October Myrtle Beach Market Update

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For today’s market update, I’ll discuss the rolling average of trends we’ve noticed over the last six months. Why? Because in September of 2018, Hurricane Florence struck, and that ultimately skewed the numbers in a tremendous way. For example, there was a 62% year-over-year increase in sales. You and I know that’s not true for the long-term—with the hurricane, people could not close on properties in September of last year. A lot of closings were skewed and pushed to the next month.

Keeping that in mind, here are the key trends to follow in our market:

Single-family home sales increased by 8% overall—about 3,276 homes sold in total during the period in question.

The median price for single-family resale homes is $231,000. Price-per-square-foot also increased by 4.8% to $131. Overall, that’s a positive trend.

Inventory is another key statistic to pay attention to: Right now, there are 5.1 months of inventory, meaning it’s a seller’s market. Since January 2016, this is only the third time it’s been that low. In January of 2018, inventory was at 4.9 months; In December of 2018, it was 5.1 months.

Overall condo sales over the last six months increased by 3.9% with 3,197 condo sales. That means if your property failed to sell, it’s not because of the market, but rather your marketing or your price.

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Home sellers are at a huge advantage right now.

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The median sales price rose by 5.8% to $137,000, and the price-per-square-foot went up by 5.4% to $136.

The amount of available inventory has remained relatively flat at about five months.

So what does this all mean for you?

Home sellers are at a huge advantage right now. Single-family home sales are up by 8% and available inventory has dropped to 5.1 months, which causes upward pressure on home prices and means you have less competition in the market. You’ve got some time left before the holidays start in full swing, and the last thing you want to do is wait to list your home until everyone else puts their home on the market after January 1. Also, take advantage of the fact that interest rates are currently super low—they’re currently 3.7%, which is amazing.

If you’re thinking about selling your home, reach out to me. It’s entirely possible that you have more equity in your property than you think you do, and the demand for homes is high. For any other questions you might have about real estate, let us be your resource. We’d love to help you.

September Myrtle Beach Market Update

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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.

August Myrtle Beach Market Update

Prices are up and interest rates are down, which makes now a great time to buy or sell in Myrtle Beach. 

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

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

I have great news for home sellers as we near the end of summer in our Myrtle Beach market. Let’s go over the latest year-over-year statistics from this past July to see what I mean. 

The number of single-family resale home sales rose 1.3% from 538 to 545. The key piece of information regarding these homes, though, is the median price, which rose 7.3% to $227,000. A lot of areas around the country are seeing a decline in sales and prices, but we’re bucking this trend. 

Inventory for resale homes, meanwhile, dropped 1.9% to 5.2 months, which means it would take exactly that long for all available homes to be sold if no more came on the market. As we know, anything below six months is considered a seller’s market.

As you know, new construction homes have taken a huge hit over the past few months, but sales for these homes increased 1.1% compared to this time last year, and the median price rose 7.4% to $272,655. Unlike resale homes, inventory for new construction homes rose 9.8% to 5.6 months. 

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The key factor driving these price increases is interest rates—this past week, they hit a three-year low and dipped into the 3% range

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Condo sales dropped by 0.4%, but again, the key number here is the median price, which rose 7% to $138,750. Inventory for condos was measured at five months, which is relatively unchanged compared to last year  

So let’s recap: Sales are up, prices are up, and inventory is down for resale homes. As you can see, prices also rose for new construction homes and condos. Since our market is always driven by supply and demand, prices will probably rise even further as we head into the fall market. We usually see a different buyer demographic enter the market after the summer season, so don’t wait until November or December to put your home on the market. Take advantage of conditions now. 

The key factor driving these price increases is interest rates—this past week, they hit a three-year low and dipped into the 3% range, which is convincing a lot of buyers to get off the fence. Not only does this make now a great time to buy, but it’s also a great time to refinance. 

Whether you’re looking to buy, sell, refinance, or you have any more questions about what’s happening in our Myrtle Beach market, give me a call or shoot me an email. I’d love to help you.