Buying a Home In Pawleys Island? Real Estate Analysis 4th Quarter 2011
|Of the homes that sold in the 4th Quarter, there was an 11.2% difference in asking price versus sold price. When comparing the original listed price to the actual sold price, the percentage jumps to 18.9%. The original asking price is the price that the property was initially listed for. So, when an offer was received the average sales price that was accepted was 11.2% less than the most recent publicized asking price being offered. What does this mean for the 4th Quarter? Overall, the market seemed to have adjusted little from the 3rd quarter. When comparing the numbers to the 3rd Quarter, the difference in original asking price versus the actual sold price 19.1%, a difference of less than 2% from the 4th Quarter.|
|Foreclosures and (Potential) Short Sales for the 4th Quarter reduced from the 3rd Quarter, making up 15.6% of the market. Only 4.4% of those were foreclosures. This dropped signifigantly overall from the 3rd quarter, about 10%.|
|Good news, the sales price dropped but not by more than 1.27%, or $4,000, for an average of $310,000. The number of days on market decreased as well from 240, to 212.|
|Projections for the 1st Quarter of 2012 indicate a slight decrease in inventory, with little change in the sales prices, but still a difference of less than 20% in asking prices versus sold prices. The short sale and foreclosure markets are currently on the decline, indicating that the current list prices and number of days on market should decrease as well, as long as the inventory does not swell.|
The 4th Quarter had a large decrease of the short sale and foreclosure property sales. Looking back to the 1st Quarter of 2011, where almost 25% of the properties sold were in a short sale or foreclosure status, now only 15.6%. This number should decrease even further, as long as the economy stabilizes, in my opinion. The economy stabilizing has many meanings, but the real estate market can not do well or stabilize without the confidence of the consumer. Realizing how to defeat this fear is the goal for this coming year! I for one, do have more confidence in the outlook for the market this 2012. Make the most of it, and invest in long term goals!
If you should find you need any real estate advice, buying or selling, please don't hesitate to contact me at (843) 907-8787, Tara Melech, Keller Williams Realty
Statistics are based solely on residential real estate market, no manufactured, land, condos or townhomes used in calculations.