Looking at the numbers reported by the Coastal Carolinas Association of Realtors, June is pretty flat compared to May. The average price of a sold property dropped by $1,740 so prices went down a little. But when the average price is $383,622... it's not much at all.
If you’re waiting until prices drop further… let me tell you why that’s probably a bad idea. Compared to last June, prices are up by almost $23,000. 5 out of the last 12 months, we’ve seen a small decrease in price. But overall, prices are trending up. If you’re waiting because you need to save more for a down payment, pay off a car or a student loan, I completely support waiting. But if you’re able to buy right now and you’re waiting for prices to come down significantly, it’s just not going to happen. By waiting, you’re going to pay much more for your property.
*Prices have increased every year in the Myrtle Beach market for the last 10 years. Ask almost anyone who has bought a property... they wish they had bought it sooner.
Total properties for sale remained around the same level as May. Both months reported inventory levels between 4100 and 4200 properties for sale. Interestingly, new construction continues to be a huge player in our market with new construction making up 42% of all inventory.
What does all of this mean?
Buyers- you should get off the fence and buy a house before prices go up more. You’ve got a decent amount of inventory so you have options. Things are taking a little longer to sell so you don’t have to rush and move too fast. Is now a good time to buy? Yes. I have numbers to prove it. I know the area and I’d love to help you find the property.
Sellers- keep new construction in mind as you price your home. Does new construction dictate what your home will sell for? Absolutely not, but it’s important to know as you put your home on the market to take into account what a buyer's options are. This is a great market to sell your home. I’d love to talk through a strategy that helps you achieve your goals.