We’re seeing a peculiar decline in some areas of our market.
Some very interesting stats are emerging from our Myrtle Beach market as we enter summer 2021. Sales are still crazy and numbers are up across the board, but we’re seeing a slight decline in a couple of areas as we look at the data from May 2021.
For single-family homes, there were 655 sales, which is a 71.6% rise compared to May 2020. The nuance surrounding this rise is that we were in the middle of a lockdown last year. In fact, May was the worst month of 2020. The month-over-month change is the more concerning number, as those 655 sales represent a significant drop compared to the 770 we saw in April 2021. Another area experiencing a decline is median sale price. It rose 27.8% year over year to $290,000, but April’s median sale price was $299,530. Essentially, we lost about $10,000 worth of median sale price during that time frame. The average number of showings per listing also dropped month over month from 11.3 to 10.9. These three trends are slightly concerning to watch, as we might see some buyer fatigue setting in.
Obviously the No. 1 challenge we all know about is inventory. We’re in an absolute inventory crisis, and we just set a new record-low last May with just 0.9 months of supply—a 78.6% drop compared to last year. The good news is that the average price of single-family homes rose 30.9% year over year to $388,781, so Myrtle Beach and Grand Strand homeowners have more equity than ever. We’re selling a lot of homes for $40,000 or $50,000 over asking price based on a strategy we designed to create a virtual auction effect. At 3:11, you can see a Facebook endorsement from Barbara Corcoran that mentions this strategy specifically.
“We’re in an absolute inventory crisis, and we just set a new record-low last May.”
I’m very excited and proud of what my team’s been able to accomplish in this market considering a lot of homeowners are costing themselves tens of thousands of dollars by hiring average agents. Anyone can sell a house right now, but if you want to sell for the maximum amount of money, you need to hire someone who has a system in place. Just the other night, someone from our buyer team made a full-price offer on a home the minute after it was listed. The seller took the offer before giving anyone else a chance to see their home and make a bid. In fact, someone else from our buyer team wanted to make an offer, but they weren’t able to schedule a showing. That seller missed out on a chance to drive their home’s price up because their agent doesn’t know what they’re doing.
Condo sales, meanwhile, technically rose 165% year over year, but they dropped month over month from 820 to 802. The median sale price rose 24.2% to $165,000, while the average sale price rose 29.% to $199,344. Just like with single-family homes, the average number of showings per listing dropped month over month from 11.5 to 11 due to an inventory crisis. The current supply of condos stands at just 1.1 months, which is an 80.4% drop compared to May 2020.
Anyone who lives in Myrtle Beach knows we’re a very seasonal area. Once school is out, people come to town and combine their vacations with their home-buying or condo-buying experiences. If you or anyone you know is thinking about selling, don’t let them cost themselves hard-earned equity. Day in, day out, average agents who don’t know what they’re doing are misleading their clients. As you’ve heard me mention several times, the average agent in our MLS sells only four homes per year. They won’t be very well-versed on what’s happening in our fast-paced market. My team, on the other hand, sells a home every 12 to 16 hours.
If you’d like to know how we can get your home sold quickly and for top dollar or have any questions about our Myrtle Beach market, don’t hesitate to reach out to me. I’d love to help you.
