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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.
