August Real Estate Report

Happy August everyone! As we work towards the backend of the Summer, the Myrtle Beach real estate market still pushes forward at an impressive rate. Let’s take a look…

$244,972 – The July average price for a single family residence in Horry County (12 month rolling). Last year the number was $231,474. This is a nice increase from last year at the same time. However, it’s a slight dip from where we were in June. We’ll monitor if this becomes a consistent dip over the coming months or whether this is a temporary blip on the radar.

12,466 – The amount of pending sales for all property types in Horry County last month (12 month rolling). In July of 2016 there were 11,287 for the same statistic measurement. In June, the number was 12,171. Long story short, even though there was a dip in home sales prices (see above) the amount of properties that are pending for sale has jumped. This could be a situation where the homes that were previously struggling to sell have started to move at a higher rate given the limited amount of home inventory on the market.

5.5 – Months of inventory of single family residences on the market in Horry County in July. This number represents a new low. From talking to other Realtors in the business, this is a statistic that definitely comes up in the real world. There are not as many listings as there would traditionally be to keep up with demand. If you are thinking about selling your house the time might be now.

17,704 – This is the number of new listings in Horry County in July (all property types; 12 months rolling). With respect to the paragraph above, this is a good development. This number was a slight increase from June and is a fairly significant jump from the same statistic from last year (17,301).

$127 – Price per square foot average for single family residences in Horry County in July (12 month rolling). This number was steadily trending upward for months, but has leveled out from June to July. In fact, if you look at the monthly average (instead of the 12 month rolling) July was the lowest price per square foot since January. However, we would not look at a one month drop as reason to formulate an opinion. Further, the month of July in Myrtle Beach is not traditionally the best real estate month. We would just remind all to pay attention to the trends and see if the real estate market ultimately provides signs that the time is right for you to buy or sell property in Myrtle Beach or surrounding areas.

Thanks again to our readers for checking in with us this month. We often receive comments after our blogs and generally respond to those privately. If you have questions or a request for a specific statistic, let us know and we will be happy to provide you with more info. Feel free to visit our real estate site at www.CarolinaBaysRealEstate.com or email us at carolinabays@outlook.com.

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