The State of our Market: November 2021
Here are the latest numbers for our local real estate market.
Today I have the brand-new market numbers for you. They are very interesting,
to say the least. We had our first double-digit decline, which is not the news I like
to give, but I want to keep you updated on the market. That being said, let’s take
a look at all of the data.
Feel free to watch the full message above, or skip to topics that interest you
using the timestamps provided below for your convenience:
0:28 — Single-family homes last month
1:48 — Supply is protecting price right now
2:17 — Condos are doing well
3:08 — Supply is at an all-time low for condos
3:55 — Call us if you’re thinking about selling
4:32 — We have tons of buyers on our website
5:17 — John and Patricia’s success story
5:57 — Jack and Patricia’s success story
7:02 — Wrapping up
Remember, the agent you choose matters. If you are looking to sell or know someone who is, give us a call. We will get your home sold and maximize your equity.
Myrtle Beach Market Update: October 2021
Here are the latest numbers from our local real estate market.
Today I wanted to bring you a quick market update. The most recent numbers
just got released, and they are interesting, to say the least. We’ve had our first
month of declining sales in quite a while. Let’s take a look at the numbers.
You can watch the full message above, or skip around to topics that interest
you using the timestamps provided below for your convenience:
0:24 — The recent decline
1:16 — Prices are flattening a bit
2:04 — A new record in average sales price
2:28 — Our inventory is still super low
3:14 — Showings per listing
4:26 — Condo sales
5:07 — An all-time low in the supply of condos
5:38 — Strike while the iron is hot
6:37 — David’s success story
I predicted last month that the market would start to slow down a bit, and it looks
like we’ve finally gotten the data to show that. We’ve stayed relatively steady
for a few months, so if you’re looking for the top, this might be it.
If you have any questions, are looking to buy, or want to sell, feel free to give me
a call. I would love to help.
Sales Are Dropping and Inventory Is Rising
Here are the latest numbers for single-family homes and condos from August.
We have some brand-new numbers to share for the Myrtle Beach real estate market. The numbers are good on paper, but there are some concerning trends. For example, we’ve seen two straight months of decline in single-family sales and three months of decline in condo sales. These drops have not affected prices yet, but they are worth keeping an eye on. Without further ado, let’s break down the numbers from August:
Single-family homes:
1. Sales are up 4.3%. This is great, but we can see the market capped out in June with 797 home sales in the month. Last month, we had 653 home sales, so we’re seeing significantly fewer buyers.
2. Inventory saw a 58.3% decrease from August 2020 but has been climbing for the last two months. We’re still near all-time lows, so that’s protecting the sales price for the time.
3. For sales price, our average is up 22.3% at $410,957, which is a new record.
4. The median price is up 20.4% to $325,000.
“
Condo inventory is the lowest that it’s ever been.
”Condos:
1. Sales are up 10.7% from last year. We have seen three straight months of decline, though. The price may soften a bit soon.
2. The supply is down 77.1% from last year at 1.1 months’ worth of inventory. That is protecting prices from dropping.
3. The average price is up 10.4% at $209,846.
4. The median price is also up 8.3% at $170,000.
The sales in Myrtle Beach last month were down 30% from the same month last year. I think this shows some buyer fatigue. There is usually a bit of seasonality, but it doesn’t normally drop off this fast. We’re not sure if this is a speed bump or a lasting trend, but we might be at the peak of the market. Again, the drop in sales and the rise in inventory are alarming, so we’ll probably see the price soften up a bit in the near future.
We’ve talked to a lot of homeowners and helped them realize we can get them more than they think for their homes. There is such a shortage of inventory that we can use our marketing system on top of that to really drive up the sales price.
If you want to find out more about this, give me a call or send an email. I’m always willing to meet with you. Anything and everything you have questions about that’s real estate-related, you reach out to me. I look forward to hearing from you soon.
The Latest Myrtle Beach Numbers for August 2021
Here are the numbers to know for our market as we head into September.
The latest numbers are in for Myrtle Beach real estate, and I've got HUGE news! We saw a big decline in the number of homes sold, which we knew was coming because of a recent dip in pending sales.
If you look at single-family home sales in July, they were down 11.6% in the Grand Strand from June. Only 631 homes sold last month versus 790 the month before. That’s a pretty significant drop.
The good news is that home prices are still up. Last month, the median price was up 22% overall to $322,000. The average sale price is up 16.5% to $395,175.
The one thing to notice is that there was a slight decline in the month-over-month numbers. The average price is up 16.5% from where it was in July 2020, but it’s down from $398,160 in June. We’ll keep an eye on this trend going forward.
Now let’s take a quick look at inventory. We’re down 65.7% year over year and have only 1.2 months of inventory right now. I track this number weekly.
“
Condo inventory is the lowest that it’s ever been.
”Condo sales are up 2.8% year over year, but they’ve dropped significantly month over month. We had 835 condo sales in June and only 665 in July. As with single-family homes, average prices for condos are still up. The median price is up 14.5% year over year and the average price is up 18.3% year over year. Month over month, there was also a $7,000 drop in average condo prices from June to July.
Condo inventory is the biggest movement we’ve seen out of any number. We’re down 82% from last year to just 0.9 months. That’s the lowest figure we’ve ever seen.
We’ve been tracking new properties every single morning in our 9 a.m. huddle. About 30 to 45 days ago, the number dipped into the 580 range. However, over the last seven days, we’ve had 738 properties under contract. Last month, we saw around $180 million in volume per seven days. Today we’re closer to $243 million in volume per seven days.
Inventory was hovering around the 400 range, but it’s now up to 508. This will help with some buyer fatigue. There is a different, more affluent buyer that comes into our market in the fall. If you’re thinking about selling, you should know that they tend to buy a ton of high-end properties and pay top dollar for them.
Right now, there are almost 70,000 active buyers in our system. If you're thinking about selling, we can help you. We’re selling properties like crazy and can help you get yours sold for the right price and with the right terms. Don’t list with just an average agent. You need the absolute best to have success in one of the hottest markets of all time. In Myrtle Beach, that’s The Sloan Team.
If you have any questions for me about the latest numbers or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
Our July 2021 Market Stats
Here are the latest stats from July 2021 real estate market.
I have the latest real estate market update for you today. I’m going over all the numbers including inventory, sales, prices, interest rates, and more. This is your spot to get all the stats about our market. Even if you’re not considering entering the market, you should know what’s happening so you can make the best decisions for your future.
Feel free to watch the full message above, or use these timestamps that will direct you to various points in the video.
0:05 — Introduction to today’s topic 0:35 — Our present single-family home sales numbers 1:35 — Sellers can currently get more for their homes than they think 2:30 — Our supply of homes right now 3:25 — Our latest showings per listing numbers 4:20 — The most crucial number to know about condos at the moment 5:30 — Watching the trends in the market’s weekly numbers 6:20 — This week’s great news about interest rates 7:10 — The value of having the right representation in this market 7:25 — Wrapping up today’s topic
If you want to know more about our market or finding the best agent for you, email or call us anytime. We’d love to help you.
Want to hear more? Tune in to our radio show on 99.5 Talk Radio, Saturdays at 9 a.m. and Sundays at 11:30 a.m. I’m also featured on the brand-new 94.5 on Saturdays at 1 p.m. You can also check out our podcast online.
Slight Shake Up In The Monthly Market Numbers?
We’re seeing a peculiar decline in some areas of our market.
Some very interesting stats are emerging from our Myrtle Beach market as we enter summer 2021. Sales are still crazy and numbers are up across the board, but we’re seeing a slight decline in a couple of areas as we look at the data from May 2021.
For single-family homes, there were 655 sales, which is a 71.6% rise compared to May 2020. The nuance surrounding this rise is that we were in the middle of a lockdown last year. In fact, May was the worst month of 2020. The month-over-month change is the more concerning number, as those 655 sales represent a significant drop compared to the 770 we saw in April 2021. Another area experiencing a decline is median sale price. It rose 27.8% year over year to $290,000, but April’s median sale price was $299,530. Essentially, we lost about $10,000 worth of median sale price during that time frame. The average number of showings per listing also dropped month over month from 11.3 to 10.9. These three trends are slightly concerning to watch, as we might see some buyer fatigue setting in.
Obviously the No. 1 challenge we all know about is inventory. We’re in an absolute inventory crisis, and we just set a new record-low last May with just 0.9 months of supply—a 78.6% drop compared to last year. The good news is that the average price of single-family homes rose 30.9% year over year to $388,781, so Myrtle Beach and Grand Strand homeowners have more equity than ever. We’re selling a lot of homes for $40,000 or $50,000 over asking price based on a strategy we designed to create a virtual auction effect. At 3:11, you can see a Facebook endorsement from Barbara Corcoran that mentions this strategy specifically.
I’m very excited and proud of what my team’s been able to accomplish in this market considering a lot of homeowners are costing themselves tens of thousands of dollars by hiring average agents. Anyone can sell a house right now, but if you want to sell for the maximum amount of money, you need to hire someone who has a system in place. Just the other night, someone from our buyer team made a full-price offer on a home the minute after it was listed. The seller took the offer before giving anyone else a chance to see their home and make a bid. In fact, someone else from our buyer team wanted to make an offer, but they weren’t able to schedule a showing. That seller missed out on a chance to drive their home’s price up because their agent doesn’t know what they’re doing.
"We’re in an absolute inventory crisis, and we just set a new record-low last May."
Condo sales, meanwhile, technically rose 165% year over year, but they dropped month over month from 820 to 802. The median sale price rose 24.2% to $165,000, while the average sale price rose 29.% to $199,344. Just like with single-family homes, the average number of showings per listing dropped month over month from 11.5 to 11 due to an inventory crisis. The current supply of condos stands at just 1.1 months, which is an 80.4% drop compared to May 2020.
Anyone who lives in Myrtle Beach knows we’re a very seasonal area. Once school is out, people come to town and combine their vacations with their home-buying or condo-buying experiences. If you or anyone you know is thinking about selling, don’t let them cost themselves hard-earned equity. Day in, day out, average agents who don’t know what they’re doing are misleading their clients. As you’ve heard me mention several times, the average agent in our MLS sells only four homes per year. They won’t be very well-versed on what’s happening in our fast-paced market. My team, on the other hand, sells a home every 12 to 16 hours.
If you’d like to know how we can get your home sold quickly and for top dollar or have any questions about our Myrtle Beach market, don’t hesitate to reach out to me. I’d love to help you.
More New Record Numbers Across The Board Last Month!
Here are the latest numbers from the Myrtle Beach and Grand Strand markets.
I have a brand-new market update to share with you, and the numbers are insane. We’re seeing some record-breaking numbers for the Myrtle Beach and Grand Strand real estate markets, and I’m excited to share them with you today.
Looking at single-family home sales in April, we’re up a whopping 62% from April 2020. We’re seeing hundreds of millions of dollars per week being poured into the Grand Strand from other areas of the country, which is causing prices to skyrocket. Last month, the average sale price was up 29% to $378,787. The median price was also up 21% to $299,000.
Inventory is the biggest story right now. We have a new crisis low, as inventory is down 78.3% to just one month. Anytime we have inventory below six months, it’s a seller’s market. With just one month, we have a very strong seller’s market.
With sales up so much and inventory down so much, that puts upward pressure on prices. It’s always based on supply and demand, and the lagging indicator is always going to be price.
One thing to note is that buyer traffic is up 307% from last year. People are in town right now and buying homes, and Myrtle Beach was recently ranked a top-10 destination for 2021. Tripadvisor recently named Myrtle Beach the No. 3 destination for 2021. We’re competing with these huge, national destinations and squarely in the conversation. This shows you we’re a fantastic relocation and vacation destination.
"I’m not sure how long this party can last."
Let’s take a quick look at condo sales. Last month alone, they were up 137.6%. I’ve never seen a number like that in my 20 years in real estate. We had 803 condo sales this last month versus 338 in April 2020. The average sale price for condos is up 21.1% to $198,832, and the median price for condos is up 13.3% to $163,000. Condo inventory is down 76.3% from last year to 1.4 months. Inventory is down across the board in our market and throughout the country.
Homes are selling extremely fast, but you still need to make sure that you’re hiring the right agent. The average agent only sells about four homes per year. That means they aren’t in tune with what’s going on in the market at a given time nor are they knowledgeable about the best practices to sell for top dollar. They’re listing on random days during the week and leaving money on the table by taking the first offer.
With the system that we’ve designed, we make properties live on a specific day to drum up demand and create a multiple-offer situation that drives the price up. Then the seller comes back and chooses the best offer, and this strategy typically results in home sellers making tens of thousands more on their sale. Make sure that you take advantage of this market if you’re thinking about selling. I’m not sure how long this party can last.
If you or anyone you know is thinking about selling, now is the time to get the ball rolling. We are working with hundreds of active buyers and can help you sell for top dollar.
If you have any questions for me about the market or selling your home, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
Your Look at Our White-Hot Seller’s Market
Let’s take a look at the latest numbers from this crazy market.
It’s time for another update on the market, and to be frank, these numbers are the craziest I’ve ever seen. There are massive increases in almost every aspect of the market right now, and records are being broken across the board. In just the last seven days in our marketplace, 827 properties went under contract, over $219 million worth of properties. Let’s take a look at the latest numbers for March:
Single-family sales increased by 45% over last year. Prices are also through the roof; the median price rose by 20.9% to $287,500 and the average price rose 19.5% to $360,519. But what’s driving up prices? It’s our extremely low inventory. The number of homes for sale on the market is down by 78.3% over last year, and we currently only have one month of supply available. A healthy market has between six and seven months of inventory. Decreased supply and rising demand in the marketplace have put upward pressure on home prices.
Another crazy statistic is buyer traffic. We track showings per listing across the entire MLS and found that showings are up by 175% over last year. Here in Myrtle Beach, we have the perfect storm of ultra-low interest rates and the pandemic causing more buyers to flood into our market. Additionally, the ability to work from home and the fact that people can retire earlier also contributes to our influx of traffic. They’re coming down here to try to buy while it’s still affordable.
We’re also finding that many people have a lot more equity right now than they realize, so much so that online home valuations are way off the mark. We know of one seller who based their sales price on an online valuation and wound up undervaluing their property by $30,000. That’s why it’s critical that you work with an experienced agent; we can help you avoid leaving money on the table.
"We have over 60,000 buyers with an account on my website, but there are only around 2,000 homes for sale."
Condo sales are also through the roof, having risen by 57.1% in March. They’re higher than normal because many of the people who were looking for homes have found that they can no longer afford them, so they turn to condos, which are more affordable and available right now. The median condo price rose by 14.1% over last year to $158,000, and the average price rose by 19.4% to $191,790. Like single-family homes, buyer traffic for condos also skyrocketed by 171.4%.
To give you a perspective about the disparity between buyers and sellers in the market, we have over 60,000 buyers with an account on my website, but there are only around 2,000 homes for sale.
If you or someone you know has been thinking about selling a home, you should reach out to me as soon as possible. We can create an auction-like effect for your property by generating multiple bids so that you can get top dollar for your home. We’re also negotiating for many sellers to get extended closing dates so they have time to find a replacement home. Also as always, don’t hesitate to reach out to me with any questions you have. I’d be glad to assist you.
Spring Is Here, and Our Market Is Still on Fire
Spring has brought a golden opportunity for sellers in our market.
The latest statistics from our Myrtle Beach real estate market are unbelievable. We’ve seen massive increases in sales and sale prices, and inventory has seen a huge drop. Here’s how the February 2021 numbers stack up to February 2020.
Single-family home sales rose 22% from 411 to 466 sales. The median sale price for single-family homes rose 22.4% to $364,370. Most shockingly, inventory dropped 68.2% to 1.4 months. What this means is that there are 68.2% fewer homes available than there were last year, and with demand going through the roof, we’re seeing a lot of pressure on home prices.
Buyers are getting into bidding wars and we’re seeing a massive influx of cash from up north (New York, New Jersey, Pennsylvania, etc.). Homeowners up there are selling their homes for $600,000, $700,000, or even $800,000 and buying homes down here in the $360,000 to $370,000 range. This is huge news for home sellers because they want to take advantage of this trend.
Another key number to remember is buyer traffic. Last month, showings across the MLS were up 78.8%. This means we’ll continue to see increases in sales and sale prices moving forward. Interest rates, however, have jumped the past few weeks, which may pump the brakes a bit. The average for a 30-year fixed term is 3.45%; just a few weeks ago, the average was 2.76%.
Also, Fannie Mae decreased how many second homes and investment properties they want in their portfolio, which will hurt the second home market. They want to limit their portfolio to 7%—it’s usually about 14%. They’ve added fees to these types of mortgages, so we may see fewer of these types of purchases. That said, we’re still seeing a big influx of relocations from up north, which is great news for home sellers. We’re not sure how long this will last, but it’s great news nonetheless.
"We’ve seen massive increases in sales and
sale prices, and inventory has seen a huge drop."
In the condo market, sales rose 22.5% from 435 to 533 sales. The median sale price jumped 13.2% to $179,105. As with single-family homes, inventory for condos dropped drastically by 46.9% to 2.6 months. We’re seeing an inventory crisis across the country right now, but it’s especially prevalent in our area because of all the relocation we’re seeing from northern buyers. They want to be in less densely populated areas and want more freedom. My team and I have dealt with a ton of these buyers who want to buy here ASAP.
If you’re looking to sell, it matters a great deal which agent you use. We’re seeing many agents leave a lot of money on the table (in some cases, $20,000 or $30,000) for their clients because they’re not handling the current market correctly. The reality is that most agents in our market don’t deal with a lot of buyers. The average agent only sells about four homes a year. That’s not a whole lot of money for marketing. From a marketing standpoint, the Sloan Realty Group outspends the average agent by a ratio of 100/1, and we work with buyers across the globe. As of the recording of this video, there are 60,522 active buyers in our market from all over the country, so you owe it to yourself not to leave money on the table when selling.
One of our recent seller clients chose to move back to upstate New York to be closer to his family, and when he reached out to us about working with our team, he got a big surprise. We showed him how we could sell his home for $20,000 more than what online estimates showed. Within one day of putting his home on the market, we had it under contract with multiple offers.
This is something we’re seeing all across the board, so to reiterate: If you or anyone you know is thinking about selling, now’s the perfect time to act. Don’t wait too long, because some industry experts warn of a potential market shift happening in the third or fourth quarter of this year. With interest rates rising, take advantage of the market while numbers are up and we’re still in early spring.
As always, if you have questions about our Myrtle Beach market or are ready to start your home-selling journey, don't hesitate to reach out to me. Don’t just trust the online data. You need experts like the people on our team because we can put a lot more money in your pocket at the end of the day. I look forward to hearing from you.
A Fantastic Start for Our Market in 2021
Here are the latest numbers from our fast-moving real estate market.
I have a brand-new market update for you with last month’s numbers, and they’re absolutely insane. The market is pure chaos as more and more buyers come to town from all over the country. They’re making offers sight unseen, buying virtually, and we have a new record low for inventory.
The number of homes for sale in January was up 14.6% from 411 to 471, which is great news. Prices are also up 19% to $275,000 for single-family resale homes on the Grand Strand. The average sale price is up 13.6% to $347,243. These are all awesome numbers.
The biggest news of all is that inventory is down a whopping 65% from where it was last year. Right now, we have just 1.5 months of available inventory. A healthy market has about six months. Once inventory gets below one month, it could create a stalemate, especially as we see more buyers come into our market from other states.
The biggest influx of buyers to our market has come from North Carolina, New Jersey, Pennsylvania, and Connecticut. They’re escaping metropolitan areas and working remotely; this has become one of the hottest markets in the country.
“
The market is pure chaos as more and more buyers come to town from all over the country.
”In terms of buyer traffic, we were up 80% from November to December and 39.2% in January. The amount of showings per listing in the entire Grand Strand is seeing a bit of a pullback as interest rates shot up slightly to an average of 2.87%. As rates go up, we may see things slow down a little.
Condo sales are up 22.4% from last year as they experience an inventory constraint as well. With such a low inventory of homes, buyers are having to look more toward condos both inland and on the ocean. We had 488 condo sales last month versus 366 in January 2020. The average sale price was up 19.5% to $200,594, and the median price is up 13.9% to $159,500. Condo supply is down 40.8% to 2.9 months.
Here’s the bottom line: There are thousands fewer homes on the market now than there were last year. On top of that, there is a huge influx of buyers coming from Northeast cities which is driving prices up. We’re waiting to see what will happen in the next few months, but the usual spring market is now happening this winter due to a multitude of factors.
If you want to take advantage of current conditions as a home seller or buyer, don’t hesitate to reach out via phone or email. We’d be happy to answer any questions you have, and I look forward to hearing from you soon.
What’s Set Our Market on Fire?
Our Myrtle Beach market remains red-hot as we begin 2021.
As we begin 2021, it’s time to look back at the December numbers from our Myrtle Beach real estate market. It was an amazing month and an amazing year overall considering everything that happened. So many buyers have been moving here from out of state that it’s set our market on fire and caused an inventory crisis (more on that below).
Let’s first look at the year-over-year stats for resale single-family homes. Sales rose 24.9% from 506 to 632, the median price rose 15.6% to $270,000, and the average sale price rose 23.6% to $341,509. This means a lot of extra equity in homeowners' pockets. If you have a home, it’s probably worth more than you think it is—even more than what the online home valuations say. Annually, sales rose 12.2% to 6,707, and the average price rose 14.9% to $324,129.
As I said, we’re in a full-blown inventory crisis. Nationally, inventory is as low as it’s ever been, and we’re even lower than the national average. Our supply of resale homes is right at two months, which is a 53.5% year-over-year decrease. As you can expect, this has put massive pressure on prices. What’s been driving this trend? Buyer traffic. Last month, the average number of showings per listing was up 83.9%.
Moving onto the condo market, sales rose 38.9% from 440 to 619, the median price rose 15% to $156,000, and the average sale price rose 11.3% to $189,345. Annually, condo sales rose 5.6% and the average price rose 9.2% to $178,131. During the last few months of the year, sales really took off due to inventory for single-family homes being so low. A lot of buyers opted to move into condos because there were more of them and they were more affordable. As you can imagine, buyer traffic for these properties rose 44% in December. Annual inventory, meanwhile, decreased by 28.9% to 3.3 months.
“
Nationally, inventory is as low as it’s ever been, and we’re even lower than the national average.
”By far the scariest of these numbers is the 53.5% decrease in single-family home inventory. Since the 1st of the year, inventory has risen slightly, but it’s still well below the six-month mark needed for a balanced market.
With inventory so low and interest rates creeping up a bit, we’re approaching an important juncture in our market, and now is the perfect time to sell. Due to the pandemic and other factors, many people are moving to the Myrtle Beach area seeing greater affordability and more freedom. On top of that, a lot of buyers who’ve been waiting for the holidays to be over to list will be entering the market. The point is, strike while the iron is hot.
If you’d like to take advantage of our Myrtle Beach market right now, would like an instant home valuation, or have any questions at all, don’t hesitate to reach out to me. Talk to you soon!
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