Here are the numbers to know for our market as we head into August.
The latest numbers are in for Myrtle Beach real estate and they’re very interesting. We saw a big decline in the number of homes sold, which we knew was coming because of a recent dip in pending sales.
If you look at single-family home sales in July, they were down 11.6% in the Grand Strand from June. Only 631 homes sold last month vs. 790 the month before. That’s a pretty significant drop.
The good news is that home prices are still up. Last month, the median price was up 22% overall to $322,000. The average sale price is up 16.5% to $395,175.
The one thing to notice is that there was a slight decline in the month-over-month numbers. The average price is up 16.5% from where it was in July 2020, but it’s actually down from $398,160 in June. We’ll keep an eye on this trend going forward.
Now let’s take a quick look at inventory. We’re down 65.7% year over year and have only 1.2 months of inventory right now. I track this number weekly.
“Condo inventory is the lowest that it’s ever been.”
Condo sales are up 2.8% year over year, but they’ve dropped significantly month over month. We had 835 condo sales in June and only 665 in July. As with single-family homes, average prices for condos are still up. The median price is up 14.5% year over year and the average price is up 18.3% year over year. Month over month, there was also a $7,000 drop in average condo prices from June to July.
Condo inventory is the biggest movement we’ve seen out of any number. We’re down 82% from last year to just 0.9 months. That’s the lowest figure we’ve ever seen.
We’ve been tracking new properties every single morning in our 9:00 a.m. huddle. About 30 to 45 days ago, the number dipped into the 580 range. However, over the last seven days, we’ve had 738 properties under contract. Last month, we saw around $180 million in volume per seven days. Today we’re closer to $243 million in volume per seven days.
Inventory was hovering around the 400 range, but it’s now up to 508. This will help with some buyer fatigue. There is a different, more affluent buyer that comes into our market in the fall. If you’re thinking about selling, you should know this and they tend to buy a ton of high-end properties and they tend to pay top dollar for them.
Right now, there are almost 70,000 active buyers in our system. If you’re thinking about selling, we can help you. We’re selling properties like crazy and can help you get yours sold for the right price and with the right terms. Don’t list with just an average agent. You need the absolute best to have success in one of the hottest markets of all time. In Myrtle Beach, that’s The Sloan Team.
If you have any questions for me about the latest numbers or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
