Welcome to our monthly Myrtle Beach real estate update. March was yet another month of growth for home values. Let’s jump straight into some of the numbers we thought were interesting from last month.
$271,423 – This is the average price of a single family home sold in Myrtle Beach in March of 2017. Last year the average was $257,572 during the month of March. If you take the 12 month “rolling” average, the numbers are also showing growth. The 12 month rolling price as of March was $263,282. That number was $248,394 last March. In some ways this number is more indicative of the true market value because it factors the previous 12 months of data to come up with a number that is not simply dependant on one particular extreme month.
10% – This is the percentage growth in home value in Horry County single family residences if you compare sales numbers from March 2017 in comparison to March 2016. As many of your know, Horry County is comprised of Myrtle Beach, North Myrtle Beach, Carolina Forest, Surfside Beach, and several other locations. That statistical improvement across a broad area is very promising.
1375 – In Horry County, utilizing Single family, condos, and modular type properties, the pending number of sales in March 2017 was 1,375. Last year in March the number was 1,147. That number (which spans multiple property types, multiple areas, and multiple ages of properties) gives a great idea of the continued growth actual buyers. As one can imagine, property values and interested buyers tend to go hand in hand. This is a good example of that correlation. If that past predicts the future, last year the pending sales jumped up sharply from February to the end of March and then went up slightly more in April. After that, the pending sales number dropped fairly steadily until bottoming out in December. Summary: the best volume is happening in the spring. If you’re a seller, keep that time frame in mind.
995 – New single family residential home listings in March of 2017. Last year was an (almost) identical number at 993. We’ve talked about flat inventory number before and the trend continues. Though the number of new listings stayed about the same we’re still going to have a tough time meeting demand because the volume of sales is up (as seen above). Long story short, our months-of-supply for this category/area is only 5.3. Last year that number was at 6.1.
New construction prices continuing to rise – Over recent months building material costs have been rising sharply. Part of that increase is simply because demand is high for the resources used in building a home. However, the situation is magnified due to the uncertainty about the renewal of the US-Canada Softwood Lumber Agreement. In February the softwood lumber prices rose 4.8% per Constructiondive.com. We’ll comment on new construction prices in the coming months as the situation develops.
Looking for some other specific numbers, market trends, or a value on your own property? Let us know. (843) 489-1228