Your December Real Estate Market Update

There are a lot of interesting numbers coming in from the December market. Here’s a breakdown of what’s going on.

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There are some interesting numbers to be found all over the board in terms of the market. Last month, with regards to single-family home, sales are up 11.4% from the same month last year, which is awesome news. There are some interesting numbers coming in with respect to pricing: prices are down 4.9% to $204,000 for resale homes last month. This is the first time we’ve seen that as a decline for resales in a very long time. A lot of times you’ll see that change from different areas and pockets. Year to date, rolling average prices for resale homes are up 5.7% to $205,000, which shows a great recovery. The one big drop we’ve seen was with inventory—inventory is down 18.2% right now with 5.4 months' worth of resale homes in the marketplace. This is the biggest drop that we’ve seen happen in the market lately. Remember, when you have more than six months of inventory, it’s a buyer’s market, and anything below six months becomes a seller’s market. That said, right now, if you’re a home seller, you want to take advantage of that. Before, inventory has been six or so months, and we’ve seen a lot of houses not sell in certain areas. If you wait until spring, there will be a huge influx of properties that you’ll have to compete with. Selling now will ensure that your home is one of the few on demand in the market. New home sales are down 2.3% overall, which is interesting when you compare it to the same month last year. Prices on new homes went down 2.5% overall last month, landing at $220,587. The great news here is that the year-to-date price of new construction homes went up 3.1% to $287,315.

The one big drop we’ve seen was with inventory, which is down 18.2% right now with 5.4 months' worth of resale homes in the marketplace.

Inventory for new homes is pretty much the same as it was in December of 2016, around 5.4 months, which is identical to the resale inventory. In 2016, the inventory for new construction was significantly less, which drove those prices up. There is big news on the condo market. Last month, we had a more than 20% increase in condo sales compared to the same month last year. Prices are following that same trend with a 4.2% increase for resale condos to $125,000. The same thing that you’re seeing in homes with regards to inventory is also happening in condos—there’s a 32.4% decrease in condo inventory, leaving it at about five months, which is the lowest I’ve seen it since we began tracking it. We’ve been selling a lot of those lately, to the point where we’ve actually added two more people to our team on the buyer’s side to help combat the influx of people looking to buy. For a future topic that’s relevant to the market, I’ll be discussing how the new tax reform bill will affect the real estate world. Reports have suggested that home values will be affected all across the country, and could drop the values in our area specifically by about $14,000. If you have any questions about the market, tax reform, or other real estate topics, please feel free to give me a call or send an email.

Your November Real Estate Market Update

Sales are up and inventory is down across the board in our Myrtle Beach market. Whether you’re a buyer or a seller, the time to act is now.

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We saw some very good year-over-year numbers from our Myrtle Beach market this past October compared to September’s disappointing numbers, and we’re finishing the year very strong in the resale market. Last month, resale home sales were up 18.1%. The median sales price for resale homes also rose 15.2% to $218,950. The most insightful numbers we saw concerning resale homes, though, belonged to the inventory category. Resale inventory is down 17.6% to just 5.6 months, which is one of the lowest levels I’ve ever seen. New construction sales dropped 10%, and the median sales price for them also dropped 3%. New construction inventory decreased 8.8% to 5.2 months, which explains the drop in sales. Condo sales rose 15.5%, and their median sales price rose 7.5% to $126,747. Like resale homes and new construction, inventory for condos dropped 30% to 5.3 months.

If you’re thinking about selling your home, what are you waiting for?

The biggest factor affecting these latest numbers is inventory, especially with resale homes. We’ve had a lot of buyers buy listings that were very difficult to sell because there’s not as much inventory as there previously was. Everybody’s asking what they should do now that we’re into fall and approaching the winter market, and the answer lies in supply and demand. Demand is way up and supply is down. If you’re a buyer, you want to take advantage of this situation before inventory gets any lower and competition increases after the new year. Rates are also still hovering below the 4% mark, which is great. If you’re a seller, you also want to act now before the market reaches a state of buyer fatigue. If you have any more questions about our Myrtle Beach market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.

Your October Real Estate Market Update

Though we saw some head scratching numbers last month, our market is still healthy. If you’re a seller, now might be a great time to enter the market.

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What’s the latest news from our Myrtle Beach market? We saw some head-scratching numbers this past September. In August, there was a huge increase in single-family home sales, but this past month, single-family home sales decreased 10.3%. Hurricane Irma had a big effect on this drop by knocking out two full weeks’ worth of potential buyer activity. Hopefully, we’ll see a bigger increase this month. New construction home sales decreased 17.3% in September 2017 compared to September 2016. The good news is that the median sale price for resale homes rose 3.5% to $205,500, while the median sale price for new construction homes rose 2.4% to $249,900. Condo sales, meanwhile, are up 2.3%, but the key number to remember here is that their median sale price rose 10.5% to $127,625.

Our market is still pretty healthy.

Inventory for resales homes is right at 5.8 months, which means we’re right below the six-month threshold to be in a seller’s market. This means if you’re a seller, it’s a great time to put your home on the market. Interest rates are still below 4%, so we’re still seeing a lot of relocation buyers from up north taking advantage of home values here and the fact that our property taxes are less. Overall, this is great news and our market is still pretty healthy. Prices are still low, inventory is healthy, we’re still selling homes like crazy, and we’re entering a season in which a lot of high-end buyers are coming into town. If you have any more questions about our Myrtle Beach market or you’re thinking of buying or selling a home, don’t hesitate to reach out to us by phone or email. We’d love to help you.

Your September Real Estate Market Update

Last month's numbers for the Myrtle Beach real estate market are in, and now is a great time to make your move as a buyer or seller! 

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We have the brand new market numbers for last month, and there were some BIG increases! Now is a great time to make your move as a buyer or seller! There was a HUGE jump in both sales and prices for the month of August, following a July where sales numbers were almost flat. Single-family home sales are up 19.7%, and the sales prices for resale homes are up 15.9%. In July, the median sales price was $199,000, and that number jumped to $220,300. A combination of low inventory and significant drops in interest rates led to both sales, and price increases. Interest rates dropped to 3.85%, which created a great opportunity for buyers to enter the market who were still on the "fence" so to speak, and it also enticed others to enter the market. Inventory has now crossed below that six-month line from a buyer’s market into a seller’s market. Right now, there are only 5.7 months of inventory available. That means that if no other homes came on the market, it would only take 5.7 months to sell all of the homes currently on the market. Inventory has dropped 18.6% year over year, which is part of why prices are jumping up. On the other hand, new construction sales are down 4.4%. There is simply less inventory available. The good news is that prices are up 9.4%, so our market has seen almost double-digit growth in prices compared to August of 2016 which is great news for sellers.

Low inventory and surprisingly low interest rates have again contributed to major price increases.

People often ask if they should sell in the fall market, and you definitely want to take advantage of current market conditions. People are still coming to Myrtle Beach to look for homes, but these buyers are a little different from the ones we see in the summertime. That said, our market is not as seasonal as most think. A lot of people make the mistake of thinking that after summer, the housing market just dies. We have a mild climate and fairly nice weather year round, so we will continue to see quality buyers this fall. If you’re thinking of selling your home, you should list this fall and take advantage of those price increases. Condo sales are up as well, increasing 11.3% last month. Prices dipped 1.5% to $118,375, but that number will jump back up. It all has to do with inventory. Right now, there are 5.5 months of inventory, which is a 32.1% decrease compared to condo inventory in August of 2016. The market is really being driven by supply and demand right now. Low interest rates have buyers coming out in droves, so if you’re thinking of selling, now is the time. You may have more equity in your home than you think. Just last week, we closed on a $2.25 million home. We closed on a $1.6 million property two weeks ago. We are selling everything across the board and we are in touch with buyers around the country, so reach out to us if you have any questions about selling your home this fall. We would be happy to help you!

Your August Real Estate Market Update

Today I’m back with an August market update for Myrtle Beach. Some interesting changes have taken place since this time last year, and the numbers right now could mean great opportunities for buyers and sellers alike. 

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Today I’m excited to tell you that the latest numbers from last month’s market are in—and what they show us is very interesting. Interestingly enough, last month’s sales are extremely similar to what we were seeing around this time of year in 2016. The number has risen, but only slightly. In August of this year, we saw 474 residential resale homes compared to 473 in 2016. This is just a 0.2% increase. Additionally, year-to-date sales are up 8.2% overall. However, the more surprising statistic that I’ve found has to do with price. The median price last month has actually gone down 1.5% and is now sitting at $199,979. The 12-month rolling average, though, is up 5.3%—which is good news. This year I’ve noticed that people tended to buy earlier in the year, primarily during the first and second quarter. The slowdown in sales we’ve seen actually closely correlates with what is going on in terms of inventory. Inventory has gone down significantly. In fact, it’s dropped by 9.6% as of last month versus this time in 2016. Months of supply, too, is down by a lot. There is an 18% difference between this year’s current supply, which is 5.8 months, and last year’s 7.1 months. In this time, we’ve passed over from a buyer’s to a seller’s market—since the threshold of a balanced market sits at six months of supply. However, when inventory drops too low it can result in buyer fatigue. Markets that are seeing just two or three months of supply are likely to experience this. This creates a stalemate for people trying to complete a real estate transaction. Our current Myrtle Beach market, though, is in a good place for sellers. Since our months of supply isn’t too low below the threshold of a balanced market, we aren’t experiencing some of the negative effects that can come along with even lower inventory. A lot of homes are expected to be sold this fall, so if you’ve been thinking of selling, now is a great time. This is currently a great opportunity. This 5.8 months of inventory is probably the most important number we’re seeing this month.

Home sales dropped for the first time in months, but prices are still on the rise. 

We’re seeing surprises elsewhere in the market, too. New construction sales have gone down by 20%, with 177 sales last month compared to 224 in July of 2016. But this does come with good news. Price is up 7%, sitting this year at a median price of $231,000, and the 12-month rolling average is 3.7%. Inventory for new constructions, though, has gone down as well—dropping 6% from last July. The months of supply has also dipped below the six-month mark in regards to new construction homes, which now have an inventory of 5.5 months. This is an 8.3% drop from the same month last year. These similarities are interesting, and both point to great opportunities in our current local market. Statistics regarding condominiums have also changed since 2016. Sales are up 1.8% from last year and the rolling 12-month average is up 12.6%. However, the number of condos sold has decreased slightly due to a 20.5% drop in inventory. This has left us with seven months of inventory for condos on the market, currently. Last year, we had 8.8 months. Prices, as always, are a big focus of our market updates. Median condo prices are up 5.3%, having gone from $120,000 to $124,750. Overall, the bottom line is that opportunities for our market are great right now across the board. Additionally, our fall marketplace is now at a nine-month low in terms of interest rates, which are sitting at just 3.96%. After the election, very few people believed interest rates were going to dip below 4%. Nevertheless, they have. Whether you’re looking to buy or sell, the market is currently in a great place. If you or someone you know would like help with selling your home, have any other questions, or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

What Is the Biggest Challenge in the Myrtle Beach Real Estate Market?

What’s happening in the Myrtle Beach real estate market? Home prices are up, but we are still dealing with the effects of low inventory on our market. 

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We just got the numbers in from last month, and I’d like to share a few interesting trends with you today. This is the first month that single-family resale home sales have gone down. They only dropped by 2%—but still, we haven’t seen a decrease in sales in a while. I mentioned that sales might decrease in the third or fourth quarter this year, and it looks like that prediction has come true. New construction home sales also dropped by 3.8% last month. The good news is that price is up 12.5% for resale homes, which is a huge jump. The median price has risen to $224,900. This is awesome news for our market. The sales price for new construction homes is up 2.4% at $245,000. Why are home prices up and home sales down? It all has to do with supply and demand. As you know, inventory has been down significantly month after month, which puts a strain on the number of home sales while also driving home prices up. Inventory for resale homes dropped 6.4%, which is where all the strain on home sales is coming from. This trend will probably continue in our market and other markets across the country that are also struggling with low inventory.

Home sales dropped for the first time in months, but prices are still on the rise. 

Right now, Myrtle Beach has six months of inventory, which is a healthy amount. However, there is a huge number of buyers out there who cannot find the right home. As a seller, you have a great opportunity to take advantage of that demand. Our market is seasonal and we are coming up on the hottest part of the year, so definitely reach out if you are considering selling your home. Condos are going through a similar challenge. Last month, the number of condo sales went up 9%, but inventory dropped 18.9%. We will probably see that low inventory affect the number of condo sales in the near future. After all, residential homes tend to lead the pack in terms of what’s happening in the market. Still, condo prices went up last month by 8.4% to $129,000—and that’s awesome. You can see the growth in our market but, again, the biggest challenge is low inventory. If you are selling your home, you are in a very fast-paced market right now. We just listed a house for sale and got five offers within 24 hours of putting the home on the market. So, if you are thinking of selling, now is definitely a good time to put your home on the market. One thing to watch as we head into the fourth quarter is how our spring market, which saw a 20% increase in sales, will affect those October and November sellers. A lot of people who planned on buying a home this year may have already purchased one last May, which may affect your chances of selling your home this fall. If you have any other questions about our market or would like to learn more details about your specific neighborhood, just give me a call or send me an email. I would be happy to help you!

Is Now The Time To List Your Home?

Thinking of putting your Myrtle Beach home on the market? We are in the hottest months for our market, so now is a great time to do so.

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When it comes to real estate, timing is key. This is true whether you are a buyer or a seller, because a great deal of what happens on the market comes down to numbers and circumstances.

In the case of our local market today, the timing is right and the numbers are looking great.

Fortunately for Myrtle Beach sellers, we are in the hottest two months of the year when it comes to putting your home on the market.

I’m here to provide you with brand new numbers from last month’s marketplace, which are awesome across the board.  Using these, the trends that appear point to good things for buyers and sellers alike. The one thing that works best as a gauge for the market, more than anything else, are numbers. How much are sales up? How much is inventory down?

Now is the time to take advantage and let the market work for you.

For example, the things we’ve seen in the last few months have led to a price increase because of supply and demand.

Now, with  preliminary numbers showing resales up 9.4% in the last month alone, last year’s prices up 8.6%, and housing inventory down 11.2%, the market is shifting from a buyer’s to a seller’s.

This is because when the threshold of inventory dips to six months or less, it becomes a seller’s market. Now, no matter what the shape of the market, knowing this is good whether you’re a buyer or a seller.

Knowing the point where the market flips from a buyer's to a seller’s, or vice-versa, can really help you out in the long run.

But as for today, the market’s numbers are great news for anyone looking to sell. Not only can numbers show how the market is doing right now, but they can help to predict the direction it’s headed.

Additionally, new construction sales are down 8.7%, new construction prices are up by 14.8%, and inventory for new construction is down 7.6%.  

And, when it comes to condos, sales are up 10.4% last month alone, with prices up 6.1%, and inventory down 19.4%

Don’t wait too long. Now is the time to take advantage and let the market work for you.

If you have any questions, or are thinking of selling and want to know how I can help, give me a call or send me an email. I look forward to hearing from you.

Myrtle Beach Is in a Buyer Frenzy Right Now

Sales are up and inventory is down in our market, which means it’s the perfect time to list your home.

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Last month’s Myrtle Beach market numbers are fresh off the books, and I have some crazy numbers to share with you that you can really take advantage of. Overall, there were 477 single-family home sales for resale homes, which was an increase of 24.9%. On the opposite side of that, there were 172 new construction homes sold, which was a decrease of 23.6%. One reason we’re seeing a decline in new construction is there isn’t as much inventory out there.

For the past few months, sales have been up and inventory has been down. This is a trend we expected to put a lot of pressure on prices, and that expectation has come to fruition. The median price for resale homes last month was $200,776, which was an increase of 11.6% and a big jump from where it was last year. The median price for new construction homes rose 3.7% to $227,950. Another key number to look at in this category is the level of inventory. For resale homes, inventory fell 11.2% to 2,601 available homes on the market. For new construction homes, inventory fell 2.3% to 1,252 available homes.

Our market is red-hot right now, so take advantage of it while you can.

Like I said, this double-digit increase in sales and decrease in inventory is putting a strain on prices, and we saw a similar situation happen last month where buyers were responding to this hot market by getting in much earlier than usual due to interest rates going up.

Moving into the condo market, there were 409 resale units sold, which is an increase of 16.4%. The were just 15 new construction units sold, which was a decrease of 34.8%. Inventory for resale condos dropped 17.8% to 2,721 active units, and inventory for new construction condos increased 19.8% to 284 units. As you can see, the condo market is facing the same challenge as the single-family home market in that there just isn’t that much inventory available and it’s having the same effect on prices. Last month alone, the median sale price for resale condos rose 6.3% to $120,000, and the median sale price for new construction condos rose 12.5% to $186,140. The bottom line is we’re in a buyer frenzy, and you need to act now if you’re a home seller. If you have any questions or you’re thinking about selling your home in the Myrtle Beach area, don’t hesitate to reach out to us. We’d be more than happy to help you.

The Myrtle Beach Market Is Back & In Full Force! (For Now...)

The Myrtle Beach market is showing signs of improvement across the board. In just the last month, sales are up over 20%.

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This is a very important month for the Myrtle Beach real estate market. We are in a buyer frenzy right now in certain parts of the marketplace, and I have the latest numbers to share with you in order to paint the picture of where our market is at right this moment. Overall sales for single-family homes were up 8.8% this March over March 2016. Year-to-date, single-family home sales are up just 5.9%, but things have really shot up in the last month. Resale homes are up 26.1% in the last month and pending sales jumped up by 25.3% as well. This is great news for sellers. The big, magical number everyone likes to look at is inventory. In that area, we are down 12.5% compared to last month and down 4.3% from March 2016. To break it down, we saw a huge jump in sales and a huge decline in inventory in the last month, after already seeing those numbers improve over the past year. Prices are going to continue to go up because we are just burning through listings one by one. We need more inventory across the entire market to keep up with this demand. If you have been thinking about selling, you’re not going to find a better time than this to put your home on the market.

I haven’t seen this big of a jump in sales in a long time.

Between high consumer confidence and rising interest rates, people are getting on the market earlier in the year than they usually do. I haven’t seen this big of a jump in sales in a long time, probably over a decade. I’m forecasting a big jump in home prices over the next few months, but you need to keep a few things in mind if you are planning on selling in this market. The key is marketing and pricing your home correctly. If you don’t, you could end up in the stagnant mass of homes that just sit on the market and don’t get shown. There’s nothing wrong with these homes in theory; they just came in at too high of a price and are now languishing on the market because of it. Homes from the $150,00 range all the way up to multi-million dollar price points are getting a ton of showings. Multiple offers and bidding wars are becoming commonplace as well. Simply put, it’s a great time to buy or sell a home in Myrtle Beach. As for the condo market, things are looking similarly great. Sales are up 35.9% from March of 2016 and the median price is up 22.6% in that same time frame. Condo inventory is down by 13.7% just in the last month as well. This is another hot market worth taking advantage of. If you have any questions for me or you're thinking about taking advantage of the current market conditions by buying or selling, give me a call or send me an email. I would love to hear from you.

Click below for the detailed report:

Grand Strand Monthly Market Report March 2017

Why Does Gary LeVox of Rascal Flatts Trust Us?

Recently, the Sloan Realty Group was fortunate enough to be endorsed by Gary LeVox of Rascal Flatts!

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Recently, The Sloan Realty Group received a fantastic celebrity endorsement:

PRESS RELEASE

Gary LeVox, lead singer of Rascal Flatts, Endorsement

Myrtle Beach, SC, March 16th, 2017- Blake Sloan of The Sloan Realty Group is now exclusively endorsed in the Myrtle Beach area by the lead singer of the award-winning country music group, Rascal Flatts. One of the group's hit songs, "I'm Moving On," will be featured in radio spots promoting Blake Sloan and the Sloan Realty Group.

The distinctive, country-tinged voice of Gary LeVox is beloved not only among country music fans but also among crossover audiences, including pop and adult contemporary genres.

Among other accolades, LeVox and his bandmates received the Song Of The Year Award from the Academy Of Country Music in 2002 for the song "I'm Moving On." They have had 16 No. 1 songs, and have sold more than 23 million records.

A new Rascal Flatts album, "Back to Us," is scheduled for release on May 19th, and the recordings first single, "Yours If You Want It," has been one of the most added singles on country radio in 2017.

"We are extremely proud to have the endorsement of Gary LeVox, a respected artist who approached his craft with the same heart and passion as we do," said Blake Sloan, Founder and President of The Sloan Realty Group.

Blake Sloan is a Myrtle Beach, SC based Realtor, and entrepreneur, who played football at Coastal Carolina University before getting into real estate, and started his first company, the Sloan Realty Group, in 2008.

Sloan's unmatched marketing and innovation in the real estate world has landed him national attention with recognition such as Forbes Magazine, The Wall Street Journal, Realtor Magazine, NBC, CBS, and many other national publications. Most notably Forbes Magazine’s Top 30 Under 30 in the same class as Eric Trump, Taylor Swift, Drake, and many other thought leaders his age.

Industry leaders have dubbed him the “Real Estate Whiz Kid,” his real estate team is consistently ranked in the Top 1% of Realtors worldwide.

He is a frequent contributor on Fox News’ “Fox and Friends,” and is also personally endorsed by national celebrities Sean Hannity, Glenn Beck, and Shark Tank’s Barbara Corcoran.

Your Latest Myrtle Beach Market Update

Last month’s statistics show us that buyers are entering the market earlier than usual this year, which means you need to act fast if you’re thinking about selling.

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What’s the latest news from our market?

Last month produced some very interesting numbers. Both sales and prices have been up the last few months, but February was slightly different. Single-family home sales were actually down 8.7%. Year to date, they are down 0.6%. This is primarily due to the fact that inventory has been low and slowly decreasing. The good news is that the median sales price for single-family homes increased 6.2% to $215,000. The price of new construction was down 6.7%, and the price of resale property was up 15.1%. As far as condos go, total sales were up 5.6% and the median sales price increased 3.5% to $119,000. Just like with single-family homes, inventory for condos has been shrinking, and last month it was down 4.3%.

Homes that are priced right and marketed right are getting great offers.

The average list-to-sale price ratio for homes was 97%, which is up 100 basis points from where it was previously. This means homes that are priced right and marketed right are getting great offers almost near asking price. The average list-to-sale price ratio for condos was 92%. Since interest rates have been increasing, so many buyers are entering the market earlier trying to get ahead of the next bump. If you’re thinking about selling a property, you want to take advantage of this wave of buyers right now instead of waiting until the end of summer. If you have any questions about our market or are interested in buying or selling, please don’t hesitate to reach out to me for a free, no-obligation consultation. I’d be glad to help.

Click below for the detailed report:

Grand Strand Monthly Market Report March 2017

February 2017 Market Update

Today I’m giving you a real estate market update with the latest numbers from last month.

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I’ve got some brand-new numbers from January to give you the latest update on what’s happening in our real estate market.

Last month, single-family resale home sales were up 12.6% from the month before and the 12-month rolling average is up 4.7%, which is great news. New construction sales were down 13.5% last month, but the 12-month rolling average is up 3.3%.Condos saw a 16.9% increase in sales last month, and the 12-month rolling average is up 11.3%.

Single-family resale home prices are up 2.7% from the month before, and the 12-month rolling average is up 5.3% at $194,700. New construction properties saw a decrease in prices last month of 5.3%, but the 12-month rolling average is up 0.4% at $230,855. Condo prices are up 12.3% from the month before and the 12-month rolling average is up 4.3% at $122,000.

Buyers and sellers should both be taking advantage of the current market.

Single-family resale home inventory is down 8% in the last month, new construction inventory is down 1.1%, and condos saw a 9.9% decrease in inventory in the last month.

These numbers mean that whether you are a buyer or a seller, now is a great time to take advantage of the real estate market. Buyers are going to want get a home purchased before interest rates increase again, which means sellers have a great buyer pool to take advantage of right now.

If you are looking to sell a home or if you have any other real-estate related questions, please reach out to me. I would be more than happy to help you.

A Recap of Our 2016 Market and a Look Toward 2017

For both condos and single-family homes in our market, sales and prices are up, but inventory is down. Here’s how you can take advantage of these conditions.

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Today I wanted to provide you with a market update by recapping some numbers from last December and 2016 as a whole.

Last month, there was a 2% increase in single-family home sales. Year-to-date, single-family home sales in 2016 were up 4.1% from the previous year. Home prices also increased 0.4% in December and 3.1% for the entire year. The median home price for 2016 ended at $210,937. The number of resale homes that sold in December rose 5.4% compared to December 2015.
The one challenge we’re seeing is that inventory is way down, which is putting a strain on the number of sales. The good news there, though, is that it’s also driving up prices. For example, in May of last year, there were almost 5,600 houses on the market. In December, there were only 4,681.  

Where is our market headed in 2017?

Condo sales rose 4.5% last month, and they rose 8.9% year-to-date for 2016. The median sales price for them also increased 10% last month, and 4.3% for the entire year in 2016. One the primary factors in causing that huge jump last month is the fact that inventory for condos is down 14.1%. As you see, just like with single-family homes, sales are up, prices are up, and inventory is down.

As for 2017, we’re currently seeing a lot of buyers jump into the marketplace as rates climb up. A lot of people who may have been waiting on the fence and biding their time are jumping off and jumping in. If you’re thinking about selling in the springtime, it might be a good idea to skip that and list your home now. Homes that are priced right and marketed correctly are moving very quickly. Not only that, but since inventory is so low, you’ll face less competition.
If you have any questions or are thinking about buying or selling a home, feel free to give us a call or shoot us an email so we can help. We look forward to talking with you!

Click below for the detailed report:

Grand Strand Monthly Market Report December 2016