Q: Where’s the Myrtle Beach Market Heading?

Here’s how the fall real estate market is shaping up in Myrtle Beach.

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I have the very latest numbers for the Myrtle Beach real estate market, and they’re some of the craziest numbers I’ve ever seen. 

Last month, sales were up 5.7% from this time last year. They’re down slightly from July, but that is mostly due to low inventory. In the same time frame, prices are up 14.9% from July to August. The average price in the Grand Strand is $335,881. Many sellers have a lot of equity in their homes and are realizing that when they sell. If you’re curious about what your home is worth, we’d be happy to take a look for you.

Inventory is the real story here. It’s down 45.3% from last year at this time, and it’s causing the big increase in prices. This is the lowest I've seen inventory levels since we’ve had this technology to track it—October 2006. All-time low interest rates are causing massive demand, and more and more transplants from larger cities are moving to the area for more freedom and a lower cost of living. 

Home showings are an important leading indicator of the market. They’re up 22% in the last month. This leads us to believe that home sales are going to see an uptick over the next few months, provided more are listed. The truth is that we are in an inventory crisis. The active buyers far outnumber the active homes for sale, but we’re hoping to match buyers and sellers together through our systems. If you or someone you know is looking to sell their home, don’t hesitate to reach out to us.

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   Inventory is down nearly 50% from last year.

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New construction homes last month were up 21%, while prices were up 10.7%. Inventory for these homes is down to just four months, and builders are building as fast as they can.  As for condos, sales were up 2.3% last month, while prices were up 8.3%. The supply for condos is also down to a little over four months, and they’re also in a seller’s market.

As we progressed through August, my team and I were keeping an eye on real-time data each day that shows where the market is and where it’s headed. Things started to pick back up in the last seven days of August. 869 properties went under contract, and prices spiked. We don’t know how long these conditions will last, but we do know that you can take advantage of them right now.

If you have questions for me about buying, selling, or anything else related to real estate, don’t hesitate to reach out via phone or email.

Q: Is the Perfect Storm Brewing in Our Market?

  The latest numbers show that our market is absolutely on fire.

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Our Myrtle Beach real estate market is crazy right now. Inventory is as low as it’s been in 13 years, prices are through the roof, and sales are skyrocketing too.

What’s behind all this chaos? First of all, interest rates are historically low. Right now, they’re hovering around 2.81%, and I’ve seen people lock in rates as low as 2%. Second, the ongoing COVID-19 crisis is causing a massive influx of buyers to leave metropolitan areas up north and buy primary and secondary homes in our area. In general, we’ve seen tremendous movement with mid- and high-end properties, and we’re selling homes within hours of them being listed.

What do the year-over-year numbers from last July in particular tell us? Single-family home sales rose 22.9% from 564 to 693, which is a huge jump, and a great recovery. We knew this would happen based on the surplus of pending deals we saw in prior months, and we should continue to see high sales numbers next month.

What’s especially crazy, though, is that inventory dropped 38.9% and now stands at 3.3 months. When you combine these two stats, it means we’re in an extreme seller’s market. Sellers are dictating contract terms and getting way more money for their homes than they ever thought they could. 
 

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The market needs homes to sell, so if you’re thinking about selling, reach out to me today.

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Moving on, the median sale price for single-family homes rose 22.5% to $339,497, and the number of showings rose 31.9%. In the week preceding the recording of this video, we saw 741 properties go under contract for $196 million.

As far as condos go, sales rose 18.4% from 526 to 623. For single-family homes, inventory dropped 5.9% to 4.8 months. The median sales prices rose 4.1% to $172,547. This means the condo market is a seller’s market too, and condo sellers are making way more money than they thought they could as well.

The bottom line is, we’re seeing a perfect storm for sellers. Aside from all the discomfort caused by COVID-19, northern buyers are moving here in droves looking to escape a higher cost of living and get a bargain for their home purchase. The market needs homes to sell, so if you’re thinking about selling, reach out to me today.

I just sold a home for a client whose listing originally expired with another agent at a price of $170,000, and we managed to get $199,000 for it. Don’t make the mistake of hiring an inexperienced agent and leaving thousands of dollars on the table.

As always, if you have any other questions about our Myrtle Beach market, don’t hesitate to reach out to me as well. I’d love to speak with you.

Your Latest Myrtle Beach Market Update

Here’s what you need to know about our low inventory-driven recovery.

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Our Myrtle Beach market is in the midst of a massive recovery, and the numbers have been crazy. If there’s one theme that best describes our market, it's the inventory crisis. Last month, prices for single-family home sales saw a 21.5% increase; our lack of inventory is the No. 1 driver right now, and it’s shoving prices up across the board. 

The number of single-family home sales in June was down 12.8% (588 in June 2019 versus 513 last month). This dip can partially be attributed to a lack of real-time data; a lot of agents don’t submit their data until the middle of the month, and it’s well-known that real estate is usually 30 to 60 days behind contracts. As such, I predict that we’ll see a huge increase in the total number of sales once July’s numbers come out. 

The most eye-catching stat has to be the huge average sales price jump from $273,000 last year to $331,000 this June. A lot of our clients are discovering that they have a lot more equity now than they would have guessed. We’ve been calling folks we spoke to a year ago just to alert them to the fact that they have way more money in their homes now. With our hot market, we’re able to get them top dollar and sell in a matter of hours. 

Let’s check out the engine of this market: There were 37.5% fewer homes available in June 2020 than there were June 2019—a gargantuan drop. There’s currently 3.5 months’ worth of inventory, which is the lowest I’ve seen here since we had the technology to track it in real time. The last time we saw inventory this low was July 2007. 

Our market is absolutely craving new houses. It seems everyone is escaping the Northeast and heading straight for us. We’re seeing a huge influx of buyers from New York, New Jersey, Pennsylvania, Connecticut, and Ohio, and they’re all seeking value in terms of a better average sales price. Some are just eager to get out of those major metropolitan areas. More single-family homes, condos, commercial properties, etc.—the Myrtle Beach market is hungry for all of it!

Showings are up 40%. Demand is wild, and we’re selling homes within hours of going live on the market. Buying power has also been boosted by incredibly low interest rates. Last week, we saw a record low of 2.94%. If you’ve been contemplating an upgrade or downsize, now’s the time to strike. 

If you know someone who’s thinking about selling, be they a friend, relative, or coworker, please send them our way. Reply to this email or forward it to them and have them call us directly. In our company alone, we’re in touch with 57,000 active buyers in some way or another, all of whom would love to see their house. I’m also happy to provide you with a real-time analysis of your property value (online estimates are practically useless right now because things are moving so quickly in our market). 

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Our market is absolutely craving new houses.

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Condo sales are down 3.4% year over year, which is actually great news considering how badly affected this market was in April and May (you may remember that many condo lobbies/leasing offices were closed completely). Things in this market have since improved dramatically. Condo prices are up 5.5%, while supply has dipped 5.9%. Meanwhile, showings have risen 16.7%. 

Naturally, many would-be sellers have been hesitant to list their homes in a health crisis. I’m proud to relay that our in-house technology has been incredibly successful and safe for our sellers. We can create full virtual reality tours of your property, which means only the most interested, qualified buyers will then get a chance to tour it in person (gloves, masks, shoe guards, and other safety precautions are taken). 

Bottom line: Our inventory crisis means sellers can fetch more money than ever for their homes, while low interest rates are empowering buyers and providing a great window in which to refinance. 

As always, reach out by phone or email if you have questions about anything mentioned in this message or Myrtle Beach real estate in general. We’re here to serve our community, and we look forward to hearing from you!