May Myrtle Beach Market Update

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Now that the spring market is heating up, it’s time to look at the latest year-over-year numbers from last April. 

For single-family resale homes, sales rose 2.4%, the median sale price increased 9.3% to $234,900, and inventory rose 1.9% to 5.4 months’ worth of homes. Pending sales, meanwhile, rose 11.7%. In other words, inventory is down and sales are up, and that’s driving up prices. 

For new construction homes, sales declined 21.2%, the median sale prices rose 10.7% to $270,625, and inventory rose 7.5% to 5.7 months’ worth of homes. The drop in sales for these types of homes can partially be explained by the longer sales cycle they undergo. 

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If you’re a seller, you need to position yourself now to be ready for the buyers coming into town.

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For condos, sales dropped 4.1% and the median sale price increased 2.2% to $130,500. The number of pending sales rose 2.8% 

As is evident from the rising number of pending sales for single-family resale homes and condos, we’re coming into the hottest time of the year from a sales standpoint. If you’re a seller, you need to position yourself now to be ready for the buyers coming into town. You might have more equity than you think, and you can probably sell for more than you think if you market your home right and sell at the right time. 

If you’re interested in getting the home selling process started or you’d like to know what your home is worth, don’t hesitate to reach out to me. I’d love to help you. 

April Myrtle Beach Market Update

The latest numbers tell us we’re in a seller’s market, but both sellers and buyers can take advantage of current conditions.

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Selling Your Myrtle Beach home? Get a free Home Price Evaluation

What’s the latest news from our Myrtle Beach market as we move through April? Here are the year-over-year numbers from March.
Single-family home sales dropped 3.8% from 497 to 478, which isn’t a huge difference, but if you consider the fact that there were only 355 single-family home sales in February, these numbers are great news. The median price for single-family homes jumped 7% to $230,000, while the level of inventory dropped 3.6% to 5.3 months. The average days on market dropped 9.9% to 118 days, which means homes are selling quicker.
New construction home sales also dropped 8% from 275 to 253, but as with single-family homes, this represented a significant jump compared to February’s 234 sales. The median price for new construction homes rose 7% to $261,000. Inventory also increased 1.9% to 5.5 months, but the average days on market dipped 1.5% to 195 days.
Condo sales, meanwhile, rose 2.9% from 478 to 489. As for single-family homes and new construction homes, this was an increase compared to February’s sales, of which there were 422 in this case.
These statistics indicate we’re in a seller’s market. Right now, everyone’s getting that spring itch. Homeowners from up north are itching to move down here, while local residents are itching to get outside and have some fun in the sun. Whether it’s resale homes, new construction homes, or condos, the most home sales consistently take place in our market from May to June. If you are planning on selling your home, you need to do it as soon as possible if you want to take advantage of these conditions.
Buyers also have a great opportunity in front of them, because last month was the best month for mortgage rates we’ve seen in the last decade. Rates were as low as 4.02%, so now that so many buyers who were on the fence about purchasing will be looking to buy now, our market is a perfect storm for sellers and buyers.
As always, if you want to know more about our Myrtle Beach market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.

Your March 2019 Real Estate Market Update

What’s the latest in our market? Let’s take a look.

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

We have the latest numbers for our Myrtle Beach market, just in time for the spring selling season’s arrival. Here’s what they say. Single-family home sales declined by 1.1% with 351 sales; however, prices increased by 12.5% last month alone. The median price was $224,950. There was no year-to-year change in the supply of homes for sale, which is currently at 5.2 months of inventory. Anything below six months is a seller’s market and anything above is a buyer’s market, so this means now is the time for sellers to get their homes listed. Interest rates also hit a 12-month low and are currently at 4.4% for a 30-year fixed rate. This means buyers will be jumping off the fence and into the market, and you’ll want to take advantage of it. There were 215 new construction home sales last month, which is typical of the last few months. We are seeing, however, a bit of softening in the market. New construction prices are up 8.3% compared to last year, which is a smaller increase than what we’ve seen in the recent past. The median price is $255,500. New construction inventory is at 5.4 months, a 3.8% increase from last year. As we head into the spring market, we’re well insulated from the factors that are affecting other markets throughout the country. While a lot of places are experiencing a slowdown, we have a great seasonal market and are a beach destination. People will be selling their homes up north and moving here. There were 406 condo sales last month, a decrease of 1.2%. Their median price is $124,900, which is an increase of 6.8%. Condo inventory also increased to 5.3 months, an increase of 3.9%. We’re definitely going into a great season for buyers and sellers alike. If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.