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Apr 18 2018

Myrtle Beach Real Estate Market Update April 2018

It’s been a busy winter for real estate here in the Myrtle Beach area! In my 17 years in the real estate business, I’ve only seen things this busy this soon a few times. Listings that are in good shape and priced competitively are going under contract normally within 7 days of being placed on the market. Multiple offer situations is not an uncommon thing to experience when trying to purchase a home.

My personal listing inventory is at the lowest it has been since getting into the business in 2001 with currently only 2 listings. I think the bad weather that the northeast is having is a driving factor to why people are moving south. While on Easter parts of the northeast saw anywhere from 8-16″ of snow, we had temperatures that day in the high 70’s. I told someone the other day that I don’t miss my snow shovel at all!

The bad weather along with the fact that people are tired of paying extremely high property taxes, are the two main reason people are moving to Myrtle Beach. I was talking with a friend who sells homes in New York yesterday that told me that one of the homes her buyers were thinking of purchasing up there had an annual tax of $42,000! When I shared with her that if that home was in Myrtle Beach that the taxes would be under $2,000, she was ready to place her home on the market and move south.

Here’s the market report designed by RE/MAX for the national level, and I have to admit, here in Myrtle Beach is very similar. Take a watch:

If you would like more information on buying or selling a home in the Myrtle Beach area, feel free to contact me here or call me directly at 843-222-9402.

Jun 14 2017

Myrtle Beach Real Estate Market Minute- May 2017

How is the real estate market in Myrtle Beach these days? Well, I’m glad you asked. In the video below, I will give you an update of how things are doing in comparison to the month before in our local market. I tried to keep the video short and to the point so obviously that means I could not give a bunch of details in the video. Check it out.

Single Family Homes In May

Here’s the stats I shared in the video for single family homes in Myrtle Beach:

Current Active Homes June 13, 2017: 3,911
SOLD single family homes during May 2017: 823
Average SOLD price for May 2017: $251,695
Increase of 87 more homes SOLD over month prior.
Average SOLD price increased $16,125 over month prior.

Condos in May

The condo market also saw some great increases during May:

Current Active Condos June 13, 2017: 3,704
SOLD condos during May 2017: 559
Average SOLD condo price for May 2017: $147,421
Increase of 42 more condos SOLD over month prior.
Average SOLD price increased $1,003 over month prior.

Wrap Up

As you can see, the Myrtle Beach real estate market is pretty strong right now and is continuing to increase month over month. Over the past few years we have seen increases in home values of 7%-10% each per year. If you have been thinking of buying a home in the area, you might want to consider talking to a Myrtle Beach REALTOR® soon as home prices are going up as well as interest rates on mortgages. As this trend continues, your ability to purchase will continue to decrease. Contact me today for to get your search started or call me at 843-222-9402 now.

Jan 22 2016

Home Prices In South Carolina Are Highest In Over 10 Years

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:

The highlights:

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.

Aug 28 2015

National Housing Market Update August 2015

Here’s the latest update on the housing market for the United States. The trends mentioned in this video are consistent for here in the Myrtle Beach area as well. We have seen a steady increase in the number of homes sold as well as a steady increase in the prices on these homes.

In a year over year comparison, the number of transactions completed is up 11.3% and the average sales price has increased 6.4% over the previous year with a median sold price in July of $215,000. The national average for days on the market is also now at 57 days and we currently have an inventory of approximately 3.9 months inventory. To see all the stats, download a copy of the REMAX National Housing Report_August 2015.

The market here in Myrtle Beach continues to follow along these same measures as the national market. Homes that are priced properly continue to sell quickly for strong prices. If you have been thinking of selling your home, contact me today for a complete market analysis of what your home could potentially sell for.