Prices are up and interest rates are down, which makes now a great time to buy or sell in Myrtle Beach.
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I have great news for home sellers as we near the end of summer in our Myrtle Beach market. Let’s go over the latest year-over-year statistics from this past July to see what I mean.
The number of single-family resale home sales rose 1.3% from 538 to 545. The key piece of information regarding these homes, though, is the median price, which rose 7.3% to $227,000. A lot of areas around the country are seeing a decline in sales and prices, but we’re bucking this trend.
Inventory for resale homes, meanwhile, dropped 1.9% to 5.2 months, which means it would take exactly that long for all available homes to be sold if no more came on the market. As we know, anything below six months is considered a seller’s market.
As you know, new construction homes have taken a huge hit over the past few months, but sales for these homes increased 1.1% compared to this time last year, and the median price rose 7.4% to $272,655. Unlike resale homes, inventory for new construction homes rose 9.8% to 5.6 months.
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Condo sales dropped by 0.4%, but again, the key number here is the median price, which rose 7% to $138,750. Inventory for condos was measured at five months, which is relatively unchanged compared to last year
The key factor driving these price increases is interest rates—this past week, they hit a three-year low and dipped into the 3% range
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So let’s recap: Sales are up, prices are up, and inventory is down for resale homes. As you can see, prices also rose for new construction homes and condos. Since our market is always driven by supply and demand, prices will probably rise even further as we head into the fall market. We usually see a different buyer demographic enter the market after the summer season, so don’t wait until November or December to put your home on the market. Take advantage of conditions now.
The key factor driving these price increases is interest rates—this past week, they hit a three-year low and dipped into the 3% range, which is convincing a lot of buyers to get off the fence. Not only does this make now a great time to buy, but it’s also a great time to refinance.
Whether you’re looking to buy, sell, refinance, or you have any more questions about what’s happening in our Myrtle Beach market, give me a call or shoot me an email. I’d love to help you.
