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What do the latest year-over-year numbers from this past August mean for our Myrtle Beach market as fall begins?
Let’s first look at single-family resale homes. The number of sales dropped 9% compared to August 2017. Keep in mind, that was last year’s hottest month for our market, whereas this year’s hottest stretch occurred between June and July. A national report recently stated that last August marked the seventh straight month of a nationwide decline in home sales, so since our Myrtle Beach market usually follows the national trends, this definitely is something to keep an eye on.
The good news, as far as single-family resale homes go, is we haven’t seen any decline in prices. In fact, the median sale price rose 0.9% to $220,000. It also rose compared to July 2018, when it sat at $212,000.
Inventory for resale homes is at 5.1 months, which is down 12.1%. As we know, any inventory level below six months is a seller’s market, so what this really means is we’re in a seller’s market. The problem with this, though, is that if the inventory level drops down to the 4.7-4.8 range, the market becomes more difficult because it creates more of a stalemate between buyers and sellers.
Since prices are still climbing, you want to act now before there’s any kind of slip up.
Moving on to new construction homes, sales dropped 2.8%, but the median sale price rose 5.8%. Inventory for new construction is at five months, which, just like with resale homes, is very low—one of the lowest we’ve ever seen. As for condos, sales rose 0.4% year over year but stayed pretty much the same compared to last July. The great news for condos is that the median sale price rose 11.2% to $131,000. Inventory, meanwhile, dropped 10.9% to 4.9 months. If you’re a seller, you need to take advantage of these conditions. As always, our market is driven by supply and demand. Heading into the fall season, supply is very low, but sales have maintained pretty well. Since prices are still climbing, you want to act now before there’s any kind of slip up. At the moment, we have just under 50,000 total buyers in our area, so our market needs inventory. As always, whether you’re looking to sell or buy you have any other real estate-related questions, don’t hesitate to reach out to me or my team. We’d love to help you, and we’ll see you next time.
