The month of May is off to a beautiful start in Myrtle Beach, SC. The weather has been warm, but not too warm; and, hardly a cloud in the sky. Actually, we could use a little more rain, but that’s a different story for a different day. Let’s dive into some sales numbers through April of last month.
One quick note for those that may not be familiar with the area – Myrtle Beach is located in Horry County. That’s why we often focus on Horry County for these reports. Georgetown County is just south of Horry County and has some great living areas as well. However, Georgetown does not have quite as much volume and therefore the sample size is lower.
$242,301 – The average cost of a single family home in Horry County for a rolling 12 month period. Last year at the same time, that number was $229,429. Comparing these two rolling numbers is a fair way to judge the value increases along the beach area given the 12 month time frames taken into account.
$143,077 – The average cost of a condo in Horry County for a rolling 12 month period. Last year that number was $140,256. This is a relatively modest gain, but it’s a welcome trend upward. When the market crashed across the country around 2007/2008 condos in this area took some of the hardest value hits. Looking at the same statistic for April of 2012 the average was $132,984. That gain of about $10,000 over that 5 year span has been a welcome development for local condo owners.
5.4 – Months of supply of single family residences in Horry County as of April. This number is meant to give an indicator of how much product is on the market at any given time. We’ve talked about the limited inventory several times this year and it continues to get more limited. Last year in April, the inventory number was at 6.1. Looking at a line graph, that number has generally been trending down for over 5 years. For a comparison, in January of 2012 that number was at 11.3. This lower number points to the low supply which usually indicates a seller’s market. This is a great time to list your property statistically speaking.
$280,179 – This number was a special request from a client in Murrells Inlet (a little South of Myrtle Beach). The number represents the average price of a single family residence in Murrells Inlet over a rolling 12 months. Murrells Inlet is an extremely popular area with close proximity to attractions such as Huntington Beach State Park, The Murrells Inlet Marsh Walk, Brookgreen Garden, beaches, and shopping. Last year the same indicator number was at $276,691. One quick note for those that don’t know: Murrells Inlet is partially in Horry County and partially in Georgetown County.
$125 per SQFT – We’ll wrap this month with the average price per SQFT (square foot) for homes sold in April in Horry County. This particular number has been one of the most consistent climbers over recent years. For example, here are the numbers (12 months rolling) for the previous 3 Aprils: 2014 – $111, 2015 – $115, 2016 – $120. Price per SQFT has long been a favorite of real estate agents to use as a measure to compare homes of different size ranges. It’s not a highly accurate method of true home valuation, but it does give a quick reference for pricing. The cost of construction of new homes has continued to climb due to regulations on new construction. So, the resale market is a beneficiary of the higher new construction pricing as well.
Thanks for reading our May report. If you have specific requests for future numbers, please let us know: firstname.lastname@example.org .