Looking for a Myrtle Beach home? Click here for a Full Home search
Selling Your Myrtle Beach home? Get a free Home Price Evaluation
I have awesome news for those following the market: we are coming back very, very well from the slight dip that we saw last month.
Last month, sales for single-family resale homes were down 4%, with 476 homes sold right now. We expect the ups and downs that we’ve been seeing with sales, though, with inventory being as low as it has been. More great news: over the last 12 months, sales for resale homes are up 8.4% overall.
On to what everyone cares about most: prices. Home prices were up 7.5% last month compared to the same month last year. The median sales price is up 7.7% to $210,000.
The main catalyst for that increase has to do with inventory, which has been very tight. Anything below six months’ worth of inventory constitutes a seller’s market, which is the number you can use to gauge what the overall market is doing. Some markets in the U.S. are down to 30 days’ worth. Currently, we have 5.3 months’ worth of inventory, meaning that if no new homes came on the market, we’d sell all of what we currently have in 5.3 months. The crazy part of that is that it’s down 13.% from last year, which is why we’re seeing the challenge in terms of sales.
As you all know, we’re very seasonal here in Myrtle Beach. A lot of people up north are looking to get away and come enjoy our warmer weather. With that, we’re noticing a jump in the number of properties sold; if you’re thinking of selling your home, you might want to take advantage of our seasonality.
If you’re thinking of selling your home, you might want to take advantage of our seasonality.
The same is true for homebuyers: you’ll want to get an early jump on the market. Don’t wait until there’s less to choose from. I’ve spoken with people across the country in tight inventory markets; they’re in what we call a stalemate, where there’s not much else for buyers to choose from.
New home sales are actually down 7.3% last month. The great news, however, is that they’re up 10.4% for the year. This faces the same challenges as inventory—the fewer properties there are for sale, the fewer the properties that will actually sell.
Prices for new construction are up 5.8% last month along, landing at $244,555. Their 12-month rolling average for new construction properties is up 3.6% to $240,051. We’re seeing prices in all categories for both new homes and resale home increasing, which is great news.
Condo sales are up 5.6% last month from the same time last year. Remember that last month’s numbers dropped pretty significantly, so that’s a great recovery. Over the past 12 months, the sales for condos are up 10.9%, which benefits everyone. Condo prices were up 6.7% last month and 5.8% for the past year. The amount of inventory we’re seeing for condos is right at 5.2 months’ worth. Like homeowners, condo owners are strongly encouraged to take advantage of our seasonality.
If you’re thinking about buying or selling, please feel free to reach out to me. We have 47,000 active buyers looking for quality properties to purchase, so there is a strong pool for sellers to choose from. We’re here to serve you.
