The numbers are in from last August, so I'd like to share a quick Myrtle Beach market update with you by comparing them to the numbers from August 2015.
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Today I’d like to give you a quick update on the Myrtle Beach real estate market.
Some interesting numbers from August just came in, and it looks like parts of the market are all over the place. In August, single-family home sales were down 5.6% when compared to August of 2015. The good news is that year to date sales are up 4.3% overall. August was the third consecutive month that we’ve seen a decrease in sales, so we’re starting to see that level off a bit.
The big challenge is inventory because we need houses to sell to buyers. Inventory is down, which is putting some pressure on sales; however, our median sales price is up 3% year to date and was up 5% in August. The median price for homes right now is $207,900. Because inventory is so low right now and there are massive amounts of buyers out there, homes that are priced right are selling very quickly.
Homes that are priced right are selling quickly.
The condo market was the wild card in August. Condo sales were up 18.4% in August 2016 over August of 2015, which is a huge jump. Year to date, condo sales are up 8.7% overall and prices are up 2.6% in August when they were already up 5.5%.
The median price for condos is $425,000 overall. We’re seeing increases in price for both condos and homes right now, which is great news overall.
If you’re thinking about selling your home or you’re looking to buy a new one in the Myrtle Beach area, please don’t hesitate to give me a call or send me an email. I’d be happy to help you!
