Here are the latest numbers from the Myrtle Beach and Grand Strand markets.
I have a brand-new market update to share with you, and the numbers are insane. We’re seeing some record-breaking numbers for the Myrtle Beach and Grand Strand real estate markets, and I’m excited to share them with you today.
Looking at single-family home sales in April, we’re up a whopping 62% from April 2020. We’re seeing hundreds of millions of dollars per week being poured into the Grand Strand from other areas of the country, which is causing prices to skyrocket. Last month, the average sale price was up 29% to $378,787. The median price was also up 21% to $299,000.
Inventory is the biggest story right now. We have a new crisis low, as inventory is down 78.3% to just one month. Anytime we have inventory below six months, it’s a seller’s market. With just one month, we have a very strong seller’s market.
With sales up so much and inventory down so much, that puts upward pressure on prices. It’s always based on supply and demand, and the lagging indicator is always going to be price.
One thing to note is that buyer traffic is up 307% from last year. People are in town right now and buying homes, and Myrtle Beach was recently ranked a top-10 destination for 2021. Tripadvisor recently named Myrtle Beach the No. 3 destination for 2021. We’re competing with these huge, national destinations and squarely in the conversation. This shows you we’re a fantastic relocation and vacation destination.
“I’m not sure how long this party can last.”
Let’s take a quick look at condo sales. Last month alone, they were up 137.6%. I’ve never seen a number like that in my 20 years in real estate. We had 803 condo sales this last month versus 338 in April 2020. The average sale price for condos is up 21.1% to $198,832, and the median price for condos is up 13.3% to $163,000. Condo inventory is down 76.3% from last year to 1.4 months. Inventory is down across the board in our market and throughout the country.
Homes are selling extremely fast, but you still need to make sure that you’re hiring the right agent. The average agent only sells about four homes per year. That means they aren’t in tune with what’s going on in the market at a given time nor are they knowledgeable about the best practices to sell for top dollar. They’re listing on random days during the week and leaving money on the table by taking the first offer.
With the system that we’ve designed, we make properties live on a specific day to drum up demand and create a multiple-offer situation that drives the price up. Then the seller comes back and chooses the best offer, and this strategy typically results in home sellers making tens of thousands more on their sale. Make sure that you take advantage of this market if you’re thinking about selling. I’m not sure how long this party can last.
If you or anyone you know is thinking about selling, now is the time to get the ball rolling. We are working with hundreds of active buyers and can help you sell for top dollar.
If you have any questions for me about the market or selling your home, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
