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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.
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.
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.
