Your January Real Estate Market Update

What message are today’s market trends sending buyers, sellers, and homeowners? Find out in today’s market update.

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Looking at the overall market in December of 2018, we saw that the market was down 20% as a whole. We broke down the numbers into segments: Resale Homes

• Resale home sales are down 13.4%. There were 361 resale home sales this past December, where there were 417 in December 2017. This is the second month in a row that we’ve seen such a decline.
• Prices were up 5.7% last month, with a median price of $226,000. Pricings are lagging indicators, which means that price always follows after sales (with about a three-month lag time), so we may see a softening of prices here in a few months.
• We noticed that our number of days on market was actually getting bigger, as well. It’s taking homes 9.2% longer to sell, with our average being 130 days on market.
• Inventory is down 3.8%, leaving us at five months of inventory. That means we’re technically in a seller’s market.

New Construction

• New construction sales were down 30.4% year over year as of last month. This may have something to do with the hurricane affecting what homes went under contract
• Prices actually went up 11.7%; the median price was $273,727, which is great news.

All three categories of properties are in a trifecta of decline, and the next number you can expect to drop will be home price.

Townhouses/Condos

• Condo sales were also down, having dropped 17% year over year.
• Prices were up 6.2%, however, with a $130,000 median price.
• The days on market went down 9.4%, leaving the average at about 115 days.
• Inventory increased 6.3% with 5.1 months of supply available.

Overall, the stats suggest that we’re probably going to enter into more of a buyer’s market this year. If you’re thinking about selling this spring or summer, that means you should make that decision sooner than later. All three categories of properties are in a trifecta of decline, and the next number you can expect to drop will be home prices. Sellers who want to get the most for their home sales should get a move on. Additionally, though we saw interest rates jump a few times last year, they actually dropped back down this past week to almost a one-year low. My long-term prediction for this year is that we’ll likely be fairly insulated from the general market decline. So many people are still retiring from the north to move down here, as South Carolina was recently ranked as the No. 6 retirement destination in the country. Remember that you can always tune in to my radio show on Saturdays and Sundays on WRNN 99.5. Otherwise, if you have any questions, feel free to reach out to us. We’d love to help you any way we can.

Your December Real Estate Market Update

What message are today’s market trends sending buyers, sellers, and homeowners? Find out in today’s market update.

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

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

As you may remember, we spoke last month about how our market has bounced back from the hurricane damage our area sustained earlier this year. This time, we’re going to shift focus and discuss how recent local developments relate to what’s happening on the national level. Let’s dive in and examine the latest statistics. Though single-family sales dropped 15.4% this November from what we saw last year, prices are on the rise. This is significant because price is always a lagging indicator of where our market’s headed. Another important statistic to consider as we look at overall market conditions is inventory, which was down 3.7% this November from where it sat last year. Decreased supply is typical of this time of year, but we will likely see a boost in the number of available homes come January. In addition to having fewer homes on the market in general, listings are also taking longer to sell. The average days on market has dropped 12.5% year over year, serving as yet another sign that our market is softening.

Now is the time to act if you’ve been thinking of buying or selling.

Moving on, let’s cover a few key statistics for new construction homes. At the moment, these developments are essentially a mirror image of the single-family home trends we’ve already discussed. Since November of last year, new construction homes sales have dropped 18.9%, prices have risen 14.6%, and inventory is down 5.6%. Finally, the average days on market for new construction homes has gone up 14.5%. Finally, the condo market, too, has undergone very similar changes since last year. Condo sales dropped 13.1% since November of last year, and prices rose by 6.5% to a median of $132,000. The average days on market also rose in the condo market, going up 3.7% year over year. There was one area of data that differed from the other market trends we’ve discussed, though. For condos, inventory actually rose year over year by 3.9%. Despite this disparity, it’s still clear to see that the overall trend in our market is the same across the board. All of these factors tell us that we are headed for a shift, but this isn’t cause for alarm. All it means is that now is the time to act if you’ve been thinking of buying or selling. Interest rates are set to rise again in the new year, so buyers may want to seize the opportunity to lock in a favorable rate while they still can. Sellers, too, should consider getting ahead of the market. The bottom line is that our team is always here to help. It’s our pleasure to bring you the latest news from our market and to help you shape your buying or selling strategy around these developments. Your success is our goal. If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Your October Real Estate Market Update

We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses.

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

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

Things are looking a little crazy for this month’s housing update, which bears both good and bad news about the current market. We send our thoughts and prayers for those affected by the recent hurricane, its storms, and the flooding that swept through our area. This weather also spelled a bad situation for the number of closings we saw in September, with single-family home sales down 33% year over year. Last month there were 285 homes sold while August saw 550 sales. Homebuyers and sellers were literally unable to close on a home because of the storms. Fortunately for home sellers, we should recover and see many homes close this month instead. We also have great news about prices—we saw an increase of 16.1% last month for single-family homes with a median price of $238,000. This is the highest we’ve since we began tracking it in January 2015, where the median price was at $169,000.

We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses.

Inventory is a big factor in driving up prices, as we’re down 13.6% year over year with 5.1-months’ worth of inventory. We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses. We’re also seeing people coming in now who couldn’t make it while the storms passed, and investors are looking to buy homes affected by weather damage. Reach out to us if you’ve been affected and we can set you up with an investor to buy your home. New construction sales are down significantly at 48.2% year over year, with 155 homes sold last month compared to 326 in August. Prices, though, are up 9.7% with a $276,000 median sales price. Inventory has seen a 7.4% decrease with 5-months’ worth of supply. Lastly, condo sales are down 33% compared to last year with 306 sales last month versus 536 sales in August. Prices are up 6.4% at a median of $135,700. The median price in January 2015 was $97,000, so you can see a great climb going upward. Supply is down 7.4% with 5-months’ worth of inventory. We want everyone to be aware that there’s a huge need for inventory. Sellers: Now is the perfect time to list your home for sale. We can help you sell the home that buyers are desperately looking for. Please contact us and we’ll be more than happy to guide you through the process. Also, feel free to reach out if you have any other questions, need information, or simply want some advice. We look forward to hearing from you.