The South Carolina REALTORS Association just released a very comprehensive video that is a year end real estate market update for the state. Below is the video for you to watch:
2015 was the best year we have experienced in real estate in SC since 2009. Sales remained strong while the inventory stayed steady, along with interest rates remaining low meant we had a very strong year in the state. The number of closed sales passed over 70,000 units for the year. This is something that hasn’t happened since before 2006. This is an 11.6% increase over 2014.
The inventory of homes on the market dropped down to 33,800 homes or an 8.2% decrease in inventory. Experts believe that as interest rates start to rise, it will spur on more activity making the amount of homes on the market to go even lower. We are now down to a statewide inventory of 5.5 months. This is a 19.1% decrease over 2014 and a strong sign that we are once again on the way to becoming a sellers market.
The average home price in South Carolina also rose in 2015 to $172,000. This is a 6.2% increase in price over 2014. Also, this is the highest home values have been in South Carolina in the past 10 years. Those thinking of selling their home, shows that now is the best opportunity to get the highest price for your home in a very long time.
If you would like more information on selling your home or buying a property here in Myrtle Beach, do not hesitate to contact me.