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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.
