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The final numbers are in from the 2017 Myrtle Beach market, and there is some great news overall.
First, let’s look at single-family homes, which make up a bulk of the market. Home sales are up 12.8%, which is great news. In December, home sales were up 2.5% from the same month last year.
Inventory is down, but the great news is that prices are up. The median sale price increased 6.2% over the last 12 months to $207,000. In December 2017, the median sales price is up 9.2% over the last month alone at $213,950.
That’s because inventory was down 14.3% over the last 12 months, and inventory dropped 14.5% in December alone. Right now, we have 5.3 months of inventory in the entire MLS. Anything below six months of inventory is considered a seller’s market, and this is the lowest I’ve seen it since we started tracking inventory.
Since inventory is so low, there is a huge opportunity for sellers out there. You can put your home on the market, get multiple offers, and have buyers bid up the property value.
Some neighborhoods only have one home on the market, if any. Now is a good time to get a home valuation to see what your property is worth and see what’s going on in your specific neighborhood. We all know that the market is driven by supply and demand, so even though inventory is down, sales are up.
Now, what’s happening in new construction? New home sales are up 7.4% over the last 12 months, although there was a 0.8% drop in December sales. The median sales price increased by 2.9% over the last 12 months to $237,762. However, last month there was a 2.2% decrease in the median sales price, dropping to $240,130.
Condo inventory is at the lowest level I've ever seen.
More people are moving inland, so it really does depend on the neighborhood. A lot of neighborhoods have seen price increases, though.
Finally, let’s check in on the condo market. The condo market is smoking hot right now. It’s finally caught up to the single-family home market. Condo sales increased by 16% over the last 12 months. In December, sales went up 8.8% from the previous month.
Condo prices are up 7% over the last 12 months to $123,000, and last month alone, prices increased by 10.4% to $130,000.
That said, condo inventory is at the absolute lowest level that I’ve ever seen. Inventory dropped 27.7% over the last 12 months. Last month alone, condo inventory dropped 31%. Right now, there are 4.9 months of inventory on the market. Again, that is the lowest I’ve ever seen.
I do think that inventory will continue to go down. Other areas of the country only have two months of inventory, which means there can be buyer fatigue. Buyers get frustrated because they can’t find the homes they want, and many buyers end up not making a purchase.
Since inventory is so low, now is a great time to take advantage of the market before spring hits. When the spring market arrives, you will have more competition on your street.
You should also know that interest rates recently jumped to a nine-month high, so more buyers are going to enter the first quarter than the second quarter. They want to take advantage of the interest rates before they go up again, so don’t wait until summer or spring to sell your home. Take advantage of the market now.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
