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We saw some very good year-over-year numbers from our Myrtle Beach market this past October compared to September’s disappointing numbers, and we’re finishing the year very strong in the resale market.
Last month, resale home sales were up 18.1%. The median sales price for resale homes also rose 15.2% to $218,950. The most insightful numbers we saw concerning resale homes, though, belonged to the inventory category. Resale inventory is down 17.6% to just 5.6 months, which is one of the lowest levels I’ve ever seen.
New construction sales dropped 10%, and the median sales price for them also dropped 3%. New construction inventory decreased 8.8% to 5.2 months, which explains the drop in sales.
Condo sales rose 15.5%, and their median sales price rose 7.5% to $126,747. Like resale homes and new construction, inventory for condos dropped 30% to 5.3 months.
If you’re thinking about selling your home, what are you waiting for?
The biggest factor affecting these latest numbers is inventory, especially with resale homes. We’ve had a lot of buyers buy listings that were very difficult to sell because there’s not as much inventory as there previously was.
Everybody’s asking what they should do now that we’re into fall and approaching the winter market, and the answer lies in supply and demand. Demand is way up and supply is down. If you’re a buyer, you want to take advantage of this situation before inventory gets any lower and competition increases after the new year. Rates are also still hovering below the 4% mark, which is great. If you’re a seller, you also want to act now before the market reaches a state of buyer fatigue.
If you have any more questions about our Myrtle Beach market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.
