Your August Real Estate Market Update

Sales are up and supply is down for single-family resale homes, new construction homes, and condos. This is causing prices to rise in our Myrtle Beach market.

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What do the latest year-over-year numbers say about our Myrtle Beach market as we head toward the end of summer and approach fall? Let’s find out. Starting with single-family resale homes, there were 523 units sold last month, which was a 5.7% increase compared to July 2017. The median sale price for single-family resale homes increased 6% to $212,000. Back in January of this year, the median price was $190,000, so you can see what a great recovery the market has made since then. Supply for single-family resale homes, meanwhile, dropped 8.6% to 5.3 months of inventory. The numbers for new construction homes followed much of the same pattern. There were 246 new construction homes sold last month, which was a 2.5% increase compared to July 2017. The median sale price for these homes rose 12.2% to $252,668, while supply dropped 3.8% to 5.8 months of inventory. As you can see, sales are up and supply is down, which is putting pressure on prices. The same effect is taking place with condos—sales rose 20.5% to 505 condos, supply dropped 19% to 4.7 months of inventory, and prices rose 4.4% to $129,999.

Don’t wait until November, December, or January to make your move.

As we know, anything below six months of inventory constitutes a seller’s market, so whether you’re a home seller or a condo seller, you want to take advantage of these conditions as we head into fall. It’s not uncommon to see a lot of activity during “shoulder” seasons like fall because it’s such an ideal time for buyers who want to avoid the crazy summertime selling season. We’ve seen interest rates rise a little bit lately, and it’s caused other markets in certain areas of the country soften a little bit. They’re not experiencing any price declines, but they are seeing the average days on market increase. This trend hasn’t happened in our area yet, so don’t wait until November, December, or January to make your move. We have 48,831 active buyers who want to buy now. As always, if you’d like to talk more about our market or you want to list your home now and earn top dollar, don’t hesitate to call or email me. My team and I would love to help you.

Your July Real Estate Market Update

As we move toward the end of summer, prices are up and sales are down across the board in our Myrtle Beach market.

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

What’s the latest news from our Myrtle Beach market now that we’re inching toward the end of summer? We saw some interesting year-over-year numbers from the month of June, to say the least. Prices are up across the board, but sales are lower than what was expected. The number of sales for single-family resale homes rose 1.1%, while the median sale price for these homes rose 4.9% to $234,000. The biggest factor driving this increase is the level of inventory, which dropped 12.9% and stands at 5.3 months. For new construction homes, the number of sales decreased 4.5%, while the median sale price rose 5.9% to $259,533. Inventory for new construction homes rose 7.7%. June was the first time in a while that we saw an increase in the supply of new construction homes, and this drop in sales is definitely something to keep an eye on moving forward.

There are many out-of-town buyers in our area stalking properties for sale.

As far as condos go, the number of sales decreased 8.2%. The good news here, though, is the median sale price rose 6.6% to $130,000. Inventory for condos decreased 21.3% to 4.8 months. As you know from watching my latest videos, condos have been doing very well in our market for the past few months. Lastly, interest rates have been creeping up overall for the past few months, so that’s another thing we’ll keep an eye on moving forward. What do these statistics mean? Since we know that any inventory level below six months constitutes a seller’s market, sellers still have time to take advantage of these conditions while we’re in the heat of the summer selling season. That $234,000 median sale price for single-family homes is a big increase from when it was $190,000 in January, so make sure you take advantage of the fact that so many out-of-town buyers are stalking available properties in our area. If you’re thinking of making a move in our market and selling your home or you’d like a free home valuation, don’t hesitate to reach out to me. If you have any other questions or real estate needs, just reply back to this email. I’d be happy to assist you.