The median sales price for condos increased by 0.9% to $121,000. We will see condo prices continue to rise a little as condo inventory shortens out through the season.
Residential lot sales were down 33.7% this July compared to July of 2015, but the median sales price did go up 35.7% year over year. Year to date, residential lot sales are down 12.2% and we have seen prices dip by 1%.
Again, we are seeing that shortage of inventory in a few key price ranges. Homes priced between $150,000 to $200,000 or $250,000 to $500,000 are selling very quickly because of strong buyer demand. We have 26,000 buyers searching our site for new homes right now. We need more inventory quickly, so if you’ve been thinking of selling your home, now is a great time.
If you have any questions about selling your home in this market or about real estate in general, please give me a call or send me an email. I would be happy to help you!
