As we make our way through December, sellers have a great opportunity in our Myrtle Beach market.
Looking for a Myrtle Beach home? Click here for a Full Home search
What do the latest year-over-year numbers tell us about our Myrtle Beach market as we make our way through December? Last month, we saw some very surprising numbers, including a few records being set.
In November, single-family resale home sales rose 16.2%, and the median sale price rose 4.1% to $230,000. In early 2016, the median price was $179,900, so you can see how much it’s increased over the years. The key number, though, is inventory, which dropped 13.2% to a new low of 4.6 months. Since 2016, the previous all-time low was 4.9 months.
This means there are hardly any resale homes on the market as we come to the end of 2019. As a result, we’ll see prices rise considerably in January and February of 2020. If you’re thinking of selling, this is a great opportunity because there’s less competition. After the holiday season, there’s typically an influx of inventory.
If you’re thinking about selling in the next couple of months, take advantage of this low inventory.
As far as condos go, sales rose 0.8%, and the median sale price rose 9.6% to $142,500. Inventory for condos dropped 9.4% to 4.8 months.
These numbers make it clear: The word’s out on Myrtle Beach. Our market has gotten so much national attention for our affordability, and we’re seeing a lot of people move here to take advantage of better deals. As I said, if you’re thinking about selling in the next couple of months, take advantage of this low inventory.
If you have any more real estate questions or you’re thinking of buying a home soon, don’t hesitate to reach out to me. I’d love to speak with you.
