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Some awesome new numbers have just come out regarding our Myrtle Beach real estate market, so today I wanted to break down these figures and what they mean for the outlook of real estate moving forward. So let’s dive right into this hot-off-the-press June update.
First of all, we saw a 9.3% increase in prices last month for resale homes. And the median sales price across our local MLS is currently sitting at $223,450.
Meanwhile, the actual number of sales did decrease, but this is a reflection of insufficient inventory coming in. With just 5.4 months’ worth of supply available right now, our current inventory levels are down 13.1% year over year. This lack of supply serves as a key driving factor behind the boost in buyer activity, and therefore also the boost in price. It is a simple matter of supply and demand. Our supply is down, so demand has shot up.
The new construction displays similar trends, with sales dipping 3.3% and prices rising 4.4% last month. And inventory in this market is somewhat flat, sitting at 5.5 months.
Our market needs inventory, so our team needs your listings.
As a reminder, inventory levels below six months constitute a seller’s market. Meaning if you or anyone you know is thinking of listing, now is the time to do so. Take advantage of our marketplace this season while buyers are still entering the market.
Moving on, the condo market is also in great shape. Sales are up 10.8%, with 597 condos having sold last month, and the median sales price also rose, now sitting at $127,500. These figures come as awesome news for this segment of the market, let alone the fact that inventory for condos sat at just 4.9 months of supply. Year over year, this comes as a 25% drop in inventory. This is actually the lowest level of supply for condos I have seen.
The bottom line, therefore, is that our market needs inventory. And that means our team needs your listings. The buyers are out there, so it’s time to sell if you or anyone you know is thinking of doing so.
If you have any other questions, would like more information, or want to discuss how my team and I can fulfill your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.
