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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.
