An Update on Our Pandemic-Affected Market

March 2020 represents the first month where our market was affected by the pandemic now gripping the world, but even so, the numbers don’t look horrible. 

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In trying times, we have to take the good with the bad, and our Myrtle Beach market is filled with both right now.

• Resale home sales from last month are down only 2.8% over last year (we honestly expected this to be a lot worse); 484 homes sold this March versus 498 in March 2019
• Prices are up 4.3% over last year
• Median sale price right now: $240,000
• Average sale price: $302,000 (up 8.2%)
• Inventory is down 18.5% from last March, with 4.4 months’ supply
• Showings are down 19.6% from last March
• Condos took a hit, decreasing 12.5% from 518 last year to 253 this year
• Median sale price for condos is up 7% at $138,500
• Average condo sale price is up 5.3%

There are two factors that I believe will help keep our Myrtle Beach market insulated. First, the continued low inventory will protect homeowners by holding up prices—at least for the near future (there may be a leveling off of price growth and even a slight dip in prices eventually, but it all depends on the persistence of this pandemic). Secondly, it’s a known fact that second home marketplaces feel the effects of a slowdown first. Luckily, single-family ownership has been the engine of our market for the last several years, so this will act as another barrier against the economic reverberations of COVID-19. Overall, things look very different from the crisis of 2008. Right now, there are still deals going under contract. The week of this recording, one agent on our team, Scott Howard, put four homes under contract by himself, bringing our weekly team total to 11.

Of our 11 closings this past week, three were completely virtual.

In the past seven days, 280 properties have gone under contract for $64,913,608, so yes, there are plenty of people making moves right now. Of course, only the most serious buyers are active in this pandemic-affected market; for all you serious sellers out there, know that these buyers still need inventory! We’re continuing to serve the needs of our clients in ways that ensure the highest level of safety for everyone involved. We’re conducting video conference consultations, virtual reality walk-throughs, and exterior and interior video tours via drone. Of our 11 closings this past week, three were completely virtual, meaning that none of the parties involved met in-person or physically toured the property. If you or someone you know needs to get something sold, make sure you reach out to us. We’ll develop a custom strategy and launch our global marketing blitz complete with professional photos. Even amid this chaos, our team is still pushing hard and doing what we can to get your home sold quickly and for top dollar. With questions or concerns, give us a call or shoot us an email. We’d be happy to hear about your unique situation and help you achieve your goals.