Our November 2020 Market Stats

These are the latest stats from our November Myrtle Beach market.

Today I have a brand-new real estate market update for you with last month’s numbers, and they’re wild! The market is still super hot. 

We’re seeing massive gains in single-family resales, and a colossal number of people are coming in from out of town and out of state. Last month, single-family resales increased by 22.2%; we went from 477 sales in November 2019 to 578 this November. The median sales price has risen by 20.6% since last month and currently sits at $275,000. The average sale price grew even more—up 26% at $345,933.

Inventory is driving prices up, and it’s at crisis-level. Inventory (the number of homes for sale) has declined by 53.2% to 2.2 months; the graph at 1:00 in the video above looks like it’s gone off a cliff. The last time inventory was this low was in early 2006, but many more homes have been built since then.

Another shocking stat is the number of showings per listing last month; we use that number to forecast sales for the upcoming month. Showings per listing last month increased by 61.5%, which means there are 61% more buyers in the market looking for houses than in November of last year. We foresee a very hot market in December and hopefully into January. We’re seeing the perfect storm right now: All-time low interest rates and more lockdowns up north are driving more people to our marketplace because it’s very affordable.

Condo sales are also smoking hot—they rose 25.3%. There were 411 last year versus 515 this year. The median price grew 10.7% to $155,000. The average price is up 13.7% at $192,364. Showings per listing for condos also grew 25%. 

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Despite the pandemic, there are extremely safe ways to sell these days.

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The same inventory crisis is happening with condos; inventory has declined by 28% to 3.5 months. Inventory has decreased so much, and prices have risen so dramatically that many buyers are driven out of the market; they either can’t afford it or can’t find what they want, so they’re buying condos instead.

Despite the pandemic, there are extremely safe ways to sell these days. With the ongoing health crisis, we’ve been investing heavily in technology with virtual reality tours, virtual video walk-throughs, we have an in-house photographer and videographer, and more. We’re extremely proud of what we’ve done to combat health risks, and we’ve been leading the charge in the Myrtle Beach marketplace. 

My coach just sent me a message that says she’s very impressed with our virtual home tours, and with our top-notch marketing, our sellers won’t have to wait long. She’s right; we’re seeing properties sell within minutes and hours. If you’re a seller, take advantage of this time. This is an unparalleled situation for the holiday season.

Just today we had a great success story with our clients and Matt and Amy; they had a high-end home, and we got them $20,000 more than they thought they could get, and it sold within a few days of being on the market at full price. Your sale could be our next success story.

If you’ve been considering selling or your house was on the market before and didn’t sell, call or email us today. You can also get an easy online evaluation on our website. Also, let us know if you need any help or have questions in the future. We would love to assist you.

Why the 2020 Market Won’t Be Going out Quietly

Here are the latest news and notes from our Myrtle Beach market.

Another month in the books for 2020, another set of astonishing numbers to review! Single-family home sales for October were up 42% year over year from 471 to 669—a truly massive jump. I’ve been in real estate for 10 years and I can’t remember the last time we saw a 40%-plus increase in home sales. Additionally, the median sales price rose 13.9% month over month from $262,000 in September to over $300,000 in October. 

For quite some time now, we’ve been tracking our market’s inventory crisis; whereas a healthy marketplace usually has around five to six months’ worth of inventory, we’re currently hovering around just 2.4 months’ worth, meaning that there are simply not enough available homes to meet buyer demand. There was a colossal year-over-year drop in inventory for October—52% to be exact. That means we’ll see intense upward pressure on price, which is always a lagging indicator. If you’re thinking about selling, now is definitely the right time. 

To get a clearer idea of future business, we always track real-time showings; as of October, the number of showings per listing is up 58.7% across our entire MLS, which means we’ll see yet another increase in sales within the next 45 to 60 days when all those buyers pull the trigger. We’re still seeing a sizable migration of buyers from the northern cities down into our Myrtle Beach area, which has been fueled largely by our lower cost of living, our lower average sale price of real estate, and the greater ability of many to work remotely. 

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There was a colossal year-over-year drop in inventory for October—52% to be exact.

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Interest rates are also at an all-time low. Currently, we’re still scraping the floor with rates as a low as 2.98%. Last month, condo sales were up 36%, and prices were up 13% to $197,568. That’s amazing news, but there’s also a supply crisis in the condo market, as supply is down 25.5% at 3.8 months’ worth of inventory. As is the case for single-family homes, buyer traffic has only increased amid low inventory. Showings per listing are up 23.8% in the condo market. 

At the moment, we have 59,287 active buyers cataloged in our system alone. To help match these buyers with the right home, we developed a technology that takes any new listing and uses data on its features to create a reverse search and find the most likely buyer based on a buyer’s previous search patterns. The reality is, I outspend the average agent 100 to one from a marketing standpoint, and as you read this, I’m marketing for buyers across the country. 

If you want to know more about how we help buyers get into the homes they want, reach out to me by phone or email. If you’re thinking about selling and want to do so with as little hassle as possible while still fetching top dollar, it’s time to give me a call. We’re here and ready to help you achieve your real estate goals in this hot end-of-year market. 

Q: What Kind of Records Is Our Market Setting?

Sellers: You must strike while the iron is hot, and that time is now.

According to the September year-over-year numbers, our Myrtle Beach real estate market is setting records left and right. 

Single-family resale home sales rose 31.6% from 500 to 685. The median price for single-family resale homes jumped 12% to $270,000, while the average sale price spiked 17% to $347,669. The most shocking number, though, is the inventory level—there are 50% fewer homes on the market now than there were at this time last year. Officially, we’re at 2.6 months of inventory, which is the lowest I’ve seen since we started tracking the MLS numbers. 

If you remember, anything below six months of inventory constitutes a seller’s market, and a healthy market generally has four to six months of inventory. Our 2.6 months of inventory puts us in a massive seller’s market, and we’re actually in what we call an ‘inventory crisis.’ We have way more buyers entering the market than homes available for sale. Part of this is due to the increase in sales, but COVID-19 has also played a hand in this development. Thankfully, with the safety protocols we’ve implemented, my team and I have had zero issues helping sellers sell. 

If there’s a number that can really help us forecast what will happen moving forward, it’s showings per listing, which rose 63% year over year. In other words, listings are getting about 63% more visitors than they did last year. 

As you know, we always try to gauge what’s happening in real time on my weekly WRNN radio show by tracking how many properties go under contract on a weekly basis. In the week prior to the recording of this video, there were 801 of these properties. During the week I recorded this video, that number dropped to 674.

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   We have way more buyers entering the market than homes available for sale.

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If you’re thinking of selling, you want to strike while the iron is hot. I don’t know what’s going to happen after the election, or how the COVID-19 pandemic will play out, or where interest rates will be next year. Interest rates, in particular, are what’s driving our market. As of the recording of this video, they were hovering around 3.02%. Before that, they were sitting at 2.98%.

Right now, we’re seeing a perfect storm for our market. A surplus of buyers from the Northeast are resettling here in Myrtle Beach, primarily because they’re frustrated with government. With all the restrictions in place, they’re taking an early retirement, and we’ve been selling a lot of properties virtually to these buyers. 

What about the condo market? Condo sales were huge last month, rising 20% from 449 to 539 sales. The median price, meanwhile rose 14.8% to $155,000, and the average sale price rose 22% to $197,469. The condo market is seeing the same challenge as the resale market in terms of supply—inventory dropped 16.2% to just 4.2 months. The number of showings per listing rose 38.9%. Again, this means a tremendous number of buyers are looking for condos, and the biggest obstacle is simply finding properties for them. We have 58,000+ buyers on our website, and the reality is that we don’t have that many homes for sale. 

If you’ve been thinking about selling or had your home on the market in the past but failed to sell, give me a call or send an email so I can help you take advantage of this opportunity. Many sellers are selling for way more money than they thought they could, and they have far more equity in their homes than previously thought. The market is moving quickly, and you need an agent on your side who sells a lot of properties. The average agent sells just four homes per year, and that’s not going to cut it in this fast-paced market. 

As always, if you have any other real estate needs, feel free to reach out to me as well. I look forward to speaking with you soon!

Q: Where’s the Myrtle Beach Market Heading?

Here’s how the fall real estate market is shaping up in Myrtle Beach.

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I have the very latest numbers for the Myrtle Beach real estate market, and they’re some of the craziest numbers I’ve ever seen. 

Last month, sales were up 5.7% from this time last year. They’re down slightly from July, but that is mostly due to low inventory. In the same time frame, prices are up 14.9% from July to August. The average price in the Grand Strand is $335,881. Many sellers have a lot of equity in their homes and are realizing that when they sell. If you’re curious about what your home is worth, we’d be happy to take a look for you.

Inventory is the real story here. It’s down 45.3% from last year at this time, and it’s causing the big increase in prices. This is the lowest I've seen inventory levels since we’ve had this technology to track it—October 2006. All-time low interest rates are causing massive demand, and more and more transplants from larger cities are moving to the area for more freedom and a lower cost of living. 

Home showings are an important leading indicator of the market. They’re up 22% in the last month. This leads us to believe that home sales are going to see an uptick over the next few months, provided more are listed. The truth is that we are in an inventory crisis. The active buyers far outnumber the active homes for sale, but we’re hoping to match buyers and sellers together through our systems. If you or someone you know is looking to sell their home, don’t hesitate to reach out to us.

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   Inventory is down nearly 50% from last year.

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New construction homes last month were up 21%, while prices were up 10.7%. Inventory for these homes is down to just four months, and builders are building as fast as they can.  As for condos, sales were up 2.3% last month, while prices were up 8.3%. The supply for condos is also down to a little over four months, and they’re also in a seller’s market.

As we progressed through August, my team and I were keeping an eye on real-time data each day that shows where the market is and where it’s headed. Things started to pick back up in the last seven days of August. 869 properties went under contract, and prices spiked. We don’t know how long these conditions will last, but we do know that you can take advantage of them right now.

If you have questions for me about buying, selling, or anything else related to real estate, don’t hesitate to reach out via phone or email.

Q: Is the Perfect Storm Brewing in Our Market?

  The latest numbers show that our market is absolutely on fire.

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Our Myrtle Beach real estate market is crazy right now. Inventory is as low as it’s been in 13 years, prices are through the roof, and sales are skyrocketing too.

What’s behind all this chaos? First of all, interest rates are historically low. Right now, they’re hovering around 2.81%, and I’ve seen people lock in rates as low as 2%. Second, the ongoing COVID-19 crisis is causing a massive influx of buyers to leave metropolitan areas up north and buy primary and secondary homes in our area. In general, we’ve seen tremendous movement with mid- and high-end properties, and we’re selling homes within hours of them being listed.

What do the year-over-year numbers from last July in particular tell us? Single-family home sales rose 22.9% from 564 to 693, which is a huge jump, and a great recovery. We knew this would happen based on the surplus of pending deals we saw in prior months, and we should continue to see high sales numbers next month.

What’s especially crazy, though, is that inventory dropped 38.9% and now stands at 3.3 months. When you combine these two stats, it means we’re in an extreme seller’s market. Sellers are dictating contract terms and getting way more money for their homes than they ever thought they could. 
 

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The market needs homes to sell, so if you’re thinking about selling, reach out to me today.

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Moving on, the median sale price for single-family homes rose 22.5% to $339,497, and the number of showings rose 31.9%. In the week preceding the recording of this video, we saw 741 properties go under contract for $196 million.

As far as condos go, sales rose 18.4% from 526 to 623. For single-family homes, inventory dropped 5.9% to 4.8 months. The median sales prices rose 4.1% to $172,547. This means the condo market is a seller’s market too, and condo sellers are making way more money than they thought they could as well.

The bottom line is, we’re seeing a perfect storm for sellers. Aside from all the discomfort caused by COVID-19, northern buyers are moving here in droves looking to escape a higher cost of living and get a bargain for their home purchase. The market needs homes to sell, so if you’re thinking about selling, reach out to me today.

I just sold a home for a client whose listing originally expired with another agent at a price of $170,000, and we managed to get $199,000 for it. Don’t make the mistake of hiring an inexperienced agent and leaving thousands of dollars on the table.

As always, if you have any other questions about our Myrtle Beach market, don’t hesitate to reach out to me as well. I’d love to speak with you.

Your Latest Myrtle Beach Market Update

Here’s what you need to know about our low inventory-driven recovery.

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Our Myrtle Beach market is in the midst of a massive recovery, and the numbers have been crazy. If there’s one theme that best describes our market, it's the inventory crisis. Last month, prices for single-family home sales saw a 21.5% increase; our lack of inventory is the No. 1 driver right now, and it’s shoving prices up across the board. 

The number of single-family home sales in June was down 12.8% (588 in June 2019 versus 513 last month). This dip can partially be attributed to a lack of real-time data; a lot of agents don’t submit their data until the middle of the month, and it’s well-known that real estate is usually 30 to 60 days behind contracts. As such, I predict that we’ll see a huge increase in the total number of sales once July’s numbers come out. 

The most eye-catching stat has to be the huge average sales price jump from $273,000 last year to $331,000 this June. A lot of our clients are discovering that they have a lot more equity now than they would have guessed. We’ve been calling folks we spoke to a year ago just to alert them to the fact that they have way more money in their homes now. With our hot market, we’re able to get them top dollar and sell in a matter of hours. 

Let’s check out the engine of this market: There were 37.5% fewer homes available in June 2020 than there were June 2019—a gargantuan drop. There’s currently 3.5 months’ worth of inventory, which is the lowest I’ve seen here since we had the technology to track it in real time. The last time we saw inventory this low was July 2007. 

Our market is absolutely craving new houses. It seems everyone is escaping the Northeast and heading straight for us. We’re seeing a huge influx of buyers from New York, New Jersey, Pennsylvania, Connecticut, and Ohio, and they’re all seeking value in terms of a better average sales price. Some are just eager to get out of those major metropolitan areas. More single-family homes, condos, commercial properties, etc.—the Myrtle Beach market is hungry for all of it!

Showings are up 40%. Demand is wild, and we’re selling homes within hours of going live on the market. Buying power has also been boosted by incredibly low interest rates. Last week, we saw a record low of 2.94%. If you’ve been contemplating an upgrade or downsize, now’s the time to strike. 

If you know someone who’s thinking about selling, be they a friend, relative, or coworker, please send them our way. Reply to this email or forward it to them and have them call us directly. In our company alone, we’re in touch with 57,000 active buyers in some way or another, all of whom would love to see their house. I’m also happy to provide you with a real-time analysis of your property value (online estimates are practically useless right now because things are moving so quickly in our market). 

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Our market is absolutely craving new houses.

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Condo sales are down 3.4% year over year, which is actually great news considering how badly affected this market was in April and May (you may remember that many condo lobbies/leasing offices were closed completely). Things in this market have since improved dramatically. Condo prices are up 5.5%, while supply has dipped 5.9%. Meanwhile, showings have risen 16.7%. 

Naturally, many would-be sellers have been hesitant to list their homes in a health crisis. I’m proud to relay that our in-house technology has been incredibly successful and safe for our sellers. We can create full virtual reality tours of your property, which means only the most interested, qualified buyers will then get a chance to tour it in person (gloves, masks, shoe guards, and other safety precautions are taken). 

Bottom line: Our inventory crisis means sellers can fetch more money than ever for their homes, while low interest rates are empowering buyers and providing a great window in which to refinance. 

As always, reach out by phone or email if you have questions about anything mentioned in this message or Myrtle Beach real estate in general. We’re here to serve our community, and we look forward to hearing from you! 

June Myrtle Beach Market Update

Here are all the latest numbers from our May real estate market. 

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I have a brand-new market update for you, and the numbers are crazy. We’ve experienced a large rebound since the pandemic lockdowns. Of course, we expected the decline in sales because in March and April people couldn’t come into town to buy, so not as many homes closed in May. However, things are bouncing back. Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message, or use these timestamps to browse specific topics at your leisure: 0:05: Introduction to today’s topic 0:20: Sales declines 0:55: Inventory numbers 2:00: Price increases 3:50: Condo sales numbers 4:25: Condo price declines 5:40: Wrapping up today’s topic Things are exciting right now; people are buying homes within hours of them being listed. If you want to know more about how our system can sell your house quickly, reach out to us via phone or email. We’ll provide you with the most up-to-date information about Myrtle Beach and the Grand Strand. We look forward to speaking with you.

Virtual Reality Walk-Through Tours in the COVID-19 Era

COVID-19 has changed everything, but virtual reality can help you succeed.

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Today I’m unboxing one of the newest technologies that we’re implementing in our business to complement all the others we have that specifically cater to virtual reality home tours in the age of COVID-19. We had been using Matterport in-house, but we recently got a quicker, more consumer-friendly tool: a RICOH camera. This tool is helping our homeowners get more online traffic to their listings so they can attract buyers to their property without them having to see it in person. To learn more about the RICOH camera and how it makes virtual reality home tours simple, watch the short video above.

Your April 2020 Market Update

Here’s everything that went down in real estate in April 2020.

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Single-family home sales were down 23.2% in April 2020; 568 home sales closed in April 2019, and this year we only saw 395. While this is bad news, it’s at least what we expected to see. The great news, however, is that prices are still protected and rising.

Last month, prices for single-family homes were actually up 7.8% compared to April 2019; the median price was $249,450. The one thing helping safeguard prices right now is that supply is still critically low—down 21.8% over last year.

We’re currently sitting at 4.3 months’ worth of inventory, which is still very close to the record low of 4.1 months we hit a few months ago. Anything below six months is a seller’s market, so we’re still well within that parameter.

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We’ve been able to adapt very well and we continue to help our clients achieve their real estate goals.

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Let’s consider traffic, aka showings per listing. Traffic is down 43.8% year over year. This is a massive drop, but its effect on the market has been mitigated by a positive trend: We’ve been tracking new business under contract and seen a significant rise recently. In the seven days prior to the recording of the video, 430 properties went under contract in our MLS worth $97 million. This is the culmination of three consecutive weeks of steadily increasing new business; three weeks ago we saw 260 properties go under contract, the week after that saw around 370, and now we’re at 430—truly fantastic news given the circumstances.

This is the result of a lot of out-of-town buyers from Maryland, New York, Pennsylvania, New Jersey, and Connecticut. Last weekend we had a gentleman drive down from Maryland and sleep in his car just to be able to look at a property he found online. He drove back to Maryland but will close on this property in about a week and a half.

Our phone lines are incredibly busy and online activity is off the charts. We have 56,914 active buyers in our market looking on just my website alone. These buyers need houses to look at, so if you know anyone who is even considering selling, reach out to us as soon as possible.

We were fortunate enough to have already invested in amazing technology that enables us to offer virtual walk-throughs of our properties so that contracts can be hammered out with minimal risk, keeping buyers and sellers safe. As soon as the coronavirus became a serious threat, we acquired all the necessary PPE (gloves, masks, shoe guards, disinfectants, etc.) so that in-person tours—if necessary for a deal—could be executed as safely as possible. So far, we’ve been able to adapt very well, and we continue to help our clients achieve their real estate goals.

As we talked about previously, condo sales took an early hit; the most recent numbers show that for April they were down 47.2% from last year. Despite this, prices held up,  increasing 11.5%. Supply also increased by 9.4%. We’ve actually had a lot of buyers in April who were interested in condos but couldn’t access the buildings. Due to the lockdown restrictions, many units simply couldn’t be shown.

Interest rates are back down to a near 12-month low—3.19% for a 30-year fixed mortgage. The downside is that we’re seeing it become more difficult to get financing. While prices are protected right now, I can’t claim that they’ll stay that way indefinitely. We may see prices dip slightly eventually. With liquidity tightening up and the long-term pricing forecast uncertain, my advice to buyers is to not sit too long on the sidelines.

If you’re thinking about selling or making a home purchase, please reach out by phone or email. I live, eat, and breathe this kind of market data, and we can break it down by specific neighborhoods for you. Remember: In these bizarre times, it’s imperative to have skilled experts on your side. We’re always here for you.

An Update on Our Pandemic-Affected Market

March 2020 represents the first month where our market was affected by the pandemic now gripping the world, but even so, the numbers don’t look horrible. 

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In trying times, we have to take the good with the bad, and our Myrtle Beach market is filled with both right now.

• Resale home sales from last month are down only 2.8% over last year (we honestly expected this to be a lot worse); 484 homes sold this March versus 498 in March 2019
• Prices are up 4.3% over last year
• Median sale price right now: $240,000
• Average sale price: $302,000 (up 8.2%)
• Inventory is down 18.5% from last March, with 4.4 months’ supply
• Showings are down 19.6% from last March
• Condos took a hit, decreasing 12.5% from 518 last year to 253 this year
• Median sale price for condos is up 7% at $138,500
• Average condo sale price is up 5.3%

There are two factors that I believe will help keep our Myrtle Beach market insulated. First, the continued low inventory will protect homeowners by holding up prices—at least for the near future (there may be a leveling off of price growth and even a slight dip in prices eventually, but it all depends on the persistence of this pandemic). Secondly, it’s a known fact that second home marketplaces feel the effects of a slowdown first. Luckily, single-family ownership has been the engine of our market for the last several years, so this will act as another barrier against the economic reverberations of COVID-19. Overall, things look very different from the crisis of 2008. Right now, there are still deals going under contract. The week of this recording, one agent on our team, Scott Howard, put four homes under contract by himself, bringing our weekly team total to 11.

Of our 11 closings this past week, three were completely virtual.

In the past seven days, 280 properties have gone under contract for $64,913,608, so yes, there are plenty of people making moves right now. Of course, only the most serious buyers are active in this pandemic-affected market; for all you serious sellers out there, know that these buyers still need inventory! We’re continuing to serve the needs of our clients in ways that ensure the highest level of safety for everyone involved. We’re conducting video conference consultations, virtual reality walk-throughs, and exterior and interior video tours via drone. Of our 11 closings this past week, three were completely virtual, meaning that none of the parties involved met in-person or physically toured the property. If you or someone you know needs to get something sold, make sure you reach out to us. We’ll develop a custom strategy and launch our global marketing blitz complete with professional photos. Even amid this chaos, our team is still pushing hard and doing what we can to get your home sold quickly and for top dollar. With questions or concerns, give us a call or shoot us an email. We’d be happy to hear about your unique situation and help you achieve your goals.

Real Estate Market Update for March 2020

Where is the Myrtle Beach real estate market? Here are the latest numbers. 

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It’s time for a brand-new market update this spring. February’s numbers are in, so we’re going to compare them to what we saw in 2019.

In January, you’ll remember that we had a 20% increase in the average sale price to go along with a 10% increase in sales. Things aren’t quite that crazy in February, but we still saw some very encouraging numbers. Although sales were up just 2.5% from February 2019, the median price was up 11% to $249,007. I believe one thing driving that average sale price up is the lack of inventory.

Inventory is down 21.2% from where it was last year and we have a record-low 4.2 months of inventory. There are 53,000 active buyers on our website, and there simply aren’t enough homes for them. If you’re thinking about selling, this could be a huge opportunity for you.

Demand and buying power are sky-high.

Condo sales are pretty much flat from last year. They were down 0.9 % from 423 to 419. Prices in this market are still up 9%, though. The median price is right at $135,000. Inventory is down 11.3% for condos, with supply hovering around four months' worth.

In just the past week, we’ve seen interest rates for 30-year mortgage rates hit 50-year lows as a response to the coronavirus. If you're thinking about making a move in 2020, it could be a great time. If you just want to refinance, you could lock a rate in the 2% range. 

There might be some consumer confidence issues in the future, but the window is open right now for home sellers and homebuyers to take advantage of the current demand. Right now, you have a lot of buying power with these low rates.

If you have any questions for me about the real estate market or your personal situation, don’t hesitate to reach out via phone or email today. We look forward to hearing from you.

Your February Market Update: Inventory Drops, Home Values Spike

Home values increased by how much?! Today I’m breaking down a truly mind-blowing January 2020. 

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In this month’s market update, we’ve got two new records to look at, and each one is astounding in it’s own right. 

Last month alone, we saw a 20.1% increase in the value of single-family homes last month alone. I’ve been in this business for over 15 years and I can’t recall witnessing such a spike in home values in just one month. 

The cause of this is the “perfect storm” that we touched on in videos prior: Sales are up, and inventory has fallen off a cliff (here’s the other record: we just hit a 10-year low in single-family home inventory). 

Last month, single-family home sales were up 8.9% over January 2019, and inventory took a 19.6% tumble to land at 4.1 months (October 2007 was the last time we saw it that low). New construction sales were pretty solid, up 1.4% with a 5.2-month supply of inventory. 

Resale home sales are indicative of a relocation trend. People are moving from up north and other areas to Myrtle Beach, and I’m seeing an overall trend toward more full-time owners/occupants than we typically see here. Condo sales stayed nearly flat (0.6% increase), though their prices popped up 5.1%. Condo inventory is also down.  

My expert advice is to pay attention to the single biggest driver of our marketplace: single-family resale homes. Sellers, take advantage of this crazy jump in the value of your home. Average sales price went from $253,000 last year to $304,700 in January 2020. 

As I explained during a recent radio talk show appearance, we’re seeing an early entry into the spring market for a lot of 2020 buyers, so consider selling now; you may have more equity than you think. Buyers have reason to act now as well, because we’re only seeing prices go up; the next three months will be very, very strong. 

If you’re on the fence about selling, reply to this email or give me a call, because we absolutely need inventory. We have 50,000-plus buyers from all over the globe scanning our websites for properties. Please also reach out  if you’d like an evaluation of your home—one that’s more accurate than the online calculations that have yet to catch up with our 20.1% spike. 

What’s Going on in Myrtle Beach Real Estate

There are a few numbers that stood out to me as I looked at the latest market report. Here’s what you need to know.

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We’ve got a brand-new market update for you today, complete with last month’s numbers, the year-end numbers, and more. 

There were two shocking numbers that we saw in last month’s data. First, we saw huge gains in single-family resale homes. Last month alone, we had a 27% increase in home sales compared to December 2018. We had 393 in December 2018 and 499 in December 2019. This is amazing, especially considering that December is one of the slower months of the year. These are great numbers to see as we head into 2020.


Our average sale price last month dropped 3.6% to $277.223. The great news is that if you look at the averages for 2019, prices are up 4%. Inventory is tightening up on the coast and easing up as we move more inland. Supply and demand will play a huge role in the next three months.

You can be more aggressive as a home seller in this market.

The other big number that stood out to me was our inventory. It’s the lowest that we’ve seen since we’ve been tracking it for the last five or six years. It dropped 17.6% and leaves us with 4.2 months of inventory. Anything less than six months puts us in a seller’s market. The lowest we’ve seen before this was 4.9 in January 2018.

With less inventory, there’s less competition. When you combine that with our increase in sales, we’ll likely start to see upward pressure on pricing. Price is a lagging indicator of supply and demand. So if you’ve been thinking about selling your home, now is a fantastic opportunity to do so. You can be a lot more aggressive with your strategy in this kind of market.

Now let’s look at new construction. They were up 9.1% last month, which is great. Prices dropped by 8.4% to $4283,411, but the 12-month rolling average shows that they rose 3.2% in 2019 as a whole.

Condo sales saw huge growth last month as well. Sales were up 14.5% from where they were in December 2018. Prices are up 8.3% last month as well. The 12-month rolling average is 5.3%. The condo market is up in the $170,000 range, which is awesome. Inventory for condos is down to 4.7 months of inventory as well.

The huge increases in condo and single-family resale home sales are the most shocking numbers to me. It’s also great news for potential home sellers.

If you have any questions for me about the Myrtle Beach real estate market or anything else related to real estate, don’t hesitate to reach out via phone or email. I’d love to hear from you.