We are nearing the end of the year and real estate sales along the Grand Strand remain active.
I must admit, the future of the real estate market in the Myrtle Beach area seems to look a bit shaky. Of course, we cannot predict the market yet the last few months’ sales numbers are slower than what we hoped.
Most Recent Market Data:
1) Single Family Residential Sales Volume dropped 25% in October. We know that hurricane Matthew impacted October sales so we are hoping that November numbers improve.
2) Sales prices for new construction increased by 10% while sales prices for resales declined 4.5%
3) Condo sales decreased by 10% in October 2016 compared to 2017. Again, we will see how much Matthew impacted these sales numbers.
4) Condo inventory is increasing slightly.
5) The average List Price to Sold Price ratios decreased to 92%. Meaning, condo owners who are selling are having to negotiate more in order to get a contract.
6) Residential lot sales were down 50% in October and down 11% Year to Date. IT appears that builders are slowing down their buying of lots because they have too much in their inventory already.
7) New construction builder incentives have increased in order for them to get rid of their standing inventory.
In addition to these October numbers, we did see a slight decline in sales for the previous 3 months. The good news is that the market is still slightly higher over 2015 year-to-date. But, the last few months saw a dip and we are hoping that this is just a little hiccup.
We all need to keep our eyes on these updates as well as the interest rates. We know they increased last week and my local lending sources tell me this can impact loan approvals for those who are borderline approved.
You can count on me to monitor this market carefully. If I were thinking of selling anytime in the next year, I would take a good look at what is going on right now to make sure you understand the market trends and when you should make your move.
Please give us a call or email us if you would like specific research done on your property. There is a lot going on in our economy and I believe everyone should know what is happening with their real estate investments.