As we enter fall, the latest numbers from our Myrtle Beach market make now a fabulous time to be a home seller. The median price for single-family homes rose 6.8% last month compared to August 2018. What’s really interesting, though, is inventory dropped 1.9% to 5.2 months—one of the lowest points we’ve seen in the past three and a half years. Not only is more equity being added to your home, but you’ll face less competition from other sellers if you put your home on the market now. As always, if you have any questions, feel free to reach out to me. I’d love to hear from you.
I’m back with a brand-new market update with the latest numbers from our real estate market.
Overall, single-family resale homes were down 5.2% last month from where they were last May. We had 542 home sales this May after seeing 572 in May 2018.
The good news is that prices are still climbing up. They’re up 1.2% from where they were last year and right now the median price is $220,000. We’re also seeing supply drop by 1.8% last month as we come to the hottest month of the year.
All of these numbers mean that we’re still in a strong seller’s market, but I also have some great news for homebuyers.
Interest rates have dropped back below 4% and are sitting at 12-month lows. This is going to get a lot of buyers off the fence, which is also good for home sellers. It could not be a better time for this to happen when the market is hot.
We’re not only a seasonal destination in Myrtle Beach, but we’re also a seasonal real estate market because people buy right now when they come in town. We have clients coming here from all across the country because of the low rates and great values.
As far as new construction homes go, sales were down 29% last month, which is something to watch. We had 208 last month vs 293 in May 2018. Right now, the prices for these are up 4.2% in the last year and the median price is at $272,948. The supply for new construction homes remains flat from last year, and we’re still technically in a seller’s market for these homes, too.
A lot of people have been asking me lately about the potential of a market crash, but we’re not seeing anything like that. Our market is very well-insulated because we have a lot of investment properties, second homes, and more, which brings me to the numbers for the condo market.
For condos, sales were down 6% from May 2018, but the prices are up 7.7% in that same time frame. The median price right now is $136,750 and the supply has jumped up over 8% to give us 5.2 months of inventory.
The reality is that we need homes to sell here in Myrtle Beach. If you’re interested in selling your home or just testing the waters, don’t hesitate to give us a call or send us an email anytime. We’d be happy to answer any questions you have as well. I look forward to hearing from you soon.
What’s the latest news from our Myrtle Beach market as we move through April? Here are the year-over-year numbers from March. Single-family home sales dropped 3.8% from 497 to 478, which isn’t a huge difference, but if you consider the fact that there were only 355 single-family home sales in February, these numbers are great news. The median price for single-family homes jumped 7% to $230,000, while the level of inventory dropped 3.6% to 5.3 months. The average days on market dropped 9.9% to 118 days, which means homes are selling quicker.
New construction home sales also dropped 8% from 275 to 253, but as with single-family homes, this represented a significant jump compared to February’s 234 sales. The median price for new construction homes rose 7% to $261,000. Inventory also increased 1.9% to 5.5 months, but the average days on market dipped 1.5% to 195 days.
Condo sales, meanwhile, rose 2.9% from 478 to 489. As for single-family homes and new construction homes, this was an increase compared to February’s sales, of which there were 422 in this case. These statistics indicate we’re in a seller’s market. Right now, everyone’s getting that spring itch. Homeowners from up north are itching to move down here, while local residents are itching to get outside and have some fun in the sun. Whether it’s resale homes, new construction homes, or condos, the most home sales consistently take place in our market from May to June. If you are planning on selling your home, you need to do it as soon as possible if you want to take advantage of these conditions. Buyers also have a great opportunity in front of them, because last month was the best month for mortgage rates we’ve seen in the last decade. Rates were as low as 4.02%, so now that so many buyers who were on the fence about purchasing will be looking to buy now, our market is a perfect storm for sellers and buyers.
As always, if you want to know more about our Myrtle Beach market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.
We have the latest numbers for our Myrtle Beach market, just in time for the spring selling season’s arrival. Here’s what they say.
Single-family home sales declined by 1.1% with 351 sales; however, prices increased by 12.5% last month alone. The median price was $224,950. There was no year-to-year change in the supply of homes for sale, which is currently at 5.2 months of inventory. Anything below six months is a seller’s market and anything above is a buyer’s market, so this means now is the time for sellers to get their homes listed.
Interest rates also hit a 12-month low and are currently at 4.4% for a 30-year fixed rate. This means buyers will be jumping off the fence and into the market, and you’ll want to take advantage of it.
There were 215 new construction home sales last month, which is typical of the last few months. We are seeing, however, a bit of softening in the market. New construction prices are up 8.3% compared to last year, which is a smaller increase than what we’ve seen in the recent past. The median price is $255,500. New construction inventory is at 5.4 months, a 3.8% increase from last year.
As we head into the spring market, we’re well insulated from the factors that are affecting other markets throughout the country. While a lot of places are experiencing a slowdown, we have a great seasonal market and are a beach destination. People will be selling their homes up north and moving here.
There were 406 condo sales last month, a decrease of 1.2%. Their median price is $124,900, which is an increase of 6.8%. Condo inventory also increased to 5.3 months, an increase of 3.9%.
We’re definitely going into a great season for buyers and sellers alike. If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.
Looking at the overall market in December of 2018, we saw that the market was down 20% as a whole. We broke down the numbers into segments:
Resale Homes
Resale home sales are down 13.4%. There were 361 resale home sales this past December, where there were 417 in December 2017. This is the second month in a row that we’ve seen such a decline.
Prices were up 5.7% last month, with a median price of $226,000. Pricings are lagging indicators, which means that price always follows after sales (with about a three-month lag time), so we may see a softening of prices here in a few months.
We noticed that our number of days on market was actually getting bigger, as well. It’s taking homes 9.2% longer to sell, with our average being 130 days on market.
Inventory is down 3.8%, leaving us at five months of inventory. That means we’re technically in a seller’s market.
New Construction
New construction sales were down 30.4% year over year as of last month. This may have something to do with the hurricane affecting what homes went under contract
Prices actually went up 11.7%; the median price was $273,727, which is great news.
All three categories of properties are in a trifecta of decline, and the next number you can expect to drop will be home price.
Townhouses/Condos
Condo sales were also down, having dropped 17% year over year.
Prices were up 6.2%, however, with a $130,000 median price.
The days on market went down 9.4%, leaving the average at about 115 days.
Inventory increased 6.3% with 5.1 months of supply available.
Overall, the stats suggest that we’re probably going to enter into more of a buyer’s market this year. If you’re thinking about selling this spring or summer, that means you should make that decision sooner than later. All three categories of properties are in a trifecta of decline, and the next number you can expect to drop will be home prices. Sellers who want to get the most for their home sales should get a move on. Additionally, though we saw interest rates jump a few times last year, they actually dropped back down this past week to almost a one-year low.
My long-term prediction for this year is that we’ll likely be fairly insulated from the general market decline. So many people are still retiring from the north to move down here, as South Carolina was recently ranked as the No. 6 retirement destination in the country.
Remember that you can always tune in to my radio show on Saturdays and Sundays on WRNN 99.5. Otherwise, if you have any questions, feel free to reach out to us. We’d love to help you any way we can.
Things are looking a little crazy for this month’s housing update, which bears both good and bad news about the current market.
We send our thoughts and prayers for those affected by the recent hurricane, its storms, and the flooding that swept through our area. This weather also spelled a bad situation for the number of closings we saw in September, with single-family home sales down 33% year over year. Last month there were 285 homes sold while August saw 550 sales. Homebuyers and sellers were literally unable to close on a home because of the storms.
Fortunately for home sellers, we should recover and see many homes close this month instead. We also have great news about prices—we saw an increase of 16.1% last month for single-family homes with a median price of $238,000. This is the highest we’ve since we began tracking it in January 2015, where the median price was at $169,000.
We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses.
Inventory is a big factor in driving up prices, as we’re down 13.6% year over year with 5.1-months’ worth of inventory. We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses. We’re also seeing people coming in now who couldn’t make it while the storms passed, and investors are looking to buy homes affected by weather damage. Reach out to us if you’ve been affected and we can set you up with an investor to buy your home.
New construction sales are down significantly at 48.2% year over year, with 155 homes sold last month compared to 326 in August. Prices, though, are up 9.7% with a $276,000 median sales price. Inventory has seen a 7.4% decrease with 5-months’ worth of supply.
Lastly, condo sales are down 33% compared to last year with 306 sales last month versus 536 sales in August. Prices are up 6.4% at a median of $135,700. The median price in January 2015 was $97,000, so you can see a great climb going upward. Supply is down 7.4% with 5-months’ worth of inventory.
We want everyone to be aware that there’s a huge need for inventory. Sellers: Now is the perfect time to list your home for sale. We can help you sell the home that buyers are desperately looking for. Please contact us and we’ll be more than happy to guide you through the process. Also, feel free to reach out if you have any other questions, need information, or simply want some advice. We look forward to hearing from you.
What’s the latest news from our Myrtle Beach market now that we’re inching toward the end of summer?
We saw some interesting year-over-year numbers from the month of June, to say the least. Prices are up across the board, but sales are lower than what was expected.
The number of sales for single-family resale homes rose 1.1%, while the median sale price for these homes rose 4.9% to $234,000. The biggest factor driving this increase is the level of inventory, which dropped 12.9% and stands at 5.3 months.
For new construction homes, the number of sales decreased 4.5%, while the median sale price rose 5.9% to $259,533. Inventory for new construction homes rose 7.7%. June was the first time in a while that we saw an increase in the supply of new construction homes, and this drop in sales is definitely something to keep an eye on moving forward.
There are many out-of-town buyers in our area stalking properties for sale.
As far as condos go, the number of sales decreased 8.2%. The good news here, though, is the median sale price rose 6.6% to $130,000. Inventory for condos decreased 21.3% to 4.8 months. As you know from watching my latest videos, condos have been doing very well in our market for the past few months.
Lastly, interest rates have been creeping up overall for the past few months, so that’s another thing we’ll keep an eye on moving forward.
What do these statistics mean? Since we know that any inventory level below six months constitutes a seller’s market, sellers still have time to take advantage of these conditions while we’re in the heat of the summer selling season. That $234,000 median sale price for single-family homes is a big increase from when it was $190,000 in January, so make sure you take advantage of the fact that so many out-of-town buyers are stalking available properties in our area.
If you’re thinking of making a move in our market and selling your home or you’d like a free home valuation, don’t hesitate to reach out to me. If you have any other questions or real estate needs, just reply back to this email. I’d be happy to assist you.
What market trends did we notice from April? Today I’ll update you on the numbers and give buyers and sellers advice about how they should act on them.
I have awesome news for those following the market: we are coming back very, very well from the slight dip that we saw last month.
Last month, sales for single-family resale homes were down 4%, with 476 homes sold right now. We expect the ups and downs that we’ve been seeing with sales, though, with inventory being as low as it has been. More great news: over the last 12 months, sales for resale homes are up 8.4% overall.
On to what everyone cares about most: prices. Home prices were up 7.5% last month compared to the same month last year. The median sales price is up 7.7% to $210,000.
The main catalyst for that increase has to do with inventory, which has been very tight. Anything below six months’ worth of inventory constitutes a seller’s market, which is the number you can use to gauge what the overall market is doing. Some markets in the U.S. are down to 30 days’ worth. Currently, we have 5.3 months’ worth of inventory, meaning that if no new homes came on the market, we’d sell all of what we currently have in 5.3 months. The crazy part of that is that it’s down 13.% from last year, which is why we’re seeing the challenge in terms of sales.
As you all know, we’re very seasonal here in Myrtle Beach. A lot of people up north are looking to get away and come enjoy our warmer weather. With that, we’re noticing a jump in the number of properties sold; if you’re thinking of selling your home, you might want to take advantage of our seasonality.
If you’re thinking of selling your home, you might want to take advantage of our seasonality.
The same is true for homebuyers: you’ll want to get an early jump on the market. Don’t wait until there’s less to choose from. I’ve spoken with people across the country in tight inventory markets; they’re in what we call a stalemate, where there’s not much else for buyers to choose from.
New home sales are actually down 7.3% last month. The great news, however, is that they’re up 10.4% for the year. This faces the same challenges as inventory—the fewer properties there are for sale, the fewer the properties that will actually sell.
Prices for new construction are up 5.8% last month along, landing at $244,555. Their 12-month rolling average for new construction properties is up 3.6% to $240,051. We’re seeing prices in all categories for both new homes and resale home increasing, which is great news.
Condo sales are up 5.6% last month from the same time last year. Remember that last month’s numbers dropped pretty significantly, so that’s a great recovery. Over the past 12 months, the sales for condos are up 10.9%, which benefits everyone. Condo prices were up 6.7% last month and 5.8% for the past year. The amount of inventory we’re seeing for condos is right at 5.2 months’ worth. Like homeowners, condo owners are strongly encouraged to take advantage of our seasonality.
If you’re thinking about buying or selling, please feel free to reach out to me. We have 47,000 active buyers looking for quality properties to purchase, so there is a strong pool for sellers to choose from. We’re here to serve you.
The numbers from April are in and they are very interesting, so let’s take a look at what’s going on in the Myrtle Beach housing market.
Last month, we looked at single-family home sales for resale homes, which went down 4.7% from the same month last year. This is very interesting; it’s the first time we’ve seen a significant decline like that.
There is great news for the median sales price, however: there was an 11.6% jump from the same month last year. That’s $212,000 even.
Where did that jump come from? Well, even with the low inventory we’ve been seeing in the market, sales have been up. It’s supply and demand: Since there aren’t as many homes available for buyers to choose from, each home that does come on the market will likely get higher offers from multiple buyers trying to beat each other to contract.
Exploring inventory levels further, they are down 11.3% from last year, ending at 5.5 months of inventory. This is one of the lowest steals in the seller’s market arena, which is good.
Another area to look at is new construction, which is down 21% last month alone. There is more good news, however: prices are up 1.8%, landing at $230,000. Supply is at 5.5 months’ worth—the same place it was last year.
We’re coming into the hottest point of the market.
These trends likely are related to the interest rates that we’ve seen, which have resulted in some market softness, meaning that buyers aren’t feeling encouraged to enter the market.
If you’re thinking about selling, don’t wait too long. I don’t foresee a crash, but prices are skyrocketing. In lighter news, Myrtle Beach was ranked the second-fastest growing metropolitan area in the country for the third year in a row.
That presents a great opportunity for sellers to take advantage.
Now, in terms of condos, sales are down 22.6% from last month. This huge; I haven’t seen a drop like that in a very long time. Prices are also down 5.9% last month at $127,000 overall.
We’re coming into the hottest point of the market. If you’re a home seller or a condo seller, do not wait to enter the market. You’ll want to be ready for when people start moving to town. We live in a seasonal area, so you’ll have to strategize your move accordingly. We’re still short on inventory, so we need properties to sell.
If you have any questions or are looking to sell your property, please reach out to me for a free, no-obligation home valuation. I’d be glad to help you move forward with your real estate goals.
I’ve got a brand-new market update for you today. The numbers are in from last month. Although the numbers are kind of all over the place, there is good news for home sellers overall.
Last month, sales for single-family resale homes went up 14.2% compared to the same time last year. That is a huge increase, which is great news. Overall, we are seeing more and more people coming to town and buying properties.
The one interesting thing about that is that single-family home prices dropped 4.8% last month compared to the same time last year to $200,000. We’ve seen that number bounce up and down a little bit. It really depends on your area. Inventory has been so short that we are seeing people move inland or close to the beach. You always want to dig into the micro numbers for your specific neighborhood. Overall, the long-term trend for home prices is in the double digits, which is great.
Supply is a challenge for resale homes. Inventory is down 17.2%, leaving us with 5.3 months of inventory. That is up slightly from last month. As I’ve mentioned before, more and more people will put their homes on the market in the spring and summer. Although that means a little more competition, now is still a great time to sell your home because we are still below the six-month threshold in the entire marketplace. We are 0.1% up above the lowest inventory we have seen. Demand is up 14% and inventory is down 17.2%, which will put upward pressure on prices.
If you are thinking of selling your home, you should definitely reach out to us. We can do an instant, free valuation of your property to see what it’s worth in today’s market.
The major challenge for our market is a massive decrease in inventory.
New construction sales are up 9.5% year over year, which is awesome. They’ve been down a little bit because of struggles with low inventory. Now, they are finally catching up. Sales prices are up 7.4% to $237,437, which is awesome news. Supply is down 1.8% and we are right at 5.4 months, so that is a super healthy market for single-family homes both in resale and new construction.
The one alarming number here is that prices dropped a little bit for resale properties, but that is a short-term bump. We have seen that number go up and down a lot, and they should go back up as inventory drops and demand increases.
Condo sales are up 16.2% compared to the same month last year, and prices are up 4% to $117,000. Supply is down 28.2%, and there are only 5.1 months of inventory available.
The major challenge in our market is this massive decrease in inventory. We’re seeing double-digit decreases across the board. If you are just thinking of selling your home, we need your property. You can at least get an instant home valuation to see what your home is worth in today’s market; it may be worth more than you think.
Another important thing to keep in mind is that interest rates have gone up. Rates are expected to increase even more over the course of 2018. We are seeing some of the highest numbers we’ve seen in a long time. It’s been almost four years of low interest rates. As a buyer, you’ll want to take advantage of those low interest rates in the spring or summer market, before those rates get up to 5%.
Higher interest rates will hinder some buyers down the road. As a result, buyers are jumping off the fence and into the market now. As a seller, you’ll want to enter the market sooner rather than later, as interest rate increases will limit your pool of buyers. Every 1% increase in interest rates has a downward effect on a buyer’s purchasing power.
If you have any other questions about our current market or would like more information about your specific neighborhood, just give me a call or send me an email.
Today I have another market update for you—complete with the latest numbers in home sales, condo sales, and interest rates, as well as a breakdown of what they mean for you.
Let’s start with single-family homes. Last month, the number of single-family home sales rose 3.5% compared to January 2017. The 12-month rolling average rose 12.1%. The median sales price of single-family homes rose 0.3% last month to $190,500, which is pretty flat but also normal because of the effect of pending sales in December and late November. For the 12-month rolling average, the median sales price rose 6.5% to $207,500.
The number of pending sales of single-family homes rose 25.2% last month, which was a huge jump. This means everyone that came to town to make an offer on something will be closing within the next 30 to 45 days, so you should expect a large sales bump this month. This will also dictate what happens with home values moving forward.
This jump in pending sales made inventory drop. Officially, the level of inventory dropped 20.6% in January 2018 to five months. That’s something I haven’t seen with resale homes since the real estate boom of 2005 and 2006.
With that in mind, we should see fewer homes coming on the market. As we know, when inventory levels are less than six months, it’s a seller’s market. This is why, if you’re a seller, now is a great time to take advantage of our market. At five months, inventory is low but still healthy. Once inventory gets too low, however, buyer fatigue tends to set in.
If you’re a seller, now is a great opportunity to take advantage of our spring market.
Moving on to condos, the number of sales rose 7.2% last month compared to January 2017, and the 12-month rolling average rose 15.9%. The median sales price rose 8.2% compared to January 2017, and the 12-month rolling average rose 6.1%.
The number of pending sales of condos rose 7.4% last month, while inventory dropped 28.6% to five months. We saw in the last few weeks and months that inventory levels for condos were lower than homes, but now, as you can see, they’re even.
Here’s the wild care, though—interest rates are at 4.49% for a 30-year fixed rate, which is the highest it’s been in years. As rates continue to climb, we’ll see fewer buyers come on the market, which could hurt the demand for homes because it limits people’s buying power and their ability to upsize into higher price points.
That’s why, as I said, you need to take advantage of our spring market now if you’re a home seller. Rates are expected to rise all the way up to 4.9% by the end of the fourth quarter of this year. Similarly, if you’re a homebuyer, you want to take advantage of the market now because of this expected rise. The No. 1 mismanaged variable in the home buying process is interest rates. Oftentimes, people don’t take them into account and it costs them thousands of dollars on the back end.
If you have any questions about our market, you want a free home valuation, or you’re thinking of buying or selling a home soon, don’t hesitate to give me a call or send me an email. I’d be happy to help you.
There are some interesting numbers to be found all over the board in terms of the market.
Last month, with regards to single-family home, sales are up 11.4% from the same month last year, which is awesome news.
There are some interesting numbers coming in with respect to pricing: prices are down 4.9% to $204,000 for resale homes last month. This is the first time we’ve seen that as a decline for resales in a very long time. A lot of times you’ll see that change from different areas and pockets. Year to date, rolling average prices for resale homes are up 5.7% to $205,000, which shows a great recovery.
The one big drop we’ve seen was with inventory—inventory is down 18.2% right now with 5.4 months' worth of resale homes in the marketplace. This is the biggest drop that we’ve seen happen in the market lately. Remember, when you have more than six months of inventory, it’s a buyer’s market, and anything below six months becomes a seller’s market.
That said, right now, if you’re a home seller, you want to take advantage of that. Before, inventory has been six or so months, and we’ve seen a lot of houses not sell in certain areas. If you wait until spring, there will be a huge influx of properties that you’ll have to compete with. Selling now will ensure that your home is one of the few on demand in the market.
New home sales are down 2.3% overall, which is interesting when you compare it to the same month last year. Prices on new homes went down 2.5% overall last month, landing at $220,587. The great news here is that the year-to-date price of new construction homes went up 3.1% to $287,315.
The one big drop we’ve seen was with inventory, which is down 18.2% right now with 5.4 months' worth of resale homes in the marketplace.
Inventory for new homes is pretty much the same as it was in December of 2016, around 5.4 months, which is identical to the resale inventory. In 2016, the inventory for new construction was significantly less, which drove those prices up.
There is big news on the condo market. Last month, we had a more than 20% increase in condo sales compared to the same month last year. Prices are following that same trend with a 4.2% increase for resale condos to $125,000.
The same thing that you’re seeing in homes with regards to inventory is also happening in condos—there’s a 32.4% decrease in condo inventory, leaving it at about five months, which is the lowest I’ve seen it since we began tracking it. We’ve been selling a lot of those lately, to the point where we’ve actually added two more people to our team on the buyer’s side to help combat the influx of people looking to buy.
For a future topic that’s relevant to the market, I’ll be discussing how the new tax reform bill will affect the real estate world. Reports have suggested that home values will be affected all across the country, and could drop the values in our area specifically by about $14,000.
If you have any questions about the market, tax reform, or other real estate topics, please feel free to give me a call or send an email.
We saw some very good year-over-year numbers from our Myrtle Beach market this past October compared to September’s disappointing numbers, and we’re finishing the year very strong in the resale market.
Last month, resale home sales were up 18.1%. The median sales price for resale homes also rose 15.2% to $218,950. The most insightful numbers we saw concerning resale homes, though, belonged to the inventory category. Resale inventory is down 17.6% to just 5.6 months, which is one of the lowest levels I’ve ever seen.
New construction sales dropped 10%, and the median sales price for them also dropped 3%. New construction inventory decreased 8.8% to 5.2 months, which explains the drop in sales.
Condo sales rose 15.5%, and their median sales price rose 7.5% to $126,747. Like resale homes and new construction, inventory for condos dropped 30% to 5.3 months.
If you’re thinking about selling your home, what are you waiting for?
The biggest factor affecting these latest numbers is inventory, especially with resale homes. We’ve had a lot of buyers buy listings that were very difficult to sell because there’s not as much inventory as there previously was.
Everybody’s asking what they should do now that we’re into fall and approaching the winter market, and the answer lies in supply and demand. Demand is way up and supply is down. If you’re a buyer, you want to take advantage of this situation before inventory gets any lower and competition increases after the new year. Rates are also still hovering below the 4% mark, which is great. If you’re a seller, you also want to act now before the market reaches a state of buyer fatigue.
If you have any more questions about our Myrtle Beach market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.
What’s the latest news from our Myrtle Beach market?
We saw some head-scratching numbers this past September. In August, there was a huge increase in single-family home sales, but this past month, single-family home sales decreased 10.3%. Hurricane Irma had a big effect on this drop by knocking out two full weeks’ worth of potential buyer activity. Hopefully, we’ll see a bigger increase this month.
New construction home sales decreased 17.3% in September 2017 compared to September 2016. The good news is that the median sale price for resale homes rose 3.5% to $205,500, while the median sale price for new construction homes rose 2.4% to $249,900. Condo sales, meanwhile, are up 2.3%, but the key number to remember here is that their median sale price rose 10.5% to $127,625.
Our market is still pretty healthy.
Inventory for resales homes is right at 5.8 months, which means we’re right below the six-month threshold to be in a seller’s market. This means if you’re a seller, it’s a great time to put your home on the market. Interest rates are still below 4%, so we’re still seeing a lot of relocation buyers from up north taking advantage of home values here and the fact that our property taxes are less.
Overall, this is great news and our market is still pretty healthy. Prices are still low, inventory is healthy, we’re still selling homes like crazy, and we’re entering a season in which a lot of high-end buyers are coming into town.
If you have any more questions about our Myrtle Beach market or you’re thinking of buying or selling a home, don’t hesitate to reach out to us by phone or email. We’d love to help you.
Today I’m back with an August market update for Myrtle Beach. Some interesting changes have taken place since this time last year, and the numbers right now could mean great opportunities for buyers and sellers alike.
Today I’m excited to tell you that the latest numbers from last month’s market are in—and what they show us is very interesting.
Interestingly enough, last month’s sales are extremely similar to what we were seeing around this time of year in 2016. The number has risen, but only slightly. In August of this year, we saw 474 residential resale homes compared to 473 in 2016. This is just a 0.2% increase.
Additionally, year-to-date sales are up 8.2% overall. However, the more surprising statistic that I’ve found has to do with price. The median price last month has actually gone down 1.5% and is now sitting at $199,979. The 12-month rolling average, though, is up 5.3%—which is good news.
This year I’ve noticed that people tended to buy earlier in the year, primarily during the first and second quarter. The slowdown in sales we’ve seen actually closely correlates with what is going on in terms of inventory.
Inventory has gone down significantly. In fact, it’s dropped by 9.6% as of last month versus this time in 2016. Months of supply, too, is down by a lot. There is an 18% difference between this year’s current supply, which is 5.8 months, and last year’s 7.1 months.
In this time, we’ve passed over from a buyer’s to a seller’s market—since the threshold of a balanced market sits at six months of supply. However, when inventory drops too low it can result in buyer fatigue. Markets that are seeing just two or three months of supply are likely to experience this. This creates a stalemate for people trying to complete a real estate transaction.
Our current Myrtle Beach market, though, is in a good place for sellers. Since our months of supply isn’t too low below the threshold of a balanced market, we aren’t experiencing some of the negative effects that can come along with even lower inventory. A lot of homes are expected to be sold this fall, so if you’ve been thinking of selling, now is a great time. This is currently a great opportunity. This 5.8 months of inventory is probably the most important number we’re seeing this month.
Home sales dropped for the first time in months, but prices are still on the rise.
We’re seeing surprises elsewhere in the market, too. New construction sales have gone down by 20%, with 177 sales last month compared to 224 in July of 2016. But this does come with good news. Price is up 7%, sitting this year at a median price of $231,000, and the 12-month rolling average is 3.7%. Inventory for new constructions, though, has gone down as well—dropping 6% from last July.
The months of supply has also dipped below the six-month mark in regards to new construction homes, which now have an inventory of 5.5 months. This is an 8.3% drop from the same month last year.
These similarities are interesting, and both point to great opportunities in our current local market.
Statistics regarding condominiums have also changed since 2016. Sales are up 1.8% from last year and the rolling 12-month average is up 12.6%. However, the number of condos sold has decreased slightly due to a 20.5% drop in inventory. This has left us with seven months of inventory for condos on the market, currently. Last year, we had 8.8 months.
Prices, as always, are a big focus of our market updates. Median condo prices are up 5.3%, having gone from $120,000 to $124,750. Overall, the bottom line is that opportunities for our market are great right now across the board.
Additionally, our fall marketplace is now at a nine-month low in terms of interest rates, which are sitting at just 3.96%. After the election, very few people believed interest rates were going to dip below 4%. Nevertheless, they have. Whether you’re looking to buy or sell, the market is currently in a great place.
If you or someone you know would like help with selling your home, have any other questions, or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Last month’s Myrtle Beach market numbers are fresh off the books, and I have some crazy numbers to share with you that you can really take advantage of.
Overall, there were 477 single-family home sales for resale homes, which was an increase of 24.9%. On the opposite side of that, there were 172 new construction homes sold, which was a decrease of 23.6%. One reason we’re seeing a decline in new construction is there isn’t as much inventory out there.
For the past few months, sales have been up and inventory has been down. This is a trend we expected to put a lot of pressure on prices, and that expectation has come to fruition. The median price for resale homes last month was $200,776, which was an increase of 11.6% and a big jump from where it was last year. The median price for new construction homes rose 3.7% to $227,950.
Another key number to look at in this category is the level of inventory. For resale homes, inventory fell 11.2% to 2,601 available homes on the market. For new construction homes, inventory fell 2.3% to 1,252 available homes.
Our market is red-hot right now, so take advantage of it while you can.
Like I said, this double-digit increase in sales and decrease in inventory is putting a strain on prices, and we saw a similar situation happen last month where buyers were responding to this hot market by getting in much earlier than usual due to interest rates going up.
Moving into the condo market, there were 409 resale units sold, which is an increase of 16.4%. The were just 15 new construction units sold, which was a decrease of 34.8%. Inventory for resale condos dropped 17.8% to 2,721 active units, and inventory for new construction condos increased 19.8% to 284 units.
As you can see, the condo market is facing the same challenge as the single-family home market in that there just isn’t that much inventory available and it’s having the same effect on prices. Last month alone, the median sale price for resale condos rose 6.3% to $120,000, and the median sale price for new construction condos rose 12.5% to $186,140.
The bottom line is we’re in a buyer frenzy, and you need to act now if you’re a home seller. If you have any questions or you’re thinking about selling your home in the Myrtle Beach area, don’t hesitate to reach out to us. We’d be more than happy to help you.
This is a very important month for the Myrtle Beach real estate market. We are in a buyer frenzy right now in certain parts of the marketplace, and I have the latest numbers to share with you in order to paint the picture of where our market is at right this moment.Overall sales for single-family homes were up 8.8% this March over March 2016. Year-to-date, single-family home sales are up just 5.9%, but things have really shot up in the last month. Resale homes are up 26.1% in the last month and pending sales jumped up by 25.3% as well. This is great news for sellers. The big, magical number everyone likes to look at is inventory. In that area, we are down 12.5% compared to last month and down 4.3% from March 2016.
To break it down, we saw a huge jump in sales and a huge decline in inventory in the last month, after already seeing those numbers improve over the past year. Prices are going to continue to go up because we are just burning through listings one by one. We need more inventory across the entire market to keep up with this demand. If you have been thinking about selling, you’re not going to find a better time than this to put your home on the market.
I haven’t seen this big of a jump in sales in a long time.
Between high consumer confidence and rising interest rates, people are getting on the market earlier in the year than they usually do. I haven’t seen this big of a jump in sales in a long time, probably over a decade.
I’m forecasting a big jump in home prices over the next few months, but you need to keep a few things in mind if you are planning on selling in this market. The key is marketing and pricing your home correctly. If you don’t, you could end up in the stagnant mass of homes that just sit on the market and don’t get shown. There’s nothing wrong with these homes in theory; they just came in at too high of a price and are now languishing on the market because of it.
Homes from the $150,00 range all the way up to multi-million dollar price points are getting a ton of showings. Multiple offers and bidding wars are becoming commonplace as well. Simply put, it’s a great time to buy or sell a home in Myrtle Beach.As for the condo market, things are looking similarly great. Sales are up 35.9% from March of 2016 and the median price is up 22.6% in that same time frame. Condo inventory is down by 13.7% just in the last month as well. This is another hot market worth taking advantage of.
If you have any questions for me or you're thinking about taking advantage of the current market conditions by buying or selling, give me a call or send me an email. I would love to hear from you.
Last month’s statistics show us that buyers are entering the market earlier than usual this year, which means you need to act fast if you’re thinking about selling.
Last month produced some very interesting numbers. Both sales and prices have been up the last few months, but February was slightly different.
Single-family home sales were actually down 8.7%. Year to date, they are down 0.6%. This is primarily due to the fact that inventory has been low and slowly decreasing. The good news is that the median sales price for single-family homes increased 6.2% to $215,000. The price of new construction was down 6.7%, and the price of resale property was up 15.1%.
As far as condos go, total sales were up 5.6% and the median sales price increased 3.5% to $119,000. Just like with single-family homes, inventory for condos has been shrinking, and last month it was down 4.3%.
Homes that are priced right and marketed right are getting great offers.
The average list-to-sale price ratio for homes was 97%, which is up 100 basis points from where it was previously. This means homes that are priced right and marketed right are getting great offers almost near asking price. The average list-to-sale price ratio for condos was 92%.
Since interest rates have been increasing, so many buyers are entering the market earlier trying to get ahead of the next bump. If you’re thinking about selling a property, you want to take advantage of this wave of buyers right now instead of waiting until the end of summer.
If you have any questions about our market or are interested in buying or selling, please don’t hesitate to reach out to me for a free, no-obligation consultation. I’d be glad to help.
