Here are the latest numbers for single-family homes and condos from August.

We have some brand-new numbers to share for the Myrtle Beach real estate market. The numbers are good on paper, but there are some concerning trends. For example, we’ve seen two straight months of decline in single-family sales and three months of decline in condo sales. These drops have not affected prices yet, but they are worth keeping an eye on. Without further ado, let’s break down the numbers from August:

Single-family homes:

  • Sales are up 4.3%. This is great, but we can see the market capped out in June with 797 home sales in the month. Last month, we had 653 home sales, so we’re seeing significantly fewer buyers.
  • Inventory saw a 58.3% decrease from August 2020 but has been climbing for the last two months. We’re still near all-time lows, so that’s protecting the sales price for the time.

For sales price, our average is up 22.3% at $410,957 which is a new record. The median price is up 20.4% to $325,000.

“The drop in sales and the rise in inventory are alarming.”

Condos:

  • Sales are up 10.7% from last year. We have seen three straight months of decline, though. The price may soften a bit in the future.
  • The supply is down 77.1% from last year at 1.1 months’ worth of inventory. That is protecting prices from dropping.
  • The average price is up 10.4% at $209,846.
  • The median price is also up 8.3% at $170,000.

The sales in Myrtle Beach last month were down 30% from the same month last year. I think this shows some buyer fatigue. There is usually a bit of seasonality, but it doesn’t normally drop off this fast. We’re not sure if this is a speed bump or a lasting trend, but we might be at the peak of the market. Again, the drop in sales and the rise in inventory are alarming, so we’ll probably see the price soften up a bit in the near future.

We’ve talked to a lot of homeowners and helped them realize we can get them more than they think for their homes. There is such a shortage of inventory that we can use our marketing system on top of that to really drive up the sales price. If you want to figure out more about this, give me a call or send an email. I’m always willing to meet with you. Anything and everything you have questions about that’s real-estate related, you call me. I look forward to hearing from you soon.