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.
An Update on Our Real Estate Market
Today we’ll go over the final numbers from the 2021 real estate market.
We just received brand-new data to finish off 2021. It was a crazy year for
real estate, and we’re still feeling its effects in Q1 of 2022. Today we’ll update
you on our market and dive into the data to give you some great information.
Feel free to watch the full message or use these timestamps to browse
specific topics at your leisure:
0:29 — 2021 single-family house sales and median prices
1:28 — Single-family house inventory levels
2:37 — December sales and median price trends
4:25 — 2021 condo sales
5:18 — Condo inventory levels
5:56 — Condo median sales price
6:47 — Wrapping up
We are getting numbers that we never thought possible for our clients.
If you want to know about that, or if you have any questions, don’t hesitateto reach out to us via phone or email. We look forward to hearing from you.
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.