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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!
