Your October Real Estate Market Update

We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses.

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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.

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.

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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.

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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.