The Myrtle Beach Market Booms With a 39.1% Increase in Single-Family Home Sales
Hello everyone, it's Blake Sloan here with the latest and greatest real estate market update, coming to you from Myrtle Beach! As always, I have all the nitty-gritty details on what's happening in the world of real estate, from sales figures to price changes and more.
First up, I have some great news for single-family home sales. In the past month, sales have gone up significantly by 39.1%! Now, if you compare this to last year, it may seem like a bit of a decline, as single-family home sales are down 32.3% year over year. However, last year's March figures were the highest of the year, with 777 home sales closed. This year, we saw 476 home sales in March, which is still great news!
Things have been looking up since January when we only had 320 home sales. December and November were also quite rough, so it's great to see the market picking up again. Plus, median prices have gone up 4.2% year over year, even with the decline in sales. Right now, the median price for a single-family home in Myrtle Beach is $369,950, which is a significant increase from January's median price of $350,000.
Of course, the average sale price has gone down a little bit year over year, by 3.7% at $443,007 or $87. However, this is due to inventory being quite low right now. We're still in a super seller's market, with inventory up 150% from last year, but we're only at 2.6 months of inventory. Anything below six months is considered a seller's market, so sellers still have the advantage. This is because there just aren't a lot of houses for sale, as people are locked in at low interest rates of 2% to 3% percent and don't have to move. This is keeping prices high despite the decline in sales.
"Great things are still happening in our housing market."
As for condos, sales have gone down 31.5% year over year. However, we've seen a significant increase since January, with 551 condo sales in March compared to only 321 in January. This is a 52% increase in condo sales since January, which is great news! Inventory for condos is also quite low at 2.2 months, down from 2.4 months in January.
Overall, we're seeing a lot of buyers moving into Myrtle Beach right now, with great rates for 30-year fixed mortgages at 6.52% and even lower for jumbo loans. We're also seeing a lot of interest in condo sales due to their affordability.
So there you have it, folks! That's the latest and greatest from the world of Myrtle Beach real estate. As always, stay tuned for more updates and insights into the ever-changing market. Remember, if you have any questions about the state of the Myrtle Beach housing market or real estate in general, please feel free to reach out to me by phone or email. I would love to help you.