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Myrtle Beach Market Update – May 2021
Closed Transactions - Up 85% Inventory - Drastically Down 69% Median Sales Price - Up 17%
As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.
Myrtle Beach Market Stats
Closed Sales increased 52.3 percent for single-family homes and 151.3percent for condos. Pending Sales increased 15.8 percent for single-family homes and 36.6 percent for condos. Inventory decreased 67.4 percent for single-family homes and 69.3 percent for condos.
The Median Sales Price was up 17.5 percent to $278,450 for single-family homes and 17.0 percent to $165,000 for condos. Days on Market decreased 24.0 percent for single-family homes and 23.7 percent for condos. Supply decreased 75.6 percent for single-family homes and 81.0 percent for condos.
With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.