Here’s how the fall real estate market is shaping up in Myrtle Beach.
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.
Inventory is down nearly 50% from last year.
”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.
