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.
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