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.

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. 

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

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.

May Myrtle Beach Market Update

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

Now that the spring market is heating up, it’s time to look at the latest year-over-year numbers from last April. 

For single-family resale homes, sales rose 2.4%, the median sale price increased 9.3% to $234,900, and inventory rose 1.9% to 5.4 months’ worth of homes. Pending sales, meanwhile, rose 11.7%. In other words, inventory is down and sales are up, and that’s driving up prices. 

For new construction homes, sales declined 21.2%, the median sale prices rose 10.7% to $270,625, and inventory rose 7.5% to 5.7 months’ worth of homes. The drop in sales for these types of homes can partially be explained by the longer sales cycle they undergo. 

“

If you’re a seller, you need to position yourself now to be ready for the buyers coming into town.

”

For condos, sales dropped 4.1% and the median sale price increased 2.2% to $130,500. The number of pending sales rose 2.8% 

As is evident from the rising number of pending sales for single-family resale homes and condos, we’re coming into the hottest time of the year from a sales standpoint. If you’re a seller, you need to position yourself now to be ready for the buyers coming into town. You might have more equity than you think, and you can probably sell for more than you think if you market your home right and sell at the right time. 

If you’re interested in getting the home selling process started or you’d like to know what your home is worth, don’t hesitate to reach out to me. I’d love to help you. 

April Myrtle Beach Market Update

The latest numbers tell us we’re in a seller’s market, but both sellers and buyers can take advantage of current conditions.

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

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.

Your February Real Estate Market Update

Our Myrtle Beach market rebounded nicely last January from the recent dip in home sales we’ve been seeing.

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

The year-over-year numbers from last January are in, and our Myrtle Beach market is back in business. Resale home sales rose 2.9% compared to January 2018, and their median sales price rose 10.7% to $210,250. There was five months’ worth of inventory for resale homes, which is more or less unchanged compared to January 2018. New construction home sales dropped 19%, but a lot of that was due to the backup from Hurricane Michael—inventory got pushed back almost a whole month because of all the evacuations. The median sales price of new construction homes rose 15.3% to $274,637, and similarly to resale homes, their level of inventory remained more or less unchanged compared to last year: 5.2 months.

This was a great rebound from our market.

Condo sales rose 7.1%, and their median sales price stayed pretty close to where it was at last year: $132,500. Inventory, meanwhile, rose slightly to 5.1 months. Overall, this was a great rebound from our market, and a lot of it had to do with the recent dip in interest rates. As you know, any inventory supply under six months constitutes a seller’s market, so with each type of property close to five months’ worth, this means we’re still in a slight seller’s market. As we head into spring, we’ll see more homes hit the market and saturate the marketplace. Right now, we’re still seeing a lot of home sellers from up north move into our area, so if you’re thinking about selling, now’s the time to make your own move. As always, if you have any questions about our Myrtle Beach market or you’d like to buy or sell a home soon, don’t hesitate to reach out to me. I’d love to help you.

Your December Real Estate Market Update

What message are today’s market trends sending buyers, sellers, and homeowners? Find out in today’s market update.

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

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.

Your Fall Real Estate Market Update

Across the board in our market, inventory is down, prices are up, and sales are finally starting to give in a little bit as fall begins.

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

What do the latest year-over-year numbers from this past August mean for our Myrtle Beach market as fall begins? Let’s first look at single-family resale homes. The number of sales dropped 9% compared to August 2017. Keep in mind, that was last year’s hottest month for our market, whereas this year’s hottest stretch occurred between June and July. A national report recently stated that last August marked the seventh straight month of a nationwide decline in home sales, so since our Myrtle Beach market usually follows the national trends, this definitely is something to keep an eye on. The good news, as far as single-family resale homes go, is we haven’t seen any decline in prices. In fact, the median sale price rose 0.9% to $220,000. It also rose compared to July 2018, when it sat at $212,000. Inventory for resale homes is at 5.1 months, which is down 12.1%. As we know, any inventory level below six months is a seller’s market, so what this really means is we’re in a seller’s market. The problem with this, though, is that if the inventory level drops down to the 4.7-4.8 range, the market becomes more difficult because it creates more of a stalemate between buyers and sellers.

Since prices are still climbing, you want to act now before there’s any kind of slip up.

Moving on to new construction homes, sales dropped 2.8%, but the median sale price rose 5.8%. Inventory for new construction is at five months, which, just like with resale homes, is very low—one of the lowest we’ve ever seen. As for condos, sales rose 0.4% year over year but stayed pretty much the same compared to last July. The great news for condos is that the median sale price rose 11.2% to $131,000. Inventory, meanwhile, dropped 10.9% to 4.9 months. If you’re a seller, you need to take advantage of these conditions. As always, our market is driven by supply and demand. Heading into the fall season, supply is very low, but sales have maintained pretty well. Since prices are still climbing, you want to act now before there’s any kind of slip up. At the moment, we have just under 50,000 total buyers in our area, so our market needs inventory. As always, whether you’re looking to sell or buy you have any other real estate-related questions, don’t hesitate to reach out to me or my team. We’d love to help you, and we’ll see you next time.

Your August Real Estate Market Update

Sales are up and supply is down for single-family resale homes, new construction homes, and condos. This is causing prices to rise in our Myrtle Beach market.

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

What do the latest year-over-year numbers say about our Myrtle Beach market as we head toward the end of summer and approach fall? Let’s find out. Starting with single-family resale homes, there were 523 units sold last month, which was a 5.7% increase compared to July 2017. The median sale price for single-family resale homes increased 6% to $212,000. Back in January of this year, the median price was $190,000, so you can see what a great recovery the market has made since then. Supply for single-family resale homes, meanwhile, dropped 8.6% to 5.3 months of inventory. The numbers for new construction homes followed much of the same pattern. There were 246 new construction homes sold last month, which was a 2.5% increase compared to July 2017. The median sale price for these homes rose 12.2% to $252,668, while supply dropped 3.8% to 5.8 months of inventory. As you can see, sales are up and supply is down, which is putting pressure on prices. The same effect is taking place with condos—sales rose 20.5% to 505 condos, supply dropped 19% to 4.7 months of inventory, and prices rose 4.4% to $129,999.

Don’t wait until November, December, or January to make your move.

As we know, anything below six months of inventory constitutes a seller’s market, so whether you’re a home seller or a condo seller, you want to take advantage of these conditions as we head into fall. It’s not uncommon to see a lot of activity during “shoulder” seasons like fall because it’s such an ideal time for buyers who want to avoid the crazy summertime selling season. We’ve seen interest rates rise a little bit lately, and it’s caused other markets in certain areas of the country soften a little bit. They’re not experiencing any price declines, but they are seeing the average days on market increase. This trend hasn’t happened in our area yet, so don’t wait until November, December, or January to make your move. We have 48,831 active buyers who want to buy now. As always, if you’d like to talk more about our market or you want to list your home now and earn top dollar, don’t hesitate to call or email me. My team and I would love to help you.

Why Is Myrtle Beach the No. 1 Place to Move This Year?

Myrtle Beach is now the No. 1 place to move to, according to USNews.com. Here’s why that is.

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

According to U.S. News & World Report, Myrtle Beach was ranked the No. 1 place to move to in 2018. This is a huge jump from last year, where we were placed at No. 74. Interestingly, between 2012 and 2016, there was a 15.62% increase in net migration rate, the highest leap of all those on the list. We outranked runner-up Fort Meyers, Sarasota, Austin, and Orlando. “Myrtle Beach may be small, but it’s proving popular among people looking for a new place to live,” says U.S. News & World Report. The warm South Carolina climate is proving to be attractive to those who are retiring and want to live in warm to mild weather year-round.

Northern homeowners have begun to see the value in selling their homes to move down south.

Myrtle Beach is an affordable market, with the median home value at $137,428. Clearly, Northern homeowners have begun to see the value in selling their homes to move down south. If you’re a home seller, I just to make sure that you have the opportunity to take advantage of this awesome ranking, which won’t last forever. People are coming to town en masse to look at Myrtle Beach properties, and we need inventory to try to meet the demand. On my site alone, there are 47,000 buyers in search of a home. This provides the basis for a lot of different scenarios, like a bidding war, which can increase the amount you’ll receive from your sale. If you have any questions or are looking to sell your Myrtle Beach home, don’t hesitate to reach out to me. I look forward to speaking with you soon.

Your June Real Estate Market Update

Some awesome developments have taken place in local real estate recently, so today I would like to break down the latest numbers in this June market update.

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

Some awesome new numbers have just come out regarding our Myrtle Beach real estate market, so today I wanted to break down these figures and what they mean for the outlook of real estate moving forward. So let’s dive right into this hot-off-the-press June update. First of all, we saw a 9.3% increase in prices last month for resale homes. And the median sales price across our local MLS is currently sitting at $223,450. Meanwhile, the actual number of sales did decrease, but this is a reflection of insufficient inventory coming in. With just 5.4 months’ worth of supply available right now, our current inventory levels are down 13.1% year over year. This lack of supply serves as a key driving factor behind the boost in buyer activity, and therefore also the boost in price. It is a simple matter of supply and demand. Our supply is down, so demand has shot up. The new construction displays similar trends, with sales dipping 3.3% and prices rising 4.4% last month. And inventory in this market is somewhat flat, sitting at 5.5 months.

Our market needs inventory, so our team needs your listings.

As a reminder, inventory levels below six months constitute a seller’s market. Meaning if you or anyone you know is thinking of listing, now is the time to do so. Take advantage of our marketplace this season while buyers are still entering the market. Moving on, the condo market is also in great shape. Sales are up 10.8%, with 597 condos having sold last month, and the median sales price also rose, now sitting at $127,500. These figures come as awesome news for this segment of the market, let alone the fact that inventory for condos sat at just 4.9 months of supply. Year over year, this comes as a 25% drop in inventory. This is actually the lowest level of supply for condos I have seen. The bottom line, therefore, is that our market needs inventory. And that means our team needs your listings. The buyers are out there, so it’s time to sell if you or anyone you know is thinking of doing so. If you have any other questions, would like more information, or want to discuss how my team and I can fulfill your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Your January Real Estate Market Update

It’s time for your January real estate market update. Today, I’ll examine how the Myrtle Beach market did in 2017 and what’s happening now.

Looking for a Myrtle Beach home? Click here for a Full Home search

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

The final numbers are in from the 2017 Myrtle Beach market, and there is some great news overall. First, let’s look at single-family homes, which make up a bulk of the market. Home sales are up 12.8%, which is great news. In December, home sales were up 2.5% from the same month last year. Inventory is down, but the great news is that prices are up. The median sale price increased 6.2% over the last 12 months to $207,000. In December 2017, the median sales price is up 9.2% over the last month alone at $213,950. That’s because inventory was down 14.3% over the last 12 months, and inventory dropped 14.5% in December alone. Right now, we have 5.3 months of inventory in the entire MLS. Anything below six months of inventory is considered a seller’s market, and this is the lowest I’ve seen it since we started tracking inventory. Since inventory is so low, there is a huge opportunity for sellers out there. You can put your home on the market, get multiple offers, and have buyers bid up the property value. Some neighborhoods only have one home on the market, if any. Now is a good time to get a home valuation to see what your property is worth and see what’s going on in your specific neighborhood. We all know that the market is driven by supply and demand, so even though inventory is down, sales are up. Now, what’s happening in new construction? New home sales are up 7.4% over the last 12 months, although there was a 0.8% drop in December sales. The median sales price increased by 2.9% over the last 12 months to $237,762. However, last month there was a 2.2% decrease in the median sales price, dropping to $240,130.

Condo inventory is at the lowest level I've ever seen.

More people are moving inland, so it really does depend on the neighborhood. A lot of neighborhoods have seen price increases, though. Finally, let’s check in on the condo market. The condo market is smoking hot right now. It’s finally caught up to the single-family home market. Condo sales increased by 16% over the last 12 months. In December, sales went up 8.8% from the previous month. Condo prices are up 7% over the last 12 months to $123,000, and last month alone, prices increased by 10.4% to $130,000. That said, condo inventory is at the absolute lowest level that I’ve ever seen. Inventory dropped 27.7% over the last 12 months. Last month alone, condo inventory dropped 31%. Right now, there are 4.9 months of inventory on the market. Again, that is the lowest I’ve ever seen. I do think that inventory will continue to go down. Other areas of the country only have two months of inventory, which means there can be buyer fatigue. Buyers get frustrated because they can’t find the homes they want, and many buyers end up not making a purchase. Since inventory is so low, now is a great time to take advantage of the market before spring hits. When the spring market arrives, you will have more competition on your street. You should also know that interest rates recently jumped to a nine-month high, so more buyers are going to enter the first quarter than the second quarter. They want to take advantage of the interest rates before they go up again, so don’t wait until summer or spring to sell your home. Take advantage of the market now. If you 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.

Where Is the Myrtle Beach Real Estate Market Heading?

Looking for a Myrtle Beach home? Click here for a full home search  

Selling Your Myrtle Beach home? Get a free Home Price Evaluation

It's time once again for another Myrtle Beach market update, and there is a lot that I need to let you know about.

We're seeing double-digit growth in both condo sales and home sales. Single-family home sales are up 10% and the median sale price is up 16.2%! That is a HUGE price increase.

Condo sales are on the rise as well, as sales are up 13.5% and median sales price has risen by 7%!

As far as lots go, inventory is down a little bit and sales have slowed slightly. However, prices have risen by 11%.

This is all great news for our market, but we are in need of inventory. 

If you or anyone you know has thought about selling, now is the time to make your move!

We have spoken with a lot of clients who are from out of town and are now looking to buy because their kids are out of school and they're ready to move. If you're on the fence about buying, just remember that values have risen by 16% since last year, so you can reap the rewards of that in a sale.

Give us a call or shoot us a quick email if you have any interest in taking advantage of this fantastic market. We would love to help you sell quickly and for top dollar!

Myrtle Beach Real Estate Recap for 2014

There are many great Myrtle Beach area homes for sale. Click here to perform a full home search using the most advanced search tool on the web. If you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (843) 222-9265 for a FREE home buying or selling consultation to answer any of your real estate questions. (We have over 10,000 active buyers searching our website for homes right now)

Today I'm going to give you a quick update on what happened with Myrtle Beach real estate in 2014. There is some really great news for the local marketplace.

• Single-family home sales increased by 18.9% from December 2013 and overall they increased by 9.3% from 2013. 

• What this means for you is that the median home price rose 5.6% to $190,000, which is a very nice amount of appreciation depending on the area that you live in. However, we're still anticipating home values to rise in Myrtle Beach. 

• More great news is that the average list-to-sale price ratio is 94%, and this is the third month in a row where we've gotten numbers like this. This is great news for home sellers. 
• Condominiums stayed more flat in regards to year-over-year statistics. Condo sales increased by 2.5% and condo prices rose by 3.1%.

If you need any more information or if you'd like to contact me about buying or selling homes in Myrtle Beach, please don't hesitate to reach out to me via phone or email.

Thanks!

Myrtle Beach Real Estate Update for April 2014

There are many great Myrtle Beach area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (843) 222-9265 for a FREE home buying or selling consultation to answer any of your real estate questions.

Myrtle Beach Real Estate Update for April 2014

Our market has seen some ups and downs in the last few months. However, looking at the numbers, I can say that our Myrtle Beach market has rebounded strongly. We ended a 5-month stretch of declining sales, and single-family home sales were up by 13.4% from last year.

Single-Family Residential:

The strong performance is led by year-to-date sales which surpassed 2013 by 5.4%. This is a much better number than what we saw in February or January. Although one month will not make a trend, it will definitely encourage positive news. I foresee people coming to Myrtle Beach to buy up properties, which should help to boost the sale of properties in the area.

Single-family inventory in Myrtle Beach continues its seasonal rise, and it is up by 2.7% over last year's number. Distressed single-family inventory has leveled off and is 23.2% below last year's levels. This means that the median price for single family homes should see an increase. Median sale price is already up 5.6% year-to-date, and as investors buy up the remaining distressed properties, we should see this number rise as well.

Condo Sales:

Condo sales lag behind 2013 a little bit, with sales down 4% from last year, and YTD sales down by 6%. We usually gauge condo sales by what happens with single-family home sales, so this market is a bit behind in recovery compared to the residential home market. Distressed condo properties declined for the 24th straight month and they are 47% below 2013 levels.

This is one of the things we've been seeing lately when there is still a little bit of inventory - like we have in single-family homes - people are still scooping up these properties and fueling those sales.

Residential Lots:

If we look at residential lot sales, they slipped a bit in March, but that was expected because everyone was scrambling to build to match the demand from last year. Those sales are down to 2012 levels and median sales price is still strong. YTD sales are up by 44% in regards to price, so that is a great number.

If we break this all down a bit more and look at April last year to March of this year, we can see that overall sales are up 10% in the entire region. The price range with the biggest gain in sales was for $200K-250K which saw a 25.6% increase in sales. Median sales price is up by 6.2% and is sitting at $148,500.

Our market is stabilizing but we are being cautiously optimistic about everything. Over the weekend we saw an enormous amount of buyers enter the market coming in around Easter. We also have a lot of people relocating or buying investment properties. Single-family homes experienced the largest gain in price over the last 12 months, which increased by 8.8% to $175,000 dollars. Properties under $150K tended to sell the quickest with their average days on market being 154 days. We also have 8.5 months of inventory for single-family homes.

So far, 2014 stats are looking really good here in Myrtle Beach. We're going to have to watch what happens with interest rates, but otherwise we're staying cautiously optimistic.

Contact me with any and all of your Myrtle Beach real estate questions or concerns. I am always glad to provide assistance to you or arrange a time where we could speak.

Expansive March 2014 Real Estate Update for Myrtle Beach

There are many great Myrtle Beach area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (843) 222-9265 for a FREE home buying or selling consultation to answer any of your real estate questions.

I have just analyzed the numbers for Myrtle Beach real estate from January and February, and I'm going to give you a short video update for March 2014 on residential properties, condos, and residential lot sales. There three different markets are all important to the overall development of real estate in Myrtle Beach.

Residential Properties

• To start, January sales were down by 11% and February sales were down by 4.6% from last year at this time. This was a little concerning, but not if you take into account the fact that we had a record amount of growth last year with sales up by 20% as a whole.
  
• After ten strong months of double digit growth in 2013, sales volume in November and December were flat and 2014 year to date (YTD) sales are 5.1% behind 2013 levels. 
• Factors contributing to the decline include record-setting 2013 sales, weather, tight inventory in parts of the Grand Strand, and fewer investor sales.
• Distressed inventory is also down by 24.3% since last February, but the amount of distressed properties in our inventory has risen slightly in the past two months. Distressed properties now make up 9.7% of all inventory.
• On the other hand, the median sales price for single-family residential (SFR) homes has maintained it's value at $185,000.
• Also, the median sales price has risen by 6.9% in 2014. We might expect to see a dip in these values as we are working with a seasonal market here in Myrtle Beach.

Condo Properties

• A real estate market update for Myrtle Beach would not be complete without a report on condo sales. We're off to a slow start in this sector as YTD sales are down 10.5% from prior years. 
• Similar to SFR inventory, condo inventory rose from its January level.  Although it is rising, condo inventory is still 1.1% below its February 2013 level, which makes it the lowest level ever seen in February.
• Distressed condo inventory declined for the 23^rd straight month and is 48.8% below its February 2013 level. 
• This inventory represents 7.2% of all condo listings.
• Although slipping in February, the YTD median sales price is flat to 2013 at $105,750.
• The decline in February is attributed to more cash buyers and lower sales prices on non-distressed condos. We're going to keep a close eye on this market and hope that it can stabilize as we head into 2014. However, we think that investors will be confident about these properties and we might see some stability soon.
  

Residential Lots

• Residential lots sales activity grew at 15.7% in February compared to 2013. 
• YTD, residential lot sales are up 7.7%. 
• The median sales price of residential lots was $45,000, which is a 40.8% growth over 2013.
• The improvement in the residential lot sales price was driven by fewer distressed lot sales.

We keep a constant eye on the market here in Myrtle Beach, and I hope all this information has been beneficial to you. If you'd like any more information from me or my team, then please do not hesitate to call me at (843) 222-9265 or email me at vip@srgmail.com

Myrtle Beach Real Estate Report for 2013 and Predictions for 2014

There are many great Myrtle Beach area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (843) 222-9265 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hello everyone and welcome to my new Myrtle Beach video blog where I'll be updating you on the Myrtle Beach real estate market and also giving tips and pertinent information to you. For the first installment of this video blog, I'm going to be recapping what happened in 2013 and also making some predictions about 2014. 

Expect Sustainable Growth in Myrtle Beach for 2014:

• 2013 was a record-breaking year: Residential sales skyrocketed by 19.5% and condo sales rose an astounding 15.2% while median home prices escalated by 6.5% and median condo prices went up by 4.8%. This was a nice, steady growth, as opposed to overwhelming and unsustainable growth. 
• Expect continued growth in 2014: Our growth should remain steady and sustainable this year. Expect most growth to take place in the spring when the market heats up. Distressed inventory is also down by 31%, so there is much less competition out there for traditional sellers. Also, people who were underwater before are now able to sell because they have the equity to do so.
• Interest rates: There has been lots of speculation surrounding interest rates, which are expected to rise to 5.5% from our current 4.3%. This is often an uncontrollable variable when buying a home, so buying sooner rather than later could help buyers.

Overall, we can expect strong growth in the spring and summer, but nothing that would burst our bubble. Sales and prices should continue to rise throughout the year, but they should still be staying in the single digits.
If you have any questions or comments, call me at (843) 222-9265 or email me at vip@srgmail.com

Thanks for tuning in. I'll be seeing you again soon.