Sales are up and inventory is down in our market, which means it’s the perfect time to list your home.
Looking for a Myrtle Beach home? Click here for a Full Home search
Selling Your Myrtle Beach home? Get a free Home Price Evaluation
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.