Jeremy Jenks: Hey guys, good morning. Time for a market update on North Myrtle Beach.
Last week we talked a little bit about North Myrtle Beach, the month’s supply of inventory, and now we’re going to dive into price per square foot. As we talked about with North Myrtle Beach, North Myrtle Beach is one of the more desirable, higher priced zip codes in this area. It’s got more beach homes type of feel to it. Not as many high-rise hotels as Downtown Myrtle Beach, and also very popular area for the dancing competitions of shagging, of the shagging type dancing. You can find out more about that somewhere else, it is not my strong suit.
We’ll get back into the numbers. This is what I’m all about. New construction is averaging about $164 in August of 2015, $179 in August of 2016, and $156 in August of 2017. What’s going on with new construction is if when I’m taking a look at the numbers, and the graphs it is basically just doing this… There are not as many new construction homes, and so it’s hard to get an average. You may have a beach home that’s over $200 a square foot, and you may have a couple of new home neighborhoods that close for $110 a square foot. The average price per square foot in that area, for that particular month, is just going to depend on what homes have closed.
Previously owned is holding a little bit steadier. You can see here we’ve got a really nice trend that it’s headed in the right direction. So, if you own a home in North Myrtle Beach things may be getting a little bit better, we’re getting a little closer back to the higher market prices we saw before the crash. August of 2015 was $160 a square foot, August of 2016 is at $163 a square foot, and August of 2017 is at $175. We’re seeing a really nice trend where we’re recovering from what our market did a few years ago.
Stay tuned for more information on North Myrtle Beach, and of course the other areas up and down the Grand Strand. If you have any questions about your local market, or there’s a question you want to see answered in one of these videos please reach out: Jeremy@thetrembleygroup.com.
For more information: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
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