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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.
