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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.
