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.
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.
