According to the latest numbers, demand is up and supply is down, which is great news for sellers.
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For your October market update, we’re doing things a little differently. Last month’s year-over-year numbers are very interesting, but they’re ultimately skewed by Hurricane Dorian. There was a 26% decrease in home sales, but that’s a result of all the homes that were supposed to close in September 2018 being pushed to October 2018.
For this reason, we’ll use our three-month rolling average to compare the year-over-year numbers for single-family homes and condos and determine what they mean.
The great news is that single-family home sales rose 3.5%, and the median sales price rose 6.4% to $236,125. The most intriguing—and shocking—number was the 4.8 months’ worth of inventory we saw last month, which is the lowest level we’ve seen since January 2016.
This is good for sellers because it means demand is up and supply is down, and prices should increase all the way through the holiday season. So if you’re thinking of selling, do it now. Don’t wait until the start of next year when everybody else puts their home on the market. January and February are also the slowest months of the year in terms of closings.
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Furthermore, there were only 4.6 showings per listing for single-family homes over the entire MLS. The problem is, the median showings-to-pending during that same time was 14, while the average showings-to-pending was 21. That’s a significant gap, and it means most sellers aren’t getting enough traffic to their home. If you’ve been in this situation, it’s obviously frustrating, and it’s usually caused by a pricing or marketing issue. In general, your agent isn’t getting your home the exposure it needs.
If you’re thinking of selling, do it now.
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As far as condos go, the number of sales rose 7%, and the median sales price rose 4.9% to $140,000. As with single-family homes, inventory for condos was down as well, and currently stands at 4.9 months—a 5.8% decrease. The average showings per listing was 4.1, while the median showings-to-pending was 10, and the average showings-to-penging was 16.4. As with single-family homes, there’s a massive gap here, and it’s usually caused by the exact same reasons mentioned above.
If you’re a seller, you have to make sure you’re selling buyers on the best parts of your home from a marketing perspective. Your overall goal should be to book a showing. We specialize in this type of marketing, so if you’d like to know more about how my team operates or you’re looking for someone to help sell your home, don’t hesitate to give me a call.
As always, if you have any more questions about our Myrtle Beach market, feel free to reach out to me as well. I’d love to help you.
