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Myrtle Beach Real Estate April 2023
Myrtle Beach Real Estate - Spring Market Boost!
Attention Myrtle Beach Area Property Owners:
You may be aware but the real estate market has been bouncing around a good bit lately. A lot of this has to do with interest rates and buyers' confidence in their personal finances.
Good news! - we are already seeing increased activity likely due to the Spring selling season.
Overall, the market remains a 'seller's market' where sellers are getting the prices they ask. It may be taking a few weeks longer but we are able to get good prices.
Check out my latest Market Update: Spring Inventory and the Hot Sellers Market:
Main difference in today's market versus last year:
- It is taking a little more time to get a property sold.
- There are fewer buyers in the market... fewer sellers also so this keeps prices stable.
- Fewer multiple offers yet we are still getting the seller a high price.
The Statistics:
Homes Closed Sales: Down 35% compared to March of 2022
Condo Closed Sales: Also down 35% compared to March of 2022
Homes Pendings: Down 20% in past 6 months
Condo Pendings: Down 13% in past 6 months
30-Year Mortgage Rates: 6.44% (rates may be softening more soon)
The market is different but different that doesn't mean bad. The market is a seller's market because inventory is so low and buyers have very little to choose from. I think the next 3 months will prove to be excellent for sellers and the prices they get for their properties.
I keep my eyes on the local real estate market and know that today, it is a healthy market.
Let us know if there is anything that we can do for you.
~Greg Harrelson
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