Today I’m unboxing one of the newest technologies that we’re implementing in our business to complement all the others we have that specifically cater to virtual reality home tours in the age of COVID-19. We had been using Matterport in-house, but we recently got a quicker, more consumer-friendly tool: a RICOH camera. This tool is helping our homeowners get more online traffic to their listings so they can attract buyers to their property without them having to see it in person. To learn more about the RICOH camera and how it makes virtual reality home tours simple, watch the short video above.
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.
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.
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.
Today, we're here with your Myrtle Beach real estate market update.
The market is going strong. Closed sales for single-family homes are up 16.8% from last year, and condo sales are up 9.8%. This is great news, but the biggest indicator for the future of the market is the number of pending sales. For single-family homes, pending sales are up 18.7%. Pending sales for condos are up 15.5%.
Based on this information, we predict prices will rise. Inventory has decreased 6.6% for single-family homes and 9.9% for condos. Demand is high and inventory is low. This helps to drive prices up. Even now, single-family homes saw an increase of 7.5% in median sales price. The median sales price is currently $202,000. Condos also saw an increase of 2.6%, making the median sales price $120,000.
While higher sales prices means good news for sellers, we need more inventory. If you've been thinking about selling your home, or if you have any questions about today's video, give us a call or send us an email. We would be happy to help you!
Today, we're here with a Myrtle Beach real estate market update. All three areas - single-family homes, condos, and lots - are up in price. That is great news for sellers!
Single-family home sales went up 11% year over year. Median sales prices also went up 5.4%. That means you can sell your home for more than you paid for it.
On the other hand, condo sales are down 3%. Inventory was low, and so sales decreased, but the median sales price still rose 3.6%.
Lot sales are up over 21%. For a long time, the new construction industry was struggling with inventory. When the inventory opened up, the lots sold very quickly.
If you're considering selling, be sure to check the trends in your local market. These numbers are for the market overall, and homes are appreciating more in some areas than others.
Interest rates are still low, so it's a great time to buy or sell. If you have any questions, give me a call or send me an email. I look forward to hearing from you!
I just got some fantastic news regarding the Myrtle Beach real estate market! Here are the latest numbers for Myrtle Beach:
Single-family home sales are up 11% over this month last year and prices have climbed a solid 3.2%.
Although condo sales are down 7.2%, prices have risen 12.3%.
Condo inventory is down.
SFR sales have increased 11.8%, compared to the same month in 2014, and are up 17.5% year to date compared to 2014.
Residential lot sales are up 2.3%, bringing overall sales up roughly 5.5% year to date compared to 2014.
Median sales price dipped slightly to $43,500 from $44,000
Sold to list ratios were up 300 basis points for the month and flat year to date
We've seen month over month increases in sales for both condos and homes. Anyone out there thinking about selling would be wise to act soon; we have 15,000 buyers searching our site every single day looking for the perfect home.
Long story short: there are plenty of opportunities out there to get top dollar for your home! To see the Grand Strand market report for July, click here!
If you would like a more detailed market analysis, or if you're interested in taking advantage of these great selling conditions, don't hesitate to reach out to me. I'm always here to help.
Today we're here with a quick market update. These last couple months have been record-breaking for us.
So far this year, single-family home sales are up 16.6%. The median price this year is $203,000, which is up 3.7% from last year's median price. This year, the list to sales price ratio is at 95%.
Condos have also had explosive growth this year. Sales are up 11.7%, and prices are up 2.5%, with a median price of $120,000.
Long story short, there is awesome growth in sales of homes and condos. Our market is hot right now. Our biggest challenge is finding inventory. If you've been thinking about selling, your home may be worth more than you think in today's market.
If you have any questions about selling your home, or about real estate in general, give me a call or send me an email. We'd love to hear from you!
