January was another good month for Myrtle Beach real estate and the Myrtle Beach home building industry. Below, we will break down some numbers related to the general health of the market.
$242,830 – This is the average price of a single family residence sold in Horry County according to the MLS data during January 2017. As compared to $229,021 at the same time last year, it is clear that home prices continued a long term growth pattern. Georgetown County also saw a nice jump in home prices. The average sales price was $459,202 for January this year as compared to $329,814 last year at the same time. One thing to understand about the higher home prices in Georgetown County on this report is that two areas of Georgetown County (Litchfield and Pawleys Island) tend to have higher home values and many upscale communities. Due to the fact that those areas tend to have the more consistent sales volume than some other areas of the county, it makes the numbers for the County look high. In other words, the average actual home value across the county would have a different (and presumably lower) number in comparison to periodic sales amounts.
$159,661 – This is the average closing price of a condo/townhome in Horry County in January this year. Last year the average for the same period was $142,480. It is good to see a general appreciation in condo prices as that type of residence took a particularly hard hit during the market turndown.
2,827 – The number of single family homes for sale in Horry County during January of 2017. That represents a decline in available inventory when compared to the 3,114 single family homes on the market in the same time and area last year. As mentioned in several local and nationwide reports, a declining amount of inventory is a concern. For those that have been on the fence about selling their homes, this may be a good time to consider a move as these indicators suggest this is a seller’s market.
$117 – Price per SQFT for homes sold in Horry County in January. Last January that number was only $112. Governmental regulation and rising material and labor costs are also making a dent in the new construction market. For example, in January of 2010, the average new construction price in Horry County was $112. In 2017 that number was $120. That may not sound like much over a 7 year span, but if a home has 3,000 SQFT (for example) that is a difference of $24,000. It’s important to note that these numbers largely do not reflect “custom” home building numbers because most custom homes are not included on the MLS.
6,453 – The number of single family residences sold over the previous 12 months in Horry County. Last year at the same time the number was only 6,138. That approximate 5% increase is a good jump for an area that what very strong in the previous 12 months as well.
122 – Average days that single family homes that sold in January had stayed on the market in Horry County. It’s always good to point out the average days on the market to show that it still takes some patience to find the right buyer. Even with a strong market, the average time on the market was right around 4 months.
We’ll wrap up by acknowledging that these are just a small sampling of interesting numbers for a small selection of properties, areas, and property types. If anyone would like statistics for a different selection of criterion please let us know and we will be happy to get a specific report.