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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.
