March Market Report 2017

Welcome to our March Myrtle Beach real estate report.  We love to follow the market and share reports with prospective buyers and sellers of Myrtle Beach real estate.

This report is following the trends of the real estate market through the end of February 2017.  Each month we intend to give different types of numbers for perspective.  Rather than just giving the exact same number breakdowns every month, we like to spot light relevant or interesting numbers.

$202,900 – The median sales price of a single family residence in Horry County in February.  Last year the number was at $199,900.  This is a good way to look at the market values since the median is meant to be the middle price in the range of pricing.  In this scenario a middle of the road priced home is about $3,000 more than last year; that seems like a fairly reasonable estimate of the market.

$249,470 – This is the average sales price for the same single family residence sales in Horry County.  Last year at the same time the number was about $20,000 lower.  When comparing the median and the average, this might suggest that there is still a good range of homes prices on the market, but that the rate of higher priced home sells has increased.

339 – Amount of condo sells in Horry County in February.  That’s up from 318 at the same time last year.  It also shows a good incline over the amount of closings from January.  If last year is any indication, the number of sales will increase each month until peaking in June.  Long story short, if you are thinking of selling a condo in Myrtle Beach, these are your prime months to do so.

5,852 – Homes for sale (ranging all types) in Horry County in February.  This is the first downturn number we have mentioned in this write-up.  The “inventory” last February was 6,478.  Actually, if you are a seller this is not bad news.  Following the laws of supply and demand it stands to reason that your home will naturally increase in value.  In general though, this lack of inventory means that home builders should be considering stepping up in their speculative building efforts.  It also suggests some buyers might want to check out new construction.  Interestingly, Georgetown County has about the same inventory as last year at the same time (12 more listings to be exact).

97.6% – The average percentage of the asking price that the home sold for (Horry County single family in February).  This number is actually pretty consistent when looking back over the course of the year.  For example, if the listing price was $100,000, the home would sell for $97,600 statistically.  This is a good thing for both buyers and sellers to understand as they determine selling and buying prices.

All in all, the market continues to be very healthy with sellers seeing increased potential selling prices and buyers getting property with good growth potential.  As with any time we do some market reporting, we would suggest you talk to your agent before making determinations on buying or selling property.  In doing so, you can get specific numbers with regard to your real estate project.  If you have specific numbers you would like to ask about, please feel free to reach out to us with your question – carolinabays@outlook.com .

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