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!
