These are the latest stats from our November Myrtle Beach market.
Today I have a brand-new real estate market update for you with last month’s numbers, and they’re wild! The market is still super hot.
We’re seeing massive gains in single-family resales, and a colossal number of people are coming in from out of town and out of state. Last month, single-family resales increased by 22.2%; we went from 477 sales in November 2019 to 578 this November. The median sales price has risen by 20.6% since last month and currently sits at $275,000. The average sale price grew even more—up 26% at $345,933.
Inventory is driving prices up, and it’s at crisis-level. Inventory (the number of homes for sale) has declined by 53.2% to 2.2 months; the graph at 1:00 in the video above looks like it’s gone off a cliff. The last time inventory was this low was in early 2006, but many more homes have been built since then.
Another shocking stat is the number of showings per listing last month; we use that number to forecast sales for the upcoming month. Showings per listing last month increased by 61.5%, which means there are 61% more buyers in the market looking for houses than in November of last year. We foresee a very hot market in December and hopefully into January. We’re seeing the perfect storm right now: All-time low interest rates and more lockdowns up north are driving more people to our marketplace because it’s very affordable.
Condo sales are also smoking hot—they rose 25.3%. There were 411 last year versus 515 this year. The median price grew 10.7% to $155,000. The average price is up 13.7% at $192,364. Showings per listing for condos also grew 25%.
Despite the pandemic, there are extremely safe ways to sell these days.
”The same inventory crisis is happening with condos; inventory has declined by 28% to 3.5 months. Inventory has decreased so much, and prices have risen so dramatically that many buyers are driven out of the market; they either can’t afford it or can’t find what they want, so they’re buying condos instead.
Despite the pandemic, there are extremely safe ways to sell these days. With the ongoing health crisis, we’ve been investing heavily in technology with virtual reality tours, virtual video walk-throughs, we have an in-house photographer and videographer, and more. We’re extremely proud of what we’ve done to combat health risks, and we’ve been leading the charge in the Myrtle Beach marketplace.
My coach just sent me a message that says she’s very impressed with our virtual home tours, and with our top-notch marketing, our sellers won’t have to wait long. She’s right; we’re seeing properties sell within minutes and hours. If you’re a seller, take advantage of this time. This is an unparalleled situation for the holiday season.
Just today we had a great success story with our clients and Matt and Amy; they had a high-end home, and we got them $20,000 more than they thought they could get, and it sold within a few days of being on the market at full price. Your sale could be our next success story.
If you’ve been considering selling or your house was on the market before and didn’t sell, call or email us today. You can also get an easy online evaluation on our website. Also, let us know if you need any help or have questions in the future. We would love to assist you.
