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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.
