Here’s what you need to know about our local real estate market.
What’s happening in our real estate market? Things are changing every day, so I want to go over the latest numbers and explain what they mean for you.
For the first time in a long time, Myrtle Beach sales are down. Last month, single-family home sales decreased by 1.9%. That isn’t anything huge, but it’s something to keep in mind moving forward. Meanwhile, our inventory continues to shrink. Last month, we had 467 home sales compared to 507 from the same month last year. Based on what I’ve seen in new pending deals, I don’t expect this slight downturn to last.
“Don’t make the mistake of choosing an agent using the same old tricks.”
If you’re a homeowner, the good news is that prices are still through the roof. The median sales price is up 19.5% from this time last year to $340,600. The average sales price is up 12.5% to $412,827. Those numbers are high, but with the proper marketing, your home can sell for even more. Just recently, I helped a guest on my show sell their house for 20% above market value.
Supply is down 43.8% from last year. Currently, we only have 0.9 months of inventory, which is a record low. I know tons of buyers who are willing to pay top dollar for a quality home, so if you or anyone you know is looking to sell, now is the time.
While the market for single-family homes is slowing down, the condo market is speeding up. Condo sales were up 35.3% from the previous year, and the average sales price is up 31.9% to $236,504. At the same time, condo inventory is down 82.1% from this time last year.
Here’s the deal: Don’t make the mistake of choosing an agent using the same old tricks. My team has developed a marketing strategy designed to take advantage of our unique market conditions. If you are interested in getting the most money possible for your home, call or email me. I look forward to hearing from you.
