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!
