Sellers: You Have a Great Opportunity as We Close Out 2019

As we make our way through December, sellers have a great opportunity in our Myrtle Beach market. 

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What do the latest year-over-year numbers tell us about our Myrtle Beach market as we make our way through December? Last month, we saw some very surprising numbers, including a few records being set. 

In November, single-family resale home sales rose 16.2%, and the median sale price rose 4.1% to $230,000. In early 2016, the median price was $179,900, so you can see how much it’s increased over the years. The key number, though, is inventory, which dropped 13.2% to a new low of 4.6 months. Since 2016, the previous all-time low was 4.9 months. 

This means there are hardly any resale homes on the market as we come to the end of 2019. As a result, we’ll see prices rise considerably in January and February of 2020. If you’re thinking of selling, this is a great opportunity because there’s less competition. After the holiday season, there’s typically an influx of inventory.

If you’re thinking about selling in the next couple of months, take advantage of this low inventory.

New construction sales dropped just 0.8% compared to November 2018, and the median sale price dropped 4.2% to $250,000. Most of this drop, in my opinion, is due to the diversification of the new construction market. Inventory, meanwhile, rose 2% to five months. 

As far as condos go, sales rose 0.8%, and the median sale price rose 9.6% to $142,500. Inventory for condos dropped 9.4% to 4.8 months. 

These numbers make it clear: The word’s out on Myrtle Beach. Our market has gotten so much national attention for our affordability, and we’re seeing a lot of people move here to take advantage of better deals. As I said, if you’re thinking about selling in the next couple of months, take advantage of this low inventory. 

If you have any more real estate questions or you’re thinking of buying a home soon, don’t hesitate to reach out to me. I’d love to speak with you.

Are Sellers Primed for a Great Fall Season in Myrtle Beach?

According to the latest numbers, demand is up and supply is down, which is great news for sellers. 

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For your October market update, we’re doing things a little differently. Last month’s year-over-year numbers are very interesting, but they’re ultimately skewed by Hurricane Dorian. There was a 26% decrease in home sales, but that’s a result of all the homes that were supposed to close in September 2018 being pushed to October 2018.

For this reason, we’ll use our three-month rolling average to compare the year-over-year numbers for single-family homes and condos and determine what they mean.

The great news is that single-family home sales rose 3.5%, and the median sales price rose 6.4% to $236,125. The most intriguing—and shocking—number was the 4.8 months’ worth of inventory we saw last month, which is the lowest level we’ve seen since January 2016.

This is good for sellers because it means demand is up and supply is down, and prices should increase all the way through the holiday season. So if you’re thinking of selling, do it now. Don’t wait until the start of next year when everybody else puts their home on the market. January and February are also the slowest months of the year in terms of closings.

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If you’re thinking of selling, do it now.

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Furthermore, there were only 4.6 showings per listing for single-family homes over the entire MLS. The problem is, the median showings-to-pending during that same time was 14, while the average showings-to-pending was 21. That’s a significant gap, and it means most sellers aren’t getting enough traffic to their home. If you’ve been in this situation, it’s obviously frustrating, and it’s usually caused by a pricing or marketing issue. In general, your agent isn’t getting your home the exposure it needs.

As far as condos go, the number of sales rose 7%, and the median sales price rose 4.9% to $140,000. As with single-family homes, inventory for condos was down as well, and currently stands at 4.9 months—a 5.8% decrease. The average showings per listing was 4.1, while the median showings-to-pending was 10, and the average showings-to-penging was 16.4. As with single-family homes, there’s a massive gap here, and it’s usually caused by the exact same reasons mentioned above.

If you’re a seller, you have to make sure you’re selling buyers on the best parts of your home from a marketing perspective. Your overall goal should be to book a showing. We specialize in this type of marketing, so if you’d like to know more about how my team operates or you’re looking for someone to help sell your home, don’t hesitate to give me a call.

As always, if you have any more questions about our Myrtle Beach market, feel free to reach out to me as well. I’d love to help you.

October Myrtle Beach Market Update

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For today’s market update, I’ll discuss the rolling average of trends we’ve noticed over the last six months. Why? Because in September of 2018, Hurricane Florence struck, and that ultimately skewed the numbers in a tremendous way. For example, there was a 62% year-over-year increase in sales. You and I know that’s not true for the long-term—with the hurricane, people could not close on properties in September of last year. A lot of closings were skewed and pushed to the next month.

Keeping that in mind, here are the key trends to follow in our market:

Single-family home sales increased by 8% overall—about 3,276 homes sold in total during the period in question.

The median price for single-family resale homes is $231,000. Price-per-square-foot also increased by 4.8% to $131. Overall, that’s a positive trend.

Inventory is another key statistic to pay attention to: Right now, there are 5.1 months of inventory, meaning it’s a seller’s market. Since January 2016, this is only the third time it’s been that low. In January of 2018, inventory was at 4.9 months; In December of 2018, it was 5.1 months.

Overall condo sales over the last six months increased by 3.9% with 3,197 condo sales. That means if your property failed to sell, it’s not because of the market, but rather your marketing or your price.

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Home sellers are at a huge advantage right now.

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The median sales price rose by 5.8% to $137,000, and the price-per-square-foot went up by 5.4% to $136.

The amount of available inventory has remained relatively flat at about five months.

So what does this all mean for you?

Home sellers are at a huge advantage right now. Single-family home sales are up by 8% and available inventory has dropped to 5.1 months, which causes upward pressure on home prices and means you have less competition in the market. You’ve got some time left before the holidays start in full swing, and the last thing you want to do is wait to list your home until everyone else puts their home on the market after January 1. Also, take advantage of the fact that interest rates are currently super low—they’re currently 3.7%, which is amazing.

If you’re thinking about selling your home, reach out to me. It’s entirely possible that you have more equity in your property than you think you do, and the demand for homes is high. For any other questions you might have about real estate, let us be your resource. We’d love to help you.

September Myrtle Beach Market Update

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As we enter fall, the latest numbers from our Myrtle Beach market make now a fabulous time to be a home seller. The median price for single-family homes rose 6.8% last month compared to August 2018. What’s really interesting, though, is inventory dropped 1.9% to 5.2 months—one of the lowest points we’ve seen in the past three and a half years. Not only is more equity being added to your home, but you’ll face less competition from other sellers if you put your home on the market now. As always, if you have any questions, feel free to reach out to me. I’d love to hear from you.

August Myrtle Beach Market Update

Prices are up and interest rates are down, which makes now a great time to buy or sell in Myrtle Beach. 

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I have great news for home sellers as we near the end of summer in our Myrtle Beach market. Let’s go over the latest year-over-year statistics from this past July to see what I mean. 

The number of single-family resale home sales rose 1.3% from 538 to 545. The key piece of information regarding these homes, though, is the median price, which rose 7.3% to $227,000. A lot of areas around the country are seeing a decline in sales and prices, but we’re bucking this trend. 

Inventory for resale homes, meanwhile, dropped 1.9% to 5.2 months, which means it would take exactly that long for all available homes to be sold if no more came on the market. As we know, anything below six months is considered a seller’s market.

As you know, new construction homes have taken a huge hit over the past few months, but sales for these homes increased 1.1% compared to this time last year, and the median price rose 7.4% to $272,655. Unlike resale homes, inventory for new construction homes rose 9.8% to 5.6 months. 

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The key factor driving these price increases is interest rates—this past week, they hit a three-year low and dipped into the 3% range

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Condo sales dropped by 0.4%, but again, the key number here is the median price, which rose 7% to $138,750. Inventory for condos was measured at five months, which is relatively unchanged compared to last year  

So let’s recap: Sales are up, prices are up, and inventory is down for resale homes. As you can see, prices also rose for new construction homes and condos. Since our market is always driven by supply and demand, prices will probably rise even further as we head into the fall market. We usually see a different buyer demographic enter the market after the summer season, so don’t wait until November or December to put your home on the market. Take advantage of conditions now. 

The key factor driving these price increases is interest rates—this past week, they hit a three-year low and dipped into the 3% range, which is convincing a lot of buyers to get off the fence. Not only does this make now a great time to buy, but it’s also a great time to refinance. 

Whether you’re looking to buy, sell, refinance, or you have any more questions about what’s happening in our Myrtle Beach market, give me a call or shoot me an email. I’d love to help you. 

How Our Market Has Changed Since Last June

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We’re back once more with another market update. As always, we’ll be going over numbers from the last month to get a better picture of what’s happening now in real estate and how these trends will impact your buying or selling goals. 

Looking at the numbers from June of 2019, it’s clear that our market has likely hit a peak and is beginning to balance out. 

In terms of single-family resale homes, which constitute the majority of our real estate market, the number of home sales has only increased by 0.2% last month, with 577 single-family homes having sold this June and 567 having sold during that same month last year. Price, meanwhile, dropped by 0.3% over that same period, going from a median of $232,750 last year to $232,000 this year. 

Given that approximately six months ago we were seeing appreciation rates in the double digits, this news may be disheartening to some. However, it’s important to realize that this is a normal development. Our market is simply leveling out, so we will continue to keep an eye on prices moving forward. 

Moving on, supply rose 1.9% year over year, leaving us with a current five-month supply of inventory. This means we’re still in a seller’s market, so anyone looking to list should definitely consider making a move. This is especially true given that supply is expected to continue to grow over time, meaning buyers will soon gain greater leverage. 

However, this doesn’t mean there aren’t fantastic opportunities for buyers right now. At just 3.88%, interest rates have remained very low. This translates into a high level of purchasing power for anyone ready to find their next home. 

With all of that said, let’s review some statistics related to new construction. In that section of the market, sales appear to be down by 21.5% from last year—though it’s difficult to say whether this figure is accurate given the fact that certain national homebuilders don’t necessarily report all sales. 

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The market may be softening nationwide, but our Myrtle Beach market has remained well-insulated against any significantly detrimental impact.

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The median price of new construction homes, on the other hand, has gone up—rising 6.7%, leaving us with a median price of $277,400. Supply went up as well, with a 3.7% increase since June of 2018. As a result of this increase, there is 5.6 months’ worth of available inventory in the new construction market. 

Finally, let’s take a look at the condo market. Condo sales dropped by 5.9%, but prices have risen 7.6%, and supply has gone up to 13%. 

The bottom line of all of these statistics is this: The market may be softening nationwide, but our Myrtle Beach market has remained well-insulated against any significantly detrimental impact. In short, while it’s always good to be aware of what’s going on in the market, it’s also good to understand that conditions balancing out is not inherently a bad thing. 

If you have any other questions, would like more information, or are interested in buying or selling your home, feel free to give me a call or send me an email. I look forward to hearing from you soon.

The Latest Numbers for the Myrtle Beach Real Estate Market

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I’m back with a brand-new market update with the latest numbers from our real estate market.

Overall, single-family resale homes were down 5.2% last month from where they were last May. We had 542 home sales this May after seeing 572 in May 2018.

The good news is that prices are still climbing up. They’re up 1.2% from where they were last year and right now the median price is $220,000. We’re also seeing supply drop by 1.8% last month as we come to the hottest month of the year.

All of these numbers mean that we’re still in a strong seller’s market, but I also have some great news for homebuyers.

Interest rates have dropped back below 4% and are sitting at 12-month lows. This is going to get a lot of buyers off the fence, which is also good for home sellers. It could not be a better time for this to happen when the market is hot.

We’re not only a seasonal destination in Myrtle Beach, but we’re also a seasonal real estate market because people buy right now when they come in town. We have clients coming here from all across the country because of the low rates and great values.

As far as new construction homes go, sales were down 29% last month, which is something to watch. We had 208 last month vs 293 in May 2018. Right now, the prices for these are up 4.2% in the last year and the median price is at $272,948. The supply for new construction homes remains flat from last year, and we’re still technically in a seller’s market for these homes, too.

A lot of people have been asking me lately about the potential of a market crash, but we’re not seeing anything like that. Our market is very well-insulated because we have a lot of investment properties, second homes, and more, which brings me to the numbers for the condo market.

For condos, sales were down 6% from May 2018, but the prices are up 7.7% in that same time frame. The median price right now is $136,750 and the supply has jumped up over 8% to give us 5.2 months of inventory.

The reality is that we need homes to sell here in Myrtle Beach. If you’re interested in selling your home or just testing the waters, don’t hesitate to give us a call or send us an email anytime. We’d be happy to answer any questions you have as well. I look forward to hearing from you soon.

May Myrtle Beach Market Update

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Now that the spring market is heating up, it’s time to look at the latest year-over-year numbers from last April. 

For single-family resale homes, sales rose 2.4%, the median sale price increased 9.3% to $234,900, and inventory rose 1.9% to 5.4 months’ worth of homes. Pending sales, meanwhile, rose 11.7%. In other words, inventory is down and sales are up, and that’s driving up prices. 

For new construction homes, sales declined 21.2%, the median sale prices rose 10.7% to $270,625, and inventory rose 7.5% to 5.7 months’ worth of homes. The drop in sales for these types of homes can partially be explained by the longer sales cycle they undergo. 

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If you’re a seller, you need to position yourself now to be ready for the buyers coming into town.

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For condos, sales dropped 4.1% and the median sale price increased 2.2% to $130,500. The number of pending sales rose 2.8% 

As is evident from the rising number of pending sales for single-family resale homes and condos, we’re coming into the hottest time of the year from a sales standpoint. If you’re a seller, you need to position yourself now to be ready for the buyers coming into town. You might have more equity than you think, and you can probably sell for more than you think if you market your home right and sell at the right time. 

If you’re interested in getting the home selling process started or you’d like to know what your home is worth, don’t hesitate to reach out to me. I’d love to help you. 

April Myrtle Beach Market Update

The latest numbers tell us we’re in a seller’s market, but both sellers and buyers can take advantage of current conditions.

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What’s the latest news from our Myrtle Beach market as we move through April? Here are the year-over-year numbers from March.
Single-family home sales dropped 3.8% from 497 to 478, which isn’t a huge difference, but if you consider the fact that there were only 355 single-family home sales in February, these numbers are great news. The median price for single-family homes jumped 7% to $230,000, while the level of inventory dropped 3.6% to 5.3 months. The average days on market dropped 9.9% to 118 days, which means homes are selling quicker.
New construction home sales also dropped 8% from 275 to 253, but as with single-family homes, this represented a significant jump compared to February’s 234 sales. The median price for new construction homes rose 7% to $261,000. Inventory also increased 1.9% to 5.5 months, but the average days on market dipped 1.5% to 195 days.
Condo sales, meanwhile, rose 2.9% from 478 to 489. As for single-family homes and new construction homes, this was an increase compared to February’s sales, of which there were 422 in this case.
These statistics indicate we’re in a seller’s market. Right now, everyone’s getting that spring itch. Homeowners from up north are itching to move down here, while local residents are itching to get outside and have some fun in the sun. Whether it’s resale homes, new construction homes, or condos, the most home sales consistently take place in our market from May to June. If you are planning on selling your home, you need to do it as soon as possible if you want to take advantage of these conditions.
Buyers also have a great opportunity in front of them, because last month was the best month for mortgage rates we’ve seen in the last decade. Rates were as low as 4.02%, so now that so many buyers who were on the fence about purchasing will be looking to buy now, our market is a perfect storm for sellers and buyers.
As always, if you want to know more about our Myrtle Beach market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.

Your March 2019 Real Estate Market Update

What’s the latest in our market? Let’s take a look.

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We have the latest numbers for our Myrtle Beach market, just in time for the spring selling season’s arrival. Here’s what they say. Single-family home sales declined by 1.1% with 351 sales; however, prices increased by 12.5% last month alone. The median price was $224,950. There was no year-to-year change in the supply of homes for sale, which is currently at 5.2 months of inventory. Anything below six months is a seller’s market and anything above is a buyer’s market, so this means now is the time for sellers to get their homes listed. Interest rates also hit a 12-month low and are currently at 4.4% for a 30-year fixed rate. This means buyers will be jumping off the fence and into the market, and you’ll want to take advantage of it. There were 215 new construction home sales last month, which is typical of the last few months. We are seeing, however, a bit of softening in the market. New construction prices are up 8.3% compared to last year, which is a smaller increase than what we’ve seen in the recent past. The median price is $255,500. New construction inventory is at 5.4 months, a 3.8% increase from last year. As we head into the spring market, we’re well insulated from the factors that are affecting other markets throughout the country. While a lot of places are experiencing a slowdown, we have a great seasonal market and are a beach destination. People will be selling their homes up north and moving here. There were 406 condo sales last month, a decrease of 1.2%. Their median price is $124,900, which is an increase of 6.8%. Condo inventory also increased to 5.3 months, an increase of 3.9%. We’re definitely going into a great season for buyers and sellers alike. If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.

Your February Real Estate Market Update

Our Myrtle Beach market rebounded nicely last January from the recent dip in home sales we’ve been seeing.

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The year-over-year numbers from last January are in, and our Myrtle Beach market is back in business. Resale home sales rose 2.9% compared to January 2018, and their median sales price rose 10.7% to $210,250. There was five months’ worth of inventory for resale homes, which is more or less unchanged compared to January 2018. New construction home sales dropped 19%, but a lot of that was due to the backup from Hurricane Michael—inventory got pushed back almost a whole month because of all the evacuations. The median sales price of new construction homes rose 15.3% to $274,637, and similarly to resale homes, their level of inventory remained more or less unchanged compared to last year: 5.2 months.

This was a great rebound from our market.

Condo sales rose 7.1%, and their median sales price stayed pretty close to where it was at last year: $132,500. Inventory, meanwhile, rose slightly to 5.1 months. Overall, this was a great rebound from our market, and a lot of it had to do with the recent dip in interest rates. As you know, any inventory supply under six months constitutes a seller’s market, so with each type of property close to five months’ worth, this means we’re still in a slight seller’s market. As we head into spring, we’ll see more homes hit the market and saturate the marketplace. Right now, we’re still seeing a lot of home sellers from up north move into our area, so if you’re thinking about selling, now’s the time to make your own move. As always, if you have any questions about our Myrtle Beach market or you’d like to buy or sell a home soon, don’t hesitate to reach out to me. I’d love to help you.

Your January Real Estate Market Update

What message are today’s market trends sending buyers, sellers, and homeowners? Find out in today’s market update.

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Looking at the overall market in December of 2018, we saw that the market was down 20% as a whole. We broke down the numbers into segments: Resale Homes

• Resale home sales are down 13.4%. There were 361 resale home sales this past December, where there were 417 in December 2017. This is the second month in a row that we’ve seen such a decline.
• Prices were up 5.7% last month, with a median price of $226,000. Pricings are lagging indicators, which means that price always follows after sales (with about a three-month lag time), so we may see a softening of prices here in a few months.
• We noticed that our number of days on market was actually getting bigger, as well. It’s taking homes 9.2% longer to sell, with our average being 130 days on market.
• Inventory is down 3.8%, leaving us at five months of inventory. That means we’re technically in a seller’s market.

New Construction

• New construction sales were down 30.4% year over year as of last month. This may have something to do with the hurricane affecting what homes went under contract
• Prices actually went up 11.7%; the median price was $273,727, which is great news.

All three categories of properties are in a trifecta of decline, and the next number you can expect to drop will be home price.

Townhouses/Condos

• Condo sales were also down, having dropped 17% year over year.
• Prices were up 6.2%, however, with a $130,000 median price.
• The days on market went down 9.4%, leaving the average at about 115 days.
• Inventory increased 6.3% with 5.1 months of supply available.

Overall, the stats suggest that we’re probably going to enter into more of a buyer’s market this year. If you’re thinking about selling this spring or summer, that means you should make that decision sooner than later. All three categories of properties are in a trifecta of decline, and the next number you can expect to drop will be home prices. Sellers who want to get the most for their home sales should get a move on. Additionally, though we saw interest rates jump a few times last year, they actually dropped back down this past week to almost a one-year low. My long-term prediction for this year is that we’ll likely be fairly insulated from the general market decline. So many people are still retiring from the north to move down here, as South Carolina was recently ranked as the No. 6 retirement destination in the country. Remember that you can always tune in to my radio show on Saturdays and Sundays on WRNN 99.5. Otherwise, if you have any questions, feel free to reach out to us. We’d love to help you any way we can.