The real estate market in Myrtle Beach remains active though we have experienced a slow-down in the number of sales. As a market, there has been a 15.8% decrease in closed sales YTD compared to last year.
Typically, when sales drop so quickly…prices do also. BUT, as of now, we have not seen a downward trend in pricing.
Here's the latest version of Myrtle Beach Real Estate TV – Where is the Market Heading?
1- New Sales (pendings) are down 15.8%
2- Condo Inventory is up roughly 100%
3.-Sales prices remain stable – (not really up or down)
4- Interest rates are bouncing between 5%-6% for homes and 7%-8% for condos
5- Showing activity per listing is down 22.2%
6- Buyers seem to be taking longer to make decisions
As you can see, there are a lot of changes happening in the market right now. We don’t have a crystal ball that tells us the future but we do see the market softening a bit.
As real estate agents, we are paying attention to what is happening and making adjustments to the way we market our properties for sale. If you ever consider selling, please give us a call to discuss a strategy that helps you get a higher price.
We look forward to helping you in the future.