October 2017 Myrtle Beach Real Estate Market

4th Quarter Update

Summer is over and Fall is here. I am getting a lot of questions about the market and if things will be selling over the fall and winter season.

Are we in a SEASONAL MARKET?

This is a common question and one that is often misunderstood. The simple answer is NO, things will continue to sell all year around in this market.

BUT, it is critical that you have an agent that understands the local market. You see, properties will continue to sell BUT, the clientele that is buying changes. The only thing that is seasonal is the buyer type, not sales itself.

Let me explain… In the summer season, we see a lot of families making their move because they want to transition while their kids have summer break. During the fall, we seem to be selling to a more mature buyer. These buyers tend to be closer to retirement and often pay cash. The winter drives down the snowbirds that are getting away from the cold weather up north, and the spring brings that golfer-like buyer back to the market.

So you can see, we have buyers all year round. But the key to selling is making sure you understand the market. And the agent you hire must understand how they need to market the property to make sure they get the attention of the buyers that are in the market at the time.

Market Update:

We experienced a slight dip in single-family sales in September compared to September 2016. But prices stayed relatively the same.

Condo sales activity decreased by .9% month over month, though the YTD sales have increased. Condo inventory has been tight though we see that it is increasing at this time.

Land sales are down a whopping 29% in September compared to 2016. This could mean that builders have plenty of inventory and need to sell off some of their existing homes before buying more land.

Overall, the market remains good and I believe we will see a lot of activity over the next few months. If you are thinking of selling, you may want to get on the market now. We anticipate the competition decreasing over the next few months giving those on the market a better shot at selling for a top price.

Please let us know how we can help you. We are always available to evaluate your property and help you make good real estate decisions.

Have a great Fall!

~Greg Harrelson