Jeremy Jenks: Good morning. Jeremy Jenks, Vice President of Sales here with the Trembley Group with another market update for you. This time, we’re going to do month’s supply of inventory as our first video in a quick three part series on North Myrtle Beach. North Myrtle Beach is the … or otherwise, the 29582 ZIP code. It’s one of the hottest areas, one of the most desirable areas in the overall kind of Grand Strand, but I’ve also heard it’s one of the most expensive ZIP codes overall in the Grand Strand. Not quite as many hotels. Not quite as many tourists. More beach homes. It’s got a little bit of a different feel to it than downtown Myrtle Beach does, and we’ve got some great stats to go over with you today.
For our previously owned homes, you can see a fantastic trend. Again, month’s supply of inventory is if we did nothing … if everyone stopped listing homes, how many months would it take to work through that supply of inventory? Anything less than 6 months is going to be a seller’s market. They can get more for their house, less supply. Anything greater than 6 months, of course, there’s a lot of inventory, and it’s going to be a buyer’s market. There’s more competition.
Previously owned … in August of 2015, we were at 11 months. In August of 2016, we were at 10 months, and then we dropped all the way to 7 months just recently in August of 2017. Really nice, just kind of trucking its way down in the previously owned market. Now, new construction market, which is always a little bit, slightly more volatile just due to what neighborhoods happen to be building, different close-outs and sales that builders will do – smaller market – so a little more volatility. But 2015, 8.5 months. 2016, August, 6 months. In 2017, we’re down to 5.5 months.
As you can see, both new construction and previously owned are reaching that or are just surpassing that 6-month barrier, so very healthy markets. Not swung either very far to the seller side or to the buyer side, which, of course, is a lopsided market. Nice, nice, healthy market. Stay tuned next week. We will bring you some more information on the North Myrtle Beach area.
For more information: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
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