Myrtle Beach Condo Market Update & Statistics
Welcome to Abe Safa Myrtle Beach Condo Market Updates
What you will find here are live charts that are pulled directly from Market Stats and from our MLS here in Myrtle Beach, SC. Each chart will have a title above it along with a short explanation of what it is. This is a snapshot of what that number was at the end of each of the corresponding month. So this is a month by month snapshot and you can go back as far as our MLS will allow to see how that number has changed.
If you have any questions or need anything more specific, please reach out to Abe Safa and his team at (843) 360-2145.
Number of Condos Sold By Month
This report show how many actual condos were sold that month in the entire market. So number of units sold by month.
Condo Pending Sales
This report show how many condos went pending during that month. Pending is going under contract with a buyer. This is a good number to look at to get a peak into whether number of condos sold is going to be up or down. So it is a leading indicator into the number of condos sold and a guage on how hot the market is and whether there are lots of buyers out there or not.
Condo Median Sales Price
This report shows the Median sales price of condos sold that month. Median is usually a better indicator than average because with average, there could have been more higher end units sold or lower end units sold that month and that can throw off the numbers. Median means that half the units sold above that price and half sold below. Good way to see if prices are going up or down.
Condo Median Days On The Market
Just like with the chart above, we chose to use median days on the market instead of average. This number tells you that half the condos sold were above that number and half were below. A good indicator to see how long it is taking condos to sell.
Condo Median Percent of List Price
This number shows you what percentage of list price are condos selling for. Good way to see how close to asking price Seller's are getting on their condos. As this number decreases it usually is an indicator that the market is getting softer and Buyers have more leverage because they are buying that much below asking price.
Condo Months supply of inventory
This is a good number to look at to see how the inventory levels are in the condo market. For the longest time, the rule of thumb has been that 6 months of inventory supply is a neutral market. As that number decreases and there is less inventory, that pushes it into a Seller's market. If that number grows past 6, that is pushing it into a Buyer's market.
But most importantly this is good to see what the trend is - whether it is growing or shrinking.
Condo New Listings
This number shows us how many new condo listings hit the market. This is another indicator on whether Seller's are flooding the market and whether we can expect inventory to rise.