Q: Is the Perfect Storm Brewing in Our Market?

  The latest numbers show that our market is absolutely on fire.

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Our Myrtle Beach real estate market is crazy right now. Inventory is as low as it’s been in 13 years, prices are through the roof, and sales are skyrocketing too.

What’s behind all this chaos? First of all, interest rates are historically low. Right now, they’re hovering around 2.81%, and I’ve seen people lock in rates as low as 2%. Second, the ongoing COVID-19 crisis is causing a massive influx of buyers to leave metropolitan areas up north and buy primary and secondary homes in our area. In general, we’ve seen tremendous movement with mid- and high-end properties, and we’re selling homes within hours of them being listed.

What do the year-over-year numbers from last July in particular tell us? Single-family home sales rose 22.9% from 564 to 693, which is a huge jump, and a great recovery. We knew this would happen based on the surplus of pending deals we saw in prior months, and we should continue to see high sales numbers next month.

What’s especially crazy, though, is that inventory dropped 38.9% and now stands at 3.3 months. When you combine these two stats, it means we’re in an extreme seller’s market. Sellers are dictating contract terms and getting way more money for their homes than they ever thought they could. 
 

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The market needs homes to sell, so if you’re thinking about selling, reach out to me today.

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Moving on, the median sale price for single-family homes rose 22.5% to $339,497, and the number of showings rose 31.9%. In the week preceding the recording of this video, we saw 741 properties go under contract for $196 million.

As far as condos go, sales rose 18.4% from 526 to 623. For single-family homes, inventory dropped 5.9% to 4.8 months. The median sales prices rose 4.1% to $172,547. This means the condo market is a seller’s market too, and condo sellers are making way more money than they thought they could as well.

The bottom line is, we’re seeing a perfect storm for sellers. Aside from all the discomfort caused by COVID-19, northern buyers are moving here in droves looking to escape a higher cost of living and get a bargain for their home purchase. The market needs homes to sell, so if you’re thinking about selling, reach out to me today.

I just sold a home for a client whose listing originally expired with another agent at a price of $170,000, and we managed to get $199,000 for it. Don’t make the mistake of hiring an inexperienced agent and leaving thousands of dollars on the table.

As always, if you have any other questions about our Myrtle Beach market, don’t hesitate to reach out to me as well. I’d love to speak with you.

Your Latest Myrtle Beach Market Update

Here’s what you need to know about our low inventory-driven recovery.

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Our Myrtle Beach market is in the midst of a massive recovery, and the numbers have been crazy. If there’s one theme that best describes our market, it's the inventory crisis. Last month, prices for single-family home sales saw a 21.5% increase; our lack of inventory is the No. 1 driver right now, and it’s shoving prices up across the board. 

The number of single-family home sales in June was down 12.8% (588 in June 2019 versus 513 last month). This dip can partially be attributed to a lack of real-time data; a lot of agents don’t submit their data until the middle of the month, and it’s well-known that real estate is usually 30 to 60 days behind contracts. As such, I predict that we’ll see a huge increase in the total number of sales once July’s numbers come out. 

The most eye-catching stat has to be the huge average sales price jump from $273,000 last year to $331,000 this June. A lot of our clients are discovering that they have a lot more equity now than they would have guessed. We’ve been calling folks we spoke to a year ago just to alert them to the fact that they have way more money in their homes now. With our hot market, we’re able to get them top dollar and sell in a matter of hours. 

Let’s check out the engine of this market: There were 37.5% fewer homes available in June 2020 than there were June 2019—a gargantuan drop. There’s currently 3.5 months’ worth of inventory, which is the lowest I’ve seen here since we had the technology to track it in real time. The last time we saw inventory this low was July 2007. 

Our market is absolutely craving new houses. It seems everyone is escaping the Northeast and heading straight for us. We’re seeing a huge influx of buyers from New York, New Jersey, Pennsylvania, Connecticut, and Ohio, and they’re all seeking value in terms of a better average sales price. Some are just eager to get out of those major metropolitan areas. More single-family homes, condos, commercial properties, etc.—the Myrtle Beach market is hungry for all of it!

Showings are up 40%. Demand is wild, and we’re selling homes within hours of going live on the market. Buying power has also been boosted by incredibly low interest rates. Last week, we saw a record low of 2.94%. If you’ve been contemplating an upgrade or downsize, now’s the time to strike. 

If you know someone who’s thinking about selling, be they a friend, relative, or coworker, please send them our way. Reply to this email or forward it to them and have them call us directly. In our company alone, we’re in touch with 57,000 active buyers in some way or another, all of whom would love to see their house. I’m also happy to provide you with a real-time analysis of your property value (online estimates are practically useless right now because things are moving so quickly in our market). 

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Our market is absolutely craving new houses.

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Condo sales are down 3.4% year over year, which is actually great news considering how badly affected this market was in April and May (you may remember that many condo lobbies/leasing offices were closed completely). Things in this market have since improved dramatically. Condo prices are up 5.5%, while supply has dipped 5.9%. Meanwhile, showings have risen 16.7%. 

Naturally, many would-be sellers have been hesitant to list their homes in a health crisis. I’m proud to relay that our in-house technology has been incredibly successful and safe for our sellers. We can create full virtual reality tours of your property, which means only the most interested, qualified buyers will then get a chance to tour it in person (gloves, masks, shoe guards, and other safety precautions are taken). 

Bottom line: Our inventory crisis means sellers can fetch more money than ever for their homes, while low interest rates are empowering buyers and providing a great window in which to refinance. 

As always, reach out by phone or email if you have questions about anything mentioned in this message or Myrtle Beach real estate in general. We’re here to serve our community, and we look forward to hearing from you! 

Real Estate Market Update for March 2020

Where is the Myrtle Beach real estate market? Here are the latest numbers. 

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It’s time for a brand-new market update this spring. February’s numbers are in, so we’re going to compare them to what we saw in 2019.

In January, you’ll remember that we had a 20% increase in the average sale price to go along with a 10% increase in sales. Things aren’t quite that crazy in February, but we still saw some very encouraging numbers. Although sales were up just 2.5% from February 2019, the median price was up 11% to $249,007. I believe one thing driving that average sale price up is the lack of inventory.

Inventory is down 21.2% from where it was last year and we have a record-low 4.2 months of inventory. There are 53,000 active buyers on our website, and there simply aren’t enough homes for them. If you’re thinking about selling, this could be a huge opportunity for you.

Demand and buying power are sky-high.

Condo sales are pretty much flat from last year. They were down 0.9 % from 423 to 419. Prices in this market are still up 9%, though. The median price is right at $135,000. Inventory is down 11.3% for condos, with supply hovering around four months' worth.

In just the past week, we’ve seen interest rates for 30-year mortgage rates hit 50-year lows as a response to the coronavirus. If you're thinking about making a move in 2020, it could be a great time. If you just want to refinance, you could lock a rate in the 2% range. 

There might be some consumer confidence issues in the future, but the window is open right now for home sellers and homebuyers to take advantage of the current demand. Right now, you have a lot of buying power with these low rates.

If you have any questions for me about the real estate market or your personal situation, don’t hesitate to reach out via phone or email today. We look forward to hearing from you.

The Latest Numbers From the November Market

Last October, our real estate market was on a rollercoaster. Although things have calmed down a little bit, November’s numbers need further examination. I’ll go over everything you need to know about our market today.

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If you recall, our market was on quite the rollercoaster ride back in October. Now, the November numbers are in, so what’s happening with our market?

In November, we saw that both single-family home and condo sales were up 7.2% year over year. Compared to November of 2015, single-family home sales are up 4.9% and condo sales are up 11.1%.

Back in October, we saw a 25.2% decrease in the sale of single-family homes. That’s because Hurricane Matthew pushed a lot of October closings into November, so these numbers are not entirely accurate. The banks wanted new appraisals after the hurricane ended to make sure that the properties they financed were still standing, which delayed closings even further. Before that 7.2% increase in November, we had four straight months of declining sales.

That said, the 12-month rolling average is a little more accurate. Year to date, sales are up 4.8% overall. Single-family homes are up 2.8% while condos are up 8.6%, which is a pretty good increase.

So, what’s happening with home prices? Overall, prices look great. Last month, prices were up 6.6% with an average price of $178,000 for the month of November. The average price for single-family homes went up 4.9% to $219,400, while condos are up 9%, resting at $127,500.

Again, the 12-month rolling average is more accurate. So far this year, prices are up 2.3% for single-family homes and condos. The average price is $176,800. Single-family home prices are up 4.1% year to date for an average of $208,125. Condos are up to $120,00, which is a 3.4% increase.

That is where we are at right now. Remember, 2016 started out with a bang. The market was extremely hot throughout the first and second quarter but started to slow down in the third quarter. As I mentioned earlier, before November we had four straight months of declining sales. I predict that we may see a dip late in the first quarter or early in the second quarter of next year. I hope that doesn’t happen, but it is something to watch out for.

Sellers can expect to net most of their list price in our current market. Last November, the entire market sold at 97.1% of the list price, which is huge. Single-family homes are selling at 98%, which is fantastic! In other words, if you list your house for $100,000, you can expect to get $98,000. Condos are selling at 96% of the list price. Part of this is due to the shortage of inventory.

The biggest challenge for our market is the huge shortage of inventory.

Again, that’s great news, but let’s look at the 12-month rolling average for some more accuracy. The entire market has gone for 97.1% of list price year to date; single-family homes are selling at 98%, and condos are selling at 96%. That is still great news for home sellers.

Why is the list-to-sales price ratio so high in our market? Inventory is incredibly low and demand is high thanks to historically low interest rates. People are paying higher prices to get your house in this competitive market. That said, if you are selling your home, you still need to be priced right and have an agent with a fantastic marketing plan.

The inventory for single-family homes is down 6.9% year to date, and condos are down 4.5%. Since there are fewer homes available, there are fewer deals being made, which contributes to that four-month decline in sales we saw earlier. Last month, homes priced over $265,000 did see an increase in sales, but again, we need to keep an eye on those numbers. They are not entirely reliable due to the aftermath of Hurricane Matthew.

What does all of this mean for you? We need inventory. If you’re thinking of selling, reach out to me now before inventory spikes in January. You don’t want to come on the market after everyone else does because you will miss out on this great seller’s market.

All of the experts feel very bullish about the 2017 market, so let’s get together now and put a plan in place. Usually, in December, the market slows down, but we are still crushing it. We just had a number of properties go under contract this week.

Remember, micro numbers matter more than the overall numbers. If you want to know more details about what is happening in your specific neighborhood’s market, give me a call. I would be happy to answer any questions you might have.

Myrtle Beach Market Update

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Today, I’m here with the latest real estate news for the Myrtle Beach housing market. I have great news for homes and condominiums alike!

Last month, single-family home sales increased by 2.1% compared to the same month last year. The numbers are up $6 year to date, compared to 2015’s data. As for condos, we’re up 17.08% for the month and 8.4% year to date. Our market continues to thrive and boom!

If you examine prices, you’ll see they’ve increased by 4.5% last month for single-family homes with the median sales price of $203,750. We broke that $200,000 mark a few months ago and it’s only rising from here. Prices for condos were up 5% last month and 9.5% year to date.

What does that mean for you? We’re seeing an increase of sales alongside low inventory, which benefits sellers with an opportunity to stand out with little competition. Buyers are out there looking for homes, which indicates high demand. If you’re considering selling your home, now is the time to act! You probably have significantly more equity than you think right now.

If you’re thinking about buying or selling a home in the surrounding region, reach out by phone or email. I’d be happy to meet with you and talk about your real estate needs!

CLICK HERE To View The Detailed Report With The Market Numbers.