Pawleys Island 3rd Quarter Home Values 2014

Posted By Tara Melech @ Oct 6th 2014 12:00pm In: Pawleys Island

 

Pawleys Island Single Family Residential Property Statistics

As of October 2, 2014 - These are the most recent market statistics for Single Family Detached Residential properties in Pawleys Island (29585) for the 3rd Quarter of 2014, ending  September 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 344 65 74
Average Price $654,553 $442,122 (List Price) $387,299
Median Price $439,000 $298,500 (List Price) $287,000

Days on Market

Average 296 / 139 Median

Inventory ↑ 12.79% 
Avg. Price ↓ 5.81%
Days on Market ↓ 8.36%

Avg 188/134 Median

Pend Properties ↓ 8.78%
Avg. Price↑ 11.19%
Median Price ↓ 11%

Days on Market ↓ 3.5%

Avg 184 / Med 128


Sold Inventory ↓ 6.7%
Avg Sold Price ↑ 4.68%

Avg Med Price ↓ 10.6%
Avg Days on Market ↑ 5%

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

2 Bedroom 7 1 2
Average Price $239,042 $149,900 (List Price) $130,250
Median Price $209,000 $156,500 (List Price) $130,250
Days on Market

Average 169/ 46 Median

Inventory ↑ 40%
Avg Price ↓ 40.31%
Median Price  ↑ by 11.6%
Days on market ↑ 27.06% 

Avg 188


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

Average 122/ Median 122

Inventory Sold ↓ 50%
Avg Price ↓ 12.2%
Days on Market ↓ 1.5%


3 Bedroom 159 42 40
Average Price $367,944 $292,404 (List Price) $259,561
Median Price $339,500 $276,750 (List Price) $252,450
Days on Market

Average 192 / 109 Median

Avg Price ↓ 1.17%
Median Price ↓ 3.0%
Days on Market ↓ 11.1%

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 170/ 118 Med
Inventory ↓ 12.5%
Average Price ↓ 9.86%
Days on Market ↓ 10%


4 Bedroom 96 24 27
Average Price $611,258 $455,229 (List Price)+ $454,895
Median Price $504,950 $359,500 (List Price) $405,000
Days on Market

Average 290 / 149 Median


Inventory ↑ 7.7%
Avg Price ↓ 6.36%
Med Price ↑ 0.1%
Days on market ↑ 19%

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 184/158 Med

Sold Inventory ↑ 18.52%
Avg Price ↑ 16.286%
Med Price Increased by 6%
Days on market ↑ 5.15%!


5 Bedroom 57 7 4
Average Price $1,113,768 $866,842 (List Price) $727,500
Median Price $874,900 $985,000 (List Price) $705,000
Days on Market

Average 433 / 206 Median

Inventory ↑ 21.2%
Avg Price ↓ 6.3%
Med Price ↓ 2.25%
Days on Market ↓ 5%

Average 195 / 181 Median

Avg 113/86 Med

Inventory sold down 25%

average sold price ↑ 21.79%

med sold price ↑ 34.28%

Avg days on market ↓ 124%


6 Bedroom 18 0 1
Average Price $1,564,500 - $2,825,000
Median Price $1,312,500 -

$2,825,000

Days on Market Average 544 / 343 Median -

Avg 1203/1203 Med
Sold Inventory ↓ 30%
Avg Sales Price ↑ 256.74%
Med Sales Price ↑ 275.34%
Avg Days on Market ↑ 370%


7 Bedroom 6 0 0
Average Price $1,537,483 - -
Median Price $1,280,000 - -
Days on Market Avg 409 / 298 Median - -
Sold Inventory ↓ 100%

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 - While the real estate media is reporting different negative aspects to the market, the Pawleys Island market is overall looking steady and strong. When comparing the 2nd Quarter market data to the third  quarter, sold inventory is down by a mere 6.75%, but the average sold price is up by 4.68%. the amount of time spent on the market increased little by 5%.  When looking at these increases for the Pawleys island home values as a whole, it is foretelling that the market is somewhat strong.  The inventory seems to be decreasing in both active and sold properties.  This should create a more balanced market between buyers and sellers, keeping in mind that stale inventory can also have an effect on the balance as well.

 Since the 3rd quarter, inventory only increased by 12.78%, giving those listings currently on the market if ready and conditially perfect to sell, an advantage in the 4th quarter.  In other words  it may be a good time to sell your home provided that it is priced according to condition.  The 5 & 6 bedrooms had the biggest increases in sold prices. There have been several homes in this in this number of bedrooms sitting on the market for quite some time, indicating that there is stale inventory but a need for fresh inventory as well.  

Moving into the 4th quarter, pending properties (houses that have a contract to sell, but have not yet been closed) Inventoryhas so far shown a decrease (measures taken exactly 3months apart), 13.8%, but again increase in pending sales price (still at asking price, not sold price). The average amount of time on the market is showing a slight decrease as well.  The 4th quarter should prove to be interesting and depending on factors such as mortgage rates an inventory, it should trend in the upward sold pricing.  If you want to sell your home, I canhelp. It ismore important than ever to have a realtor that knows not only the area that you are interested in, but also the home values, as it an change so quickly.  Thank you for taking the time to read this and I hope to hear from you soon!

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.



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