Pawleys Island 3rd Quarter Statistics and Home Values

Posted By Tara Melech @ Oct 9th 2013 10:55am In: Pawleys Island Market Statistics Residential

 

Pawleys Island Single Family Residential Property Statistics

As of October 4, 2013 - These are the most recent market statistics for Single Family Detached Residential properties in Pawleys Island (29585) for the 3rd Quarter of 2013, ending  September 30, 2013. 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 332 43 69
Average Price $719,587 $398,036 (List Price) $407,587
Median Price $459,900 $299,900 (List Price) $339,500

Days on Market

Average 251 / 131 Median Avg 337 / 199 Median Avg 263/164 Med
1 Bedroom 0 0 0
Median Price - - -
Average Price - - -
Days on Market - - -

2 Bedroom 5 0 1
Average Price $275,580 $- $161,500 (increase)
Median Price $189,999 $- $161,500
Days on Market

Average 114 / 163 Median

- 29 (decrease from 2nd qtr by 33 days!)

3 Bedroom 134 22 37 (up by 5)
Average Price $373,269 $312,134 (List Price)+ $286,308 (decrease by $8896)
Median Price $334,900 $269,894 (List Price) $261,000 (<$5,500)
Days on Market Average 151 / 99 Median Avg 426 / 231 Median Avg 167/ 144 Med

4 Bedroom 109 14 20 (> by 2)
Average Price $649,361 $350,740 (List Price)- $414,782 (>2,255)
Median Price $499,900 $297,450 (List Price) $377,500
Days on Market Average 243 / 116 Median Average 235 / 175 Median Avg 326/204 Med

5 Bedroom 47 5 7
Average Price $1,177,715 $710,190 (List Price) $848,291 (<$104,254)
Median Price $925,000 $449,900 (List Price) $450,000
Days on Market

Average 391 / 223 Median

Average 166 / 122 Median Avg 317/216 Med

6 Bedroom 24 2 2
Average Price $1,549,000 $974,530 $1,075,000 (>$164,000)
Median Price $1,392,500 $974,530

$1,075,000

Days on Market Average 385 / 219 Median Med 133 / 133 Avg Avg 189 / 189 Med

7 Bedroom 9 0 0
Average Price $1,650,444 - -
Median Price $1,635,000 - -
Days on Market Avg 339 / 332 Median - -

8 Bedroom 2 0 0
Average Price $2,297,000 - -
Median Price $2,297,0000 - -
Days on Market Avg 2420 Median - -
9 Bedroom 1 0 0
Average Price $2,000,000 - -
Median Price $2,200,000 - -
Days on Market Avg 158  Median - -
14 Bedroom 1 0 0
Average Price $2,750,000 - -
Median Price $2,750,000 - -
Days on Market Avg 399 Median - -
 

Analysis for 3rd Quarter Home Values The Average Sold Price decreased by 11.3% Median Price Increased by 3.3% Average Days on Market Decreased by 6.8% Median Days on Market Increased by 6.1% In essence, the market is adjusting to recent changes in the market by decreasing sales prices, but stabilizing in inventory - the average days on the market has decreased along with the average median price and days increasing. In my opinion, this tells me that market prices are going to continue to stabilize as long as the inventory stays around current or remains below a 5% change, and the median will continue to rise as long as there are no drastic changes to the market. Despite slowly increasing interest rates, consumers are gaining confidence in the market, thus stabilizing with continued increase in the prices.

A healthy market for 2 bedrooms as an increase by 9.04% was seen and decrease in the days on the market by 13.7%. If you have a 2 bedroom to sell, it might be a good time to look into listing.

Although 15.3% more 3 bedroom homes sold and the average sold price increase by 1.84%, the average median and days on market have increased by 8.26%, and 9.27%. If you are looking to sell, pay close attention to the sold statistics, as the market for the 3rd quarter seemed to captivate the attention of the consumer at 3rd quarter prices. List Price is going to play a significant role in negotiation. Another indicator that 3 bedrooms are moving in the wrong direction are the days on market sold. It also had and increase by 8.26%

The 4 bedroom market is also looking healthy, with a 10% increase in amount sold and a slight (0.5%) increase in the sold price. The median price is rising at a similar pace, 10.9% in list price. The median days on the market for the 4 bedroom has really changed by an average of 29% decrease, equal to 60 day decrease! The average days on the market remained unchanged. Inventory seems to be moving in the right direction, as long as the listing price does not change, this may be a good time to list. Again the sold prices and days on market will play a significant role in the 4 bedroom category.

The 5 bedroom homes sold decreased by almost 57%, and the average sold price has also dropped by about 12.2% The 5 bedroom median sold price has also decreased by 25.5%. The good news is that the average days on the market decreased by 15.7%. But again, the median is increasing. Pricing the home correctly if you have a 5 bedroom is of dire importance as the average pricing is falling and median days are increasing. In other words, don't price yourself out of the market. Current list prices may place a significant role along with sold comparable, if you are thinking about listing your 5 bedroom home.

Nationally the housing market increased by 12.4%, but the Pawleys Island market fell by 11.3%. It is very important that you choose an agent who not only knows the area, but can understand and have a true knowledge of the current local market. If you are thinking about buying or selling your property, please don't hesitate to contact me for a free analysis on your property.

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


Following a strong 2nd quarter, the 3rd quarter of 2013 finished up strong with over $18,000,000 in sales for the Pawleys Island area.  Despite a small increase in interest rates, the market is staying strong.  As of October 8th, The Litchfield Company already has 9 pending sales for new 4th quarter activity, another indicator that the housing market continues to stabilize.

The average days on the market for sold properties is slowly decreasing, with very little change.



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