Your Look at Our White-Hot Seller’s Market

Myrtle Beach Real Estate Podcast with Blake Sloan

Let’s take a look at the latest numbers from this crazy market. It’s time for another update on the market, and to be frank, these numbers are the craziest I’ve ever seen. There are massive increases in every aspect of the market right now, and records are being broken across the board. In just the last seven days in our marketplace, 827 properties went under contract, over $219 million worth of properties. Let’s take a look at the latest numbers for March: Single-family sales increased by 45% over last year. Prices are also through the roof; the median price rose by 20.9% to $287,500 and the average price rose 19.5% to $360,519. But what’s driving up prices? It’s our extremely low inventory. The number of homes for sale on the market is down by 78.3% over last year, and we currently only have one month of supply available. A healthy market has between six and seven months of inventory. Decreased supply and rising demand in the marketplace have put upward pressure on home prices. Another crazy statistic is buyer traffic. We track showings per listing across the entire MLS and found that showings are up by 175% over last year. Here in Myrtle Beach, we have the perfect storm of ultra-low interest rates and the pandemic causing more buyers to flood into our market. Additionally, the ability to work from home and the fact that people can retire earlier also contributes to our influx of traffic. They’re coming down here to try to buy while it’s still affordable. “We have over 60,000 buyers with an account on my website, but there are only around 2,000 homes for sale.” We’re also finding that many people have a lot more equity right now than they realize, so much so that online home valuations are way off the mark. We know of one seller who based their sales price on an online valuation and wound up undervaluing their property by $30,000. That’s why it’s critical that you work with an experienced agent; we can help you avoid leaving money on the table. Condo sales are also through the roof, having risen by 57.1% in March. They’re higher than normal because many of the people who were looking for homes have found that they can no longer afford them, so they turn to condos, which are more affordable and available right now. The median condo price rose by 14.1% over last year to $158,000, and the average price rose by 19.4% to $191,790. Like single-family homes, buyer traffic for condos also skyrocketed by 171.4%. To give you a perspective about the disparity between buyers and sellers in the market, we have over 60,000 buyers with an account on my website, but there are only around 2,000 homes for sale. If you or someone you know has been thinking about selling your home, you should reach out to me as soon as possible. We can create an auction-like effect for your property by generating multiple bids so that you can get top dollar for your home. We’re also negotiating for many sellers to get extended closing dates so they have time to find a replacement home. And as always, don’t hesitate to reach out to me with any questions you have. I’d be glad to assist you.