The Myrtle Beach area real estate market is continuing to see an increase in sales in both single-family homes and condos as home prices have continued to rise. Year-to-date, Closed Sales in our region are up 2.4 percent overall.
The median sales price is up 8.5 percent for single-family homes at $230,000 and condos up 3.8 percent to $130,000 for condos. The overall median sales price was up 5.8 percent to $183,000.
Compared to YTD, there is an increase of 5.8 percent in the average sales price, up 6.6 percent for single-family homes at an average of $263,414. For condos, there was also an increase, up 3.1 percent at an average of $153,193. Homes with three bedrooms or more have the strongest sales while single-family homes have the strongest sales above other property types. Real estate priced over $249,000 had the strongest sales YTD.
New listings YTD are down 5.5 percent, down 7.5 percent for single-family homes with new listings as compared to this time last year. Average days on market YTD was down to 135 days, a decrease of 1.5 percent overall; though it was up3.6 percent for single-family homes averaging 143 days on market and 8.7 percent for condos averaging 126 days on market. Inventory also decreased YTD 10.9 percent, down 7.7 percent for single-family homes and 15.5 percent for condos.
The price range with the largest gain in sales was the $249,000 and Above range, where they increased 17.6 percent. The price range that tended to sell the quickest was the $112,999 or less at 109 days on the market and the price range that tended to sell the slowest was $249,000 and above range at 160 days on the market.
We are looking forward to a very strong 2019 in real estate. Whether you’re buying or selling, go with your friends at Better Homes and Gardens Real Estate Elliott Coastal Living—local heritage with a national brand name!