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The numbers from April are in and they are very interesting, so let’s take a look at what’s going on in the Myrtle Beach housing market.
Last month, we looked at single-family home sales for resale homes, which went down 4.7% from the same month last year. This is very interesting; it’s the first time we’ve seen a significant decline like that.
There is great news for the median sales price, however: there was an 11.6% jump from the same month last year. That’s $212,000 even.
Where did that jump come from? Well, even with the low inventory we’ve been seeing in the market, sales have been up. It’s supply and demand: Since there aren’t as many homes available for buyers to choose from, each home that does come on the market will likely get higher offers from multiple buyers trying to beat each other to contract.
Exploring inventory levels further, they are down 11.3% from last year, ending at 5.5 months of inventory. This is one of the lowest steals in the seller’s market arena, which is good.
Another area to look at is new construction, which is down 21% last month alone. There is more good news, however: prices are up 1.8%, landing at $230,000. Supply is at 5.5 months’ worth—the same place it was last year.
We’re coming into the hottest point of the market.
These trends likely are related to the interest rates that we’ve seen, which have resulted in some market softness, meaning that buyers aren’t feeling encouraged to enter the market.
If you’re thinking about selling, don’t wait too long. I don’t foresee a crash, but prices are skyrocketing. In lighter news, Myrtle Beach was ranked the second-fastest growing metropolitan area in the country for the third year in a row.
That presents a great opportunity for sellers to take advantage.
Now, in terms of condos, sales are down 22.6% from last month. This huge; I haven’t seen a drop like that in a very long time. Prices are also down 5.9% last month at $127,000 overall.
We’re coming into the hottest point of the market. If you’re a home seller or a condo seller, do not wait to enter the market. You’ll want to be ready for when people start moving to town. We live in a seasonal area, so you’ll have to strategize your move accordingly. We’re still short on inventory, so we need properties to sell.
If you have any questions or are looking to sell your property, please reach out to me for a free, no-obligation home valuation. I’d be glad to help you move forward with your real estate goals.
