The real estate market in Myrtle Beach is transitioning, showing signs of favoring buyers after years of high demand and rising prices. New data indicates an increase in available homes and condominiums, alongside a decrease in median sales prices, marking a significant shift in the local housing landscape.
Key Takeaways
- Myrtle Beach home inventory increased by 24.4% in December.
- Median home sales price in Myrtle Beach fell to $539,000.
- Carolina Forest shows different trends with rising median prices.
- Myrtle Beach condo listings increased by 17.4% in December.
- Days on market for Myrtle Beach homes decreased to 106 days.
Myrtle Beach Housing Market Sees Increased Inventory
The Myrtle Beach real estate market is experiencing a notable change. For years, sellers held the advantage with limited supply and quickly rising prices. However, recent data suggests a shift, indicating a more favorable environment for buyers.
The latest 'Local Market Update' for December reveals a significant increase in the inventory of homes for sale. This rise in available properties is a key indicator of a market moving towards buyers.
Market Fact
In December, new home listings in Myrtle Beach totaled 61. This represents an increase from 46 new listings recorded in December of the previous year.
Overall, the inventory of homes for sale in Myrtle Beach saw a substantial increase of 24.4% in December compared to the previous year. This expanded selection gives prospective buyers more options to consider.
Prices Decline as Supply Grows
With more homes on the market, prices have begun to adjust downwards. This trend is typically observed when inventory outpaces demand, creating a more competitive environment for sellers.
The median sales price for a home in Myrtle Beach in December was $539,000. This figure is lower than the $581,000 recorded in December of the previous year.
"When inventory dramatically increases, there's just so much to choose from, and that is what really pushes prices down. That's good for buyers."
Despite the increase in listings, the number of closed sales remained steady. There were 46 closed home sales in December, matching the figure from December of the previous year. This suggests that while more homes are available, the pace of sales has not accelerated.
Understanding Inventory
Increased inventory often signals a shift from a seller's market to a buyer's market. More choices for buyers can lead to greater negotiation power and potentially lower prices.
Condominium Market Mirrors Home Trends
The condominium market in Myrtle Beach is showing similar patterns to the single-family home market. There has been a significant rise in new condo listings, expanding options for buyers.
December saw 189 new condo listings, an increase from 161 in December of the prior year. This marks a 17.4% rise in new inventory.
The median price for a condominium also experienced a decrease. In December, the median condo price was $204,000, down from $227,000 in December of the previous year. This price adjustment aligns with the broader market trend of increasing supply.
The total inventory of condos for sale in December reached 1,278 units, up from 1,184 units in the previous December. This represents an increase of almost 8%.
Days on Market Show Mixed Signals
While prices and inventory indicate a buyer-friendly market, the time it takes for properties to sell presents a mixed picture. For single-family homes, the days on market improved.
- Days on market for homes decreased to 106 days in December, down from 120 days the previous year.
- For condominiums, however, the days on market increased to 138 days, up from 128 days in the prior December.
This suggests that while houses are selling slightly faster, condos are taking a bit longer to find buyers, despite the increase in listings.
Carolina Forest Market Shows Contrasting Trends
In contrast to Myrtle Beach, the Carolina Forest area (ZIP Code 29579) is exhibiting different real estate dynamics. This submarket appears to be maintaining a stronger position for sellers in some aspects.
New listings for homes in Carolina Forest declined in December. There were 60 new listings, compared to 82 in the previous December. Closed sales also saw a decrease, with 90 sales in December versus 114 a year prior.
Carolina Forest Price Increase
The median home price in Carolina Forest increased year-over-year, rising from $426,500 to $464,710 in December. This indicates continued price appreciation in this specific area.
Homes in Carolina Forest also took slightly longer to sell. The days until sale metric was 129 days in December, up from 124 days in the previous year. This small increase suggests a stable, rather than rapidly accelerating, market pace.
Carolina Forest Condo Market Remains Stable
The condominium market in Carolina Forest also shows different trends from Myrtle Beach. Condo prices experienced an increase in December.
The median condo price was $215,500, a significant rise from $185,000 in the previous December. This represents an almost 17% increase.
New condo listings remained largely consistent, with 34 in December compared to 35 a year earlier. Closed sales were also similar, with 26 in December versus 25 in the previous year. Condo inventory remained stable at 178 units in December.
However, similar to Myrtle Beach condos, the days until sale for Carolina Forest condos increased to 136 days, up from 118 days a year ago. This suggests that even with rising prices, condos in Carolina Forest are taking more time to sell.
