March's Myrtle Beach Real Estate Update
We've had a very interesting month in real estate, to say the least. Big changes are coming to our market, and we can’t wait to share them with you. In our latest market update, we’ll cover where home sales are heading, what the forecast for the rest of the year looks like, and what this all means for buyers and sellers.
Usually, we begin these market updates with what we like to call “rear view” numbers, which are from last month. However, today we’re starting with pending numbers from the last seven days, which are generally better at predicting where things are heading. These numbers are absolutely astonishing. Last week, 607 properties went under contract in Myrtle Beach, which is a 26.46% increase. At the same time, dollar value increased by 20% over the last two weeks.
Why are so many buyers jumping back into our market? Tons of demand got delayed due to the holidays. Notably, many higher-priced properties are beginning to sell, which suggests people saved their big buying plans for after the new year. This brought in a ton of buyers who otherwise would have been sitting on the sidelines.
"The national housing shortage will keep prices high."
Now, let’s get to the rear-view numbers. Last month, single-family home sales were down 34.7% from this same time last year. Our market has definitely slowed down since its peak last spring; however, I expect things to speed up pretty soon. Home sales are already increasing month over month, and I expect this trend to continue as we head further into spring.
The median sales price in our area is still up 4.6% from this time last year, but it did fall from last month to $350,000. Meanwhile, supply is up 140% from this time last year, although it did decrease month over month. We still only have 2.4 months of inventory, which is considered very favorable for sellers. As long as inventory remains this low, we don’t have to worry about a housing crash.
Condo sales are also down. In January 2022, 573 condos closed, while this January, only 302 condos closed. That being said, we still have a massive condo shortage in our area, just like homes, so the market remains fairly stable—median condo prices are up 17.2% year over year.
What does this all mean for you? Home sellers are still in the driver’s seat. Many buyers are heading back into our market as rates fall, so there will be much more demand for your home. That being said, many sellers will flood the market once the spring market gets into full swing. If you want to beat the rush and get the best deal possible, you need to move quickly.
Call or email us with any questions. We’d love to help you get the best deal possible in this shifting market.