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Real Estate Market Update September 2018

September 2018 Market Stats

The real estate market within the Socastee area (29588 zip code) is holding strong through September 2018. We’ve put together a snapshot of the median sales, median days on market and the average months supply within the 29588 zip code (Socastee area).

The median sales price is up 7.1% over this time last year for single-family homes and up 9.5% for condos/townhomes for September. We are still in a strong market, but prices seem to remain at a good “fair market value”. This makes it a great time to sell and/or buy in the Myrtle Beach area.

The median days on market for the Socastee area is down 3% for single-family homes and up 5.7% for condos/townhomes over last year. This is great news for Sellers with single-family homes listed, that’s an average of 3.2 months from list to close. Condos/townhomes average is up slightly but still very competitive with an average of 3.7 months from list date to close date.

Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.

Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers. Our area typically stays a little behind the curve here, but with our area being a vacation destination, second homes and vacation homes tend to absorb a lot of our inventory.  The great news here is there are tons of new construction homes and condos popping up all over our area and we should see this even out within a couple of years.

We feel very positive about our current real estate market. Our area Realtors have been great about pricing new listings, bringing Sellers a median percentage to list price to 98.2%. We are also seeing that single-family homes are being shown an average of 5.2 times before going under contract and condos/townhomes are being shown an average of 3.6 times before going under contract.

If you are considering selling, now is a great time to get on the market. Prices are holding steady and there are Buyers looking to get into properties in our area daily. Contact our team leader, Matt Harper, if you would like to know the current market value of your home, or use our handy Property Valuation tool.

If you are looking to buy in our area, whether it is down-sizing, up-sizing or you’ve just always wanted to live at the beach, contact one of our Buyer’s Agents, Josh Knight or Bettina Thomas. It’s a great time to view real estate along the Grand Strand! Our team of Buyers agents know the area, they know the current real estate market and they are ready to go to work for you.

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