We currently have 6,291 single family homes available for sale in the Myrtle Beach Area. Of these available listings, a total of 374 homes have been sold during the months of January and February 2009. That is a sales activity rate of 2.97% per month. At that rate, it will take us 2 years and 9 months to sell out of our current inventory.
Which price points have the most activity? Here is the break-down:
# Price Range: Available: Sold: % Sold per month:
1. $ 1,000-$99,999 413 45 1.22%
2. $100,000-199,999 1,846 171 4.63%
3. $200,000-299,999 1,502 93 3.09%
4. $300,000-399,999 835 26 1.56%
5. $400,000-499,999 475 14 1.47%
6. $500,000-749,999 490 9 0.92%
7. $750,000-999,999 283 7 1.23%
8. $1,000,000 & up 447 9 1.00%
The price point with the most available inventory is also the one with the best sales: the $100,000-$199,999 price point, which has a monthly sales activity of 4.63%.
The second most popular one is the $200,000-299,999 category with 3.09% monthly sales activity.
The Least popular price point in the Myrtle Beach area for January and February is the $500,000-749,999 category with monthly sales of under 1%.
Why is this pricing break down significant? For many reasons. Here is an example: if your home is priced at $305,000, your potential success rate of producing a sale is only 1.56%. Lower that price to $299,999 and your odds practically double.
Here is another example: if you are a buyer in the market for a $500,000 to a $749,999 home, you know you can be even bolder than the current market permits, for those sellers' odds are the worst right now and their motivation may be at a peak level.
If you are the seller of a home priced between $100,000 and $199,999, you are only looking at 1 year and 9.5 months of possible wait time versus the 9 years it would take a Seller of a home priced between $500,000 to $749,999, and that's a significant difference, don't you think?
Oh, so NOW, you're finally paying attention to the numbers?
Mirela Monte, Your Myrtle Beach Real Estate Connection Join The Snapshot of the Real Estate Market Group
This type of analysis helps me with both buyers and sellers.
Wow, what an inventory. This is good info, I just had a question from my sister in law in Myrtle Beach on how the homes were selling there. Now I can tell her.
Thanks for the stats!
Mirela, this is great information for you and for your buyers and sellers. I'm going to check out our market for the same price ranges. Thanks!
Mirela - Nice breakdown on the stats ! Is hard to believe a seller or an agent would price a home at $305K and miss that breakpoint.
In my market here in the Ocean City Maryland area the sweet spot is also the $100,000 to $300,000 price range. I have always said I would rather have four $250,000 listings then one $1,000,000 listing.
This is great advice and information for buyers and sellers alike. It shows demand and saturation of inventory.
Mirela, This definitely shows both buyers and sellers that you are the expert in your market! Many agents never take the time to analyze their market. As real estate professionals we could all probably learn a few things from you!
Mirela, Thanks for the update on your market, it is important for us to keep on top of our real estate market and what is happening in other markets also.