Your May 2024 Myrtle Beach Housing Update

The past month’s market whirlwind has everyone very excited.

Last month brought some incredible developments in our local real estate market, and the numbers are truly impressive. We saw a substantial surge in home sales, particularly for single-family residences, with an astonishing 18.1% increase compared to the same month last year.

In April, 510 single-family homes were successfully sold compared to the 432 homes sold in April 2023. This surge follows the trend of steadily decreasing interest rates since the beginning of the year, finally translating into significant double-digit growth in the market. The median home price also increased, rising by 8.9% year-over-year to reach $377,750.

While the average sales price dipped slightly, this is not unexpected as prices often lag behind other market indicators. After a sluggish period in late 2023 and early 2024, the rebound in sales activity is a clear sign of growing demand. The average sale price declined by 6.3% to $461,205 last month. However, given the current trajectory with sales on the rise, we anticipate prices to stabilize and rise soon.

What does this all mean for you? The market remains highly favorable for sellers, evidenced by the low inventory levels—just 3.6 months' worth. Since a balanced market is supposed to have around six months’ worth of inventory, this means we are still in a strong seller’s market. 

"Explore your options and make the most of the current market conditions!"

Another crucial metric to consider is showings per listing, a key indicator of market interest. Currently, the average MLS listing receives 4.7 showings, down 9.6% from last year. However, it now takes an average of 14.1 showings to secure a contract, reflecting a 6.8% increase compared to last year. This discrepancy highlights the importance of selecting the right real estate agent with effective marketing strategies to maximize property exposure.

In the condominium market, we've observed a contrasting trend. Condo sales declined by 18.7% last month compared to April of the previous year, reflecting broader challenges faced by this segment. Despite this decline in sales volume, condo prices have remained resilient, with a year-over-year increase of 8.1% to a median price of $259,450. The average sale price also rose by 5.7% to $285,615.

One significant shift to note is the increase in condo inventory, now at six months' supply, transitioning this market into more balanced buyer-friendly conditions.

If you're considering selling your condo, I suggest you act now, while market conditions remain favorable. Choosing a knowledgeable agent who understands these nuances and can adapt marketing strategies accordingly is paramount.

We're dedicated to providing comprehensive solutions to meet your needs. Whether you're looking for an instant cash offer or a traditional sale, we have the expertise and resources to assist you. Our market-leading search tools allow you to explore properties with ease, and our free online home evaluation provides valuable insights into your property's worth.

Feel free to call or email with any questions or if you're ready to make a move in this dynamic real estate market. We're here to help you navigate every step of the process.

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