Is it a good time to Buy in Pawleys Island? Pawleys Island Market Statistics Analysis - 3rd Quarter 2011


Pawleys Island Analysis - 3rd Quarter 2011 Real Estate Market Statistics - Tara Melech - (843) 907-8787

For the 3rd quarter, of those single family detached properties that sold, there was a 19.17% difference in the original asking price vs the sold price. When the properties actually sold, the difference between the current asking price and actual sold price was about 6.09%. A factor of about 13.77% between the original asking price and current asking price plays a significant role in what the actual difference is in sold prices versus the asking prices. Depending on how long the property has been listed, and if the current price is within reason, it is reasonable to calculate that if the property has been on the market for less than 180 days, then a price reduction will take place, or an offering price of not more than 20% less than what the original price was, would be acceptable, according to the 3rd quarter statistics.

Of the single family detached properties that sold in the 3rd quarter, about 20% of the real estate market were either short sales or foreclosures. This has had an effect on the asking price in a downward trend....not by much when compared to the 2nd quarter, but enough to apparently affect the supply. When compared to the 2nd quarter, the supply has decreased as well. Currently, the number of active properties for sale with a short sale or foreclosure stipulation is much lower than in the past 2 quarters of this year. As of October 19th, it is about 3% of total active residential market. This effect should stabilize the prices somewhat, as long as the foreclosures and short sales do not go over a small percentage of the current active market, at least less than 20%. These statistics are based on single family residential properties only. No manufactured, vacant land, or condos or townhomes were used in these calculations.

 


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