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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.
