Pawleys Island 2nd Quarter Home Values 2014

Posted By Tara Melech @ Jul 21st 2014 12:15pm In: Pawleys Island

 

Pawleys Island Single Family Residential Property Statistics

As of July 2, 2014 - These are the most recent market statistics for Single Family Detached Residential properties in Pawleys Island (29585) for the 2nd Quarter of 2014, ending  June 30, 2014. The number of days on the market for the active and pending properties are also calculated as of the same quarter end date.  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 (such as Myrtle Beach, Litchfield Beach, or Heritage Plantation) you are interested in, or just fill out the Market Statistics Request Form at the bottom of this page.  This report does not include modular or manufactured homes.

Analysis (see notes below chart)

 Active PropertiesPending PropertiesSold Properties
Total Detached 305 74 79
Average Price $694,920 $397,625 (List Price) $369,957
Median Price $450,000 $308,917 (List Price) $321,500

Days on Market

Average 323 / 122 Median

Inventory up by 1 property
Avg. Price Increased 5.3%
Days on Market Decreased  5.8%

Avg 195/114 Median

Pending Properties up 57.4%
Avg. Price down by 1%
Median Price down by 11%

Days on Market down by 1.1%

Avg 230 / Med 178

Average Price ↓ 3%

Days on Market ↓ 15%

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

2 Bedroom 1 3
Average Price $400,460 $149,900 (List Price) $148,333
Median Price $179,900 $156,500 (List Price) $158,000
Days on Market

Average 133/ 103 Median

Inventory no change
Avg Price up 61.1% (wow!)
Median Price  up by 33.3%
Days on market up 44.3% 

Avg 188


Inventory down by 1 property
Avg Price down by 4.3%
Days on Market up 18.1%

Average 139/ Median 114

Average Price ↑ 2%
Days on Market ↑ 68%


3 Bedroom 137 42 45
Average Price $372,331 $292,404 (List Price) $287,957
Median Price $350,000 $276,750 (List Price) $250,000 
Days on Market

Average 216 / 106 Median

Avg Price no change, down (.1%)
Median Price up 6.0%
Days on Market down 16%

Avg 207 / 98 Median
Inventory up by 18 properties
Avg Price down 5.6%
Med Price down 2%
Days on Mkt Decreased 6.8%

Avg 189/ 112 Med

Average Price ↑ 5%

Days on Market ↑ 5%


4 Bedroom 89 24 22
Average Price $652,769 $455,229 (List Price)+ $391,186
Median Price $500,000 $359,500 (List Price) $362,000
Days on Market

Average 309 / 133 Median


Inventory down 10 properties
Avg Price down by 2.2%
Med Price no change, up (.1%)
Days on market up (.7%)

Average 173 / 126 Median

Pending Inventory up 29.2%
Avg Price Increased by 14.6%
Med Price Increased by 3%
Days on Market down by 7%

Avg 175/158 Med

Sold Inventory ↑18.2%
Avg Price ↑ 2.6%
Med Price ↑ 6%
Days on market ↓ 64%!


5 Bedroom 47 7 5
Average Price $1,215,163 $866,842 (List Price) $597,300
Median Price $895,000 $985,000 (List Price) $525,000
Days on Market

Average 456 / 142 Median

Inventory up by 11 properties
Avg Price up by 14.2%

Average 195 / 181 Median Avg 254/166 Med

6 Bedroom 18 0 3
Average Price $1,564,500 - 1,100,333
Median Price $1,312,500 -

$1,026,000

Days on Market Average 544 / 343 Median - Avg 325 / 446 Med

7 Bedroom 6 0 1
Average Price $1,537,483 - $930,000
Median Price $1,280,000 - $930,000
Days on Market Avg 409 / 298 Median - 388

8 Bedroom 2 0 0
Average Price $2,297,000 - -
Median Price $2,297,000 - -
Days on Market Avg 3136 / Median 336 - -
9 Bedroom 1 0 0
Average Price $1,750,000 - -
Median Price $1,750,000 - -
Days on Market 434 - -
 

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:

Overall - Considering the 1st quarter of 2014, the 2nd quarter values seem to be steady.  The current supply inventory is virtually unchanged.  There were 304 properties for sale at the end of the 1st Quarter, and 305 properties available at the end of the 2nd quarter.  What really changed is the amount of inventory that sold compared to the first quarter along with a significant decrease in the amount of time on the market the inventory sits. Sold inventory increased by just over 32%, and the amount of time on market decreased by almost 17% - for an average of 197 days.  Now, the average price decreased by about 14% or an average of $372,585, down from $425,613. 
The Pawleys Island Residential Market maintains its slow but very strong recovery and still
 seems to be shadowing the primary markets throughout the rest of the country.  Because the area is considered to be a discretionary market, or shadow market of primary markets, it is slowly increasing at a slower pace, but all in all - it is turning into a healthy market.  It is now becoming more of an even market between buyers and sellers.  There is still an oversupply of properties on the market, which may still affect the price (increases) of a property.  

Categorically speaking, most properties decreased the amount of time on the market, and the active inventory increased from 304 properties to 305 (virtually unchanged).  The biggest change in the market was the 4 bedroom category.  The median and average price increased in the solds, but what is most impressive in this category is the pending column.  The prices are continually increasing, with less time on market, and less inventory.  If you have a Four Bedroom, now might be the time to consider a closer look at your home to list! 


Share on Social Media:

Comments have been closed for this post.
Please contact us if you have any questions or comments.