June’s real estate sales were strong as usual. A strong labor market and high demand for Myrtle Beach real estate has led to a steady progression of value along the coast and also to the outlying regions area the Grand Strand. The main headwind appears to be a shrinking amount of inventory. Otherwise, things are looking good.
$245,487 – This was the average single family home cost in Horry County in June. The number is based on a 12 month rolling average, so it offers a more reliable indicator of the market (as opposed to a particularly good or bad single month). For those that do not live in the area, Myrtle Beach is located in Horry County. There are several popular home buying destinations within Horry County including North Myrtle Beach, Carolina Forest, Surfside Beach, Murrells Inlet, Conway, and Little River. In June 2016 this number was $229,792; therefore, this is a hefty one year jump.
$145,496 – This was the average condo cost with the same parameters as the single family price we gave above. Last year at the same time the cost was at $139,173. As an interesting aside, last June the 12 month rolling average for the condo market had actually gone down for a few months leading into June. This June, the average price has RISEN every month since February. The condo market is going strong!
$387,697 – This was the average single family home cost in Georgetown County in June (12 month rolling). Georgetown County is just south of Horry County and is home to valued destinations including Pawley’s Island, Litchfield, part of Murrells Inlet, and City of Georgetown. Pawley’s Island and Litchfield have attracted a number of “upper scale” communities such as Debordieu and Prince George. Meanwhile, there is not quite as much home volume in Georgetown County. Those two factors are reasons that this average price per home is higher than Horry County. There are still very affordable home in Georgetown.
146 – This was the average days a Horry County listing spent on the market spanning all property types in June. Last June the average was 152. The point of giving this number is that patience needs to be practiced with every listing. Even with a great market, limited inventory, and having a large number of potentially home buying tourists in town – the average home needs about 5 months to sell. We all hear the stories about the person who listed and sold the next day…those stories remain an anomaly.
5.6 – The inventory county for all property types in Horry County from June. As discussed in previous months, this number (called Months Supply of Homes for Sale) represents how much inventory we actually have based on current sales. This is at a 10 year low at least – maybe further. Just for reference, the high number (from within the last 10 years) was June of 2008 with a number of 217! Talk about a hopeless feeling in selling your home in that market. Please take that data with a grain of salt since the records going back to that point may not be as accurate as current data. However, it gives a sense of just how far the market has come since the crash.
Thanks for reading. We look forward to hearing from you with questions or help in your real estate needs.