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.
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.
