May 2017 Myrtle Beach Real Estate Market
Lack of Supply is Changing the Market
The local real estate market is the most active I have seen since the big boom years ago. It is fun to see properties come on the market and sell in a few days, especially when the seller is getting top dollar.
Market Statistics:
Residential Sales
Total Sales Volume in April 2017 was up 4% compared to April 2016
Total Sales Volume is up 7.4% Year To Date.
Sales prices in April 2017 was up 13.8% compared to April 2016
Current Inventory is down 5%this year compared to last year this same time.
Condo Sales
Condo sales activity April 2017 was up 14% compared to April 2016
Year To Date condo sales are up 21.8%.
Current Inventory is down 10% this year compared to last year this same time.
As you can see, every number has increased over last year. And, we are feeling it in the office. We have so many buyers that are qualified and looking for a property, and there is nothing on the market that fits their needs. When a good property comes on the market, it typically gets a lot of showings and an offer - many times, multiple offers.
There are very few times that a property is listed for sale and it does not get activity quick. In those cases, it is likely a marketing problem versus a property or pricing problem. When a property is listed for sale today and it is marketed aggressively…it sells!
If you have ever thought of selling, now is the time. We believe the rest of this selling season will be very strong. As we learned the last time, a hot market doesn’t last forever.
I am NOT trying to talk you into selling but if you have thought of it then it would be worth your time to give us a call and check on your potential sales price.
We hope to continue to be your resource of real estate information. Please email, call or text us if you need anything.
Happy Summer!
~Greg
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