2016 Home Values 2nd Quarter 2016

Posted By Tara Melech @ Jul 19th 2016 11:45am In: Pawleys Island

Pawleys Island Single Family Residential Property Statistics

As of July 18, 2016 - These are the most recent market statistics for Single Family Detached Residential properties in Pawleys Island (29585) for the 2nd Quarter Year of 2016, ending July 1, 2016.  If you would like information on a specific area, please contact me at your convenience, with the subject as market statistics and naming the area you are interested in, or just fill out the Market Statistics Request Form at the bottom of this page. For a particular neighborhood, call me at (843) 907-8787.  This report does not include modular or manufactured homes.

Analysis (see notes below chart)

  Active Properties Pending Properties Sold Properties
Total Detached 280 75 87
Average Price $752,670 $426,628 (List Price) $420,706
Median Price $494,000 $315,000 (List Price) $339,900

Days On Market
Analysis 2016 2nd Qtr 2015 1st Qtr
Inventory (Properties)
Average Price
Median Price
Average Days on Market (DOM)
Average % of asking price received

Avg 225 / 125 Median 

For Sale  +3.3%
Avg Price -2.3%
Med Price -5.9%
DOM -6.25%
STABLE

Avg 173/89 Median

Pending +41.50% 
Average Price +7.46%
Median Price +9.74% 

DOM -18.09%
IMROVING

Avg  200/  Median 

 Sold Properties +27.94% 
Average Sold Price +21.95%
Avg Med Price +18.22%
DOM +18.34%
95.37% of asking price
IMPROVING

 

1 Bedroom 0 0 0
Median Price - - -
Average Price - - -
Days on Market - - -

2 Bedroom 5 3 3
Average Price $259,940 $279,666 (List Price) $228,333
Median Price $249,900 $285,000 (List Price) $205,000

Days on Market

Analysis 1st Qtr 2015 vs. 2016
Inventory (Properties)
Average Price
Median Price
Average Days on Market

Avg 68 / 33 Median

For Sale +25.00%
Avg. Price -7.90%
Med Price -2.00%
DOM -53.74%

Avg 230/Median 171

Pending +50.00%
Avg Price +46.27%
Med Price +49.06%
DOM +40.86%

Average 128/ Median 114

Sold Properties +50.00%
Average Price -9.764%
Median Price -17.17%
Days on Market +65.78%
DECLINING


3 Bedroom 106 42 41
Average Price $389,583 $287,906 (List Price) $308,120
Median Price $339,000 $289,000 (List Price) $285,000
Days on Market

Analysis 2014 Vs. 2015
Inventory (Properties)
Average Price
Median Price
Avg Days on Market (DOM)
Listing Price

Avg 155 / 89 Median

For Sale +16.48%
Avg Price -2.32%

Med Price -2.81  %
DOM -15.3%

Avg 126 / 70 Median

Pending -2.33
%
Avg Price -13.23%
Med Price -12.95%
DOM -25.00%

Avg 189/ 123 Median

Sold Properties = NO CHANGE

Average Price +8.40%
Median Price 2.15%
DOM +8.84%
STABLE


4 Bedroom 103 21 32
Average Price $732,961 $478,364 (List Price) $495,407
Median Price $599,000 $359,900 (List Price) $441,750
Days on Market

Analysis 1st 2016 Qtr vs. 1st Qtr 2015
Inventory (Properties)
Average Price
Median Price
Avg Days on Market (DOM)

Avg 267 / 139 Median

For Sale -3.73 %
Avg Price 1.52%
Med Price ⇑ 9.10%
DOM +2.69

Avg 163 / 115 Median

Pending +75.00%
Avg Price +0.04%
Med Price -23.37%
DOM -20.87%
STABLE


Avg 205/177 Med

Sold Properties +68.42%
Average Price +23.45%
Med Price +49.74%
DOM +33.11%
INCREASING


5 Bedroom 41 8 8
Average Price $1,298,537 $728,175 (List Price) $678,750
Median Price $1,150,000 $586,950 (List Price) $659,000
Days on Market
Analysis 1st Qtr 2016 vs. 1st Qtr 2015
Inventory (Properties)
Average Price
Median Price
Average Days on Market

Avg 271/ 193 Median

For Sale  %
Avg Price 0.01%
Med Price  %
DOM  %

Avg 441 / 407 Median


Pending -11.11%

Avg Price -30.37%
Med Price -13.04%
DOM -3.29%
DECREASE

Avg 271/142 Median

 Sold Properties +60.00%
Average Price -4.87%%
Median Price +25.52
DOM -47.37
STABLE


6 Bedroom 16 1 2
Average Price $1,313,775 $319,500 $719,000
Median Price $967,500 $319,500

$719,000

Days on Market

Analysis 3r1st Qtr 2016 vs. 1st Qtr 2015
Inventory (Properties)
Average Price
Median Price
Avg Days on Market

Avg 241 / 132 Median

For Sale  14.28%
Avg Price -5.096 %
Med Price +6.318%
DOM  15.438%
STABLE

Avg 54/54 Median

Pending = no change
Avg Price +32.02%
Med Price +32.02%
DOM -18.18%
INCREASE

Avg 148/148 Med

Sold Properties 
Average Price ⇓
Median Price ⇓
Days on Market ⇑
INCREASE


7 Bedroom 7 0 1
Average Price $1,860,071 - $562,500
Median Price $1,749,000 - $699,000
Days on Market
Analysis 1st Qtr 2016 vs. 1st Qtr 2015
Inventory (Properties)
Average Price
Median Price
Avg Days on Market

Avg 472 / 224 Median

For Sale = no change%
Avg Price -1.89 %
Med Price +4.42 %
DOM 15.68%

Avg/ Median

(new stat, none sold last qtr)
Pending
Avg Price
Med Price
DOM

Avg 212

Sold Properties -
Avg Price -%
Med Price -%
Days on Market -%
INCREASE

 

8 Bedroom 3 0 0
Average Price $2,558,333 - -
Median Price $2,225,000 - -
Days on Market 109 - -


 

9 Bedroom - - -
Average Price - - -
Median Price - - -
Days On Market
 

I always appreciate the opportunity to gain your trust as your local real estate expert. Statistics by Tara Melech, The Litchfield Company (843) 907-8787

 ANALYSIS:
On average the 2nd quarter of 2016 shows improvement in the amount of homes sold, up by 27.94%.  The average price ticked up by 21.95%!  The outlook for the 3rd quarter shows stamina in price improvement, but needs improvement in the amount of inventory for sale.  In addition, the average amount of time on the market increased by 18.34%, while sold prices improved.  Inventory is at a stable pace, while prices are rising. The average asking price vs. the sold price for this quarter was less than a 5% difference, indicating that the current average pricing of housing is within reasonable asking prices.  No longer are the days of a 30% difference in price negotiations.  Just as predicted, sellers are more reasonable and buyers are now buying. 

If you are interested in selling your property, then it is likely your home will be sold in 6 months or less during the 3rd and 4th quarter of 2016.  As always, this is dependent on location and condition matching the price based on the market.  Finding the right Realtor is key for marketing the house correctly.  Call me today to schedule the analysis of the home you want to buy or sell today.  I promise, I don't bite! 

In conclusion, if you are looking to buy or sell a property in Pawleys Island, it is a very good time to do so.  the property depends on price and condition. I have seen the trends in the Pawleys Island area with buyers, that they are looking for minimal cosmetic work - upgrades will serve to be a good investment in selling your home. It is extremely important that the property be in top shape for the most out of the market. If this is not possible, then the pool of buyers may decrease. However, pricing could increase that pool, as long as it is priced according to the market AND condition. If you should have any needs or want to sell or buy your next property, call me at (843)907-8787. It is my goal to market and get your home sold in YOUR timeframe with YOUR goals. 

 If you want to sell your home, I can help. It is more important than ever to have a Realtor that knows not only the area you are interested in, but also the home values, as it can change so quickly, and no two markets are the same.  

Thank you for taking the time to read this and I hope to hear from you soon!

Pawleys Island is overall a healthy real estate market, and currently more equal between buyers and sellers.


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