How Is Our Market Doing This February?
Here are the latest numbers for our February real estate market.
We have a brand new market update for you today. We just got last month’s numbers in, and they are crazy.
Last month, we saw a 7.3% decline in single-family home sales. That comes out to 470 home sales in our area last month compared to 507 sales in January 2021. However, prices are still up. The median home price is up 21.8% at $335,000 last month versus $275,000 last year. The average sales price is also up 14.8%.
A lot of homeowners are getting way more for their property than they thought possible, especially if they live in a high-demand area. We saw price appreciation overall in our area, but some micro-markets have seen even larger increases in price.
One thing driving this price appreciation is supply. The number of homes for sale is down to an all-time low; supply is down 47.1% at 0.9 months of inventory. There are only 352 homes available in all of Horry County, and it’s really a crisis.
On our team, we have 66,777 buyers competing for just 352 homes. It’s challenging for buyers but a great opportunity for homeowners. We’ll probably see an increase in sales this month because January has been incredibly hot. The sales numbers look more like the spring of 2021 than the normal winter market.
“If you’re a seller, now is the time to take action.”
The condo market is also super hot. Everyone who was looking to buy homes before moved into the condo market because it was more affordable, but that demand has basically wiped out the available inventory for condos as well.
Condo sales were up 20.1% last month at 561 sales compared to 467 last year. The median condo price went up to $195,000 last month, which is an increase of 21.9%. The average sales price is up 14.9% at $229,548 compared to $199,725 last year.
This is great news for anyone who owns a condo, and we’re seeing a lot of investors cashing out. Again, inventory is the driving force behind this. Condo supply hit a new record low; it is down 80.6% at 0.6 months of inventory.
We are seeing hundreds of millions of dollars come into our area from across the country. We’re seeing big hedge funds everywhere right now; one in every five homes sold are bought by them, and a lot of them are buying in our area.
One thing to watch out for is interest rates. They jumped big time in only a week, going from 3.71% to 4.02%. That will definitely cause some buyers to pump the brakes. The goal is to buy before rates get too high because your monthly payment goes up significantly alongside them. If you’re a seller, now is the time to take action. Inventory is at an all-time low, and as rates go up, fewer buyers will stay in the market.
If you’re planning to sell, don’t rely too much on online evaluations. I guarantee you that my team and I can get you more money for your home than any online evaluation is saying. We have a proven system to drive up prices, so if you want to take advantage of it, call us at 843-808-SOLD or send us an email.
