Pawleys Island Home Values 2015

Posted By Tara Melech @ Jan 5th 2016 2:30pm In: Pawleys Island homes for sale

 

Pawleys Island Single Family Residential Property Statistics

As of December 31,2015- These are the most recent market statistics for Single Family Detached Residential properties in Pawleys Island (29585) for the Year of 2015, ending December 31, 2015. The number of days on the market for the active and pending properties are also calculated as of the same year 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 365 67 352
Average Price $769,938 $448,396 (List Price) $393,919
Median Price $549,000 $341,000 (List Price) $307,500

Days On Market
Analysis 2014 vs 2015
Inventory (Properties)
Average Price
Median Price
Average Days on Market (DOM)
Listing Price

Avg 281 / 163 Median 

For Sale 
Avg Price
Med Price
DOM
List Price

Avg 211/129 Median

Pending  6.9% 
Average Price 3.7%
Median Price  3.02% 

DOM ⇑ 17.8%
List Price

Avg  190/133 Median 

 Sold Properties ⇑ 16.9% 
Average Sold Price ⇑ 3.8%
Avg Med Price ⇑ 8.7 %
DOM ⇓ 3.1%
List Price ⇑ 2.8%

 

1 Bedroom 1 0 0
Median Price $149,000 - -
Average Price $149,000 - -
Days on Market - - -

2 Bedroom 6 2 15
Average Price $270,616 $191,200 (List Price) $211,546
Median Price $214,949 $191,200 (List Price) $185,000

Days on Market

Analysis 2014 vs. 2015
Inventory (Properties)
Average Price
Median Price
Average Days on Market
Listing Price

Avg 238 / 153 Median

For Sale ⇓ 14.28%
Avg. Price ⇓ 10.65%
Med Price ⇓ 6.5%
DOM ⇑ 21.4%

Avg & Median 136

Pending no change
Avg Price ⇓ 24.26%
Med Price ⇓ 24.26%
DOM ⇑ 39.7%

Average 137/ Median 103

Sold Properties ⇑ 87.5%
Average Price ⇑ 42.4%
Median Price ⇑ 19.5%
Days on Market ⇑ 38.3%
List Price ⇑ 45.1%


3 Bedroom 124 43 208
Average Price $369,104 $331,807 (List Price) $287,233
Median Price $339,000 $332,000 (List Price) $269,447
Days on Market

Analysis 2014 Vs. 2015
Inventory (Properties)
Average Price
Median Price
Avg Days on Market (DOM)
Listing Price

Avg 223 / 123 Median

For Sale  1.63%
Avg Price  3.17%

Med Price  1.0%
DOM = n/c

Avg 168 / 102 Median

Pending
  6.3%
Avg Price ⇑ 15.14%
Med Price  12.75%
DOM 4.7%

Avg 174/ 137 Median

Sold Properties ⇑ 17.5%

Average Price ⇑ 1.9%
Median Price ⇑ 1.7%
DOM ⇓ 5.4%
List Price ⇑ 2.4%


4 Bedroom 129 12 27
Average Price $720,012 $478,151 (List Price) $431,741
Median Price $649,000 $444,000 (List Price) $400,000
Days on Market

Analysis 3rd Qtr vs. 2nd Qtr 2015
Inventory (Properties)
Average Price
Median Price
Avg Days on Market (DOM)

Avg 305 / 179 Median

For Sale  24.8%
Avg Price 7.79%
Med Price 18.1%
DOM = n/c

Avg 206 / 166 Median

Pending  7.6%
Avg Price  13%
Med Price ⇑ 14.1%
DOM ⇑ 10.75%


Avg 154/103 Med

Sold Properties 12.5%
Average Price  10.61%
Med Price 6.28%
DOM 14.9%


5 Bedroom 72 9 5
Average Price $1,149,101 $1,045,844 (List Price) $674,900
Median Price $899,700 $675,000 (List Price) $345,850
Days on Market
Analysis 3rd Qtr vs. 2nd Qtr 2015
Inventory (Properties)
Average Price
Median Price
Average Days on Market

Avg 275 / 159 Median

For Sale  30.9%
Avg Price  5.3%
Med Price  2.35%
DOM  22.1%

Avg 456 / 263 Median


Pending ⇑ 12.5%

Avg Price ⇓ .82%
Med Price ⇑ 38.3%
DOM ⇑ 52.5%

Avg 173/112 Median

 Sold Properties ⇑ 40%
Average Price ⇓ 12.17%
Median Price ⇑ 19.1%
DOM ⇓ 11.7%


6 Bedroom 22 1 2
Average Price $1,533,977 $242,000 $1,235,000
Median Price $1,312,500 $242000

$1,235,000

Days on Market

Analysis 3rd Qtr vs. 2nd Qtr 2015
Inventory (Properties)
Average Price
Median Price
Avg Days on Market

Avg 444 / 229 Median

For Sale 12.24 %
Avg Price  2.04%
Med Price  0.57%
DOM  1.9%

Avg 66/66 Median

Pending 50%
Avg Price ⇓ 81.8%
Med Price ⇓ 81.8%
DOM ⇓ 78.2%

Avg 338/338 Med

Sold Properties = n/c%
Average Price ⇓ 13.9%
Median Price ⇓ 13.9%
Days on Market ⇑ 116%


7 Bedroom 9 0 0
Average Price $1,820,222 - -
Median Price $1,599,000 - -
Days on Market
Analysis 3rd Qtr vs. 2nd Qtr 2015
Inventory (Properties)
Average Price
Median Price
Avg Days on Market

Avg 476 / 406 Median

For Sale 57.14%
Avg Price 41.25%
Med Price 28.15%
DOM 24.19%

Avg/ Median

(new stat, none sold last qtr)
Pending
Avg Price
Med Price
DOM

Avg -

Sold Properties -
Avg Price -%
Med Price -%
Days on Market -%

 

8 Bedroom 2 0 0
Average Price $3,862,500 - -
Median Price $3,862,500 - -
Days on Market 99 - -


 

9 Bedroom - - -
Average Price - - -
Median Price - - -
Days On Market
 

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:
When looking at the differences in between the quarters, the last year figures must also be weighed. In the 3rd quarter there was an increase in the current properties for sale by almost 21%, whereas the pending and sold properties in the 3rd quarter vs. 2nd quarter of 2015 was a slight decrease of 6.6%. The average sold price was also decreased slightly by 3.5%, but showing a significant decrease in listed versus sold prices. An average of 95.64% of list price was received, Meaning less than 5% difference between sold and asking price. If you have a four bedroom that you are thinking of selling, now may be a good time as we need more inventory - In all the active, pending, and sold categories, prices have increased while the average amount of time on the market has decreased.
Moving into the 4th quarter, the pending properties decreased by about 7%, but average prices are increased. The pending properties should show an average of at least less than 10% of asking versus list price. This is good news as we move into the last quarter of the season. Where there needs to be a change is INVENTORY, more properties for sale equals a more balanced market.
When comparing the 3rd quarter of 2014 to 2015, The amount of sold properties has increased by 25.6%, the average sold price however was decreased by 6.57% and the amount of time on the market has decreased by 3.8% - meaning a more balanced market. The other factor to consider is looking at the 3rd quarter of 2014 of asking vs. listing price compared to current 3rd quarter. In 2014 the average difference in asking vs sold price is much higher than that of 2015, which is less than 5%.
In conclusion, if you are looking to buy a property, it is a very good time to invest. If you are wanting to sell your property, it is also a good time. Of course the property depends on price and condition. I have seen the trends in the Pawleys Island area with buyers, that they are looking for minimal cosmetic work - upgrades will serve to be a good investment in selling your home. It is extremely important that the property be in top shape for the most out of the market. If this is not possible, then the pool of buyers may decrease. However, pricing could increase that pool, as long as it is priced according to the market AND condition. If you should have any needs or want to sell or buy your next property, call me at (843)907-8787. It is my goal to market and get your home sold in YOUR timeframe with YOUR goals. 

 If you want to sell your home, I can help. It is more important than ever to have a Realtor that knows not only the area you are interested in, but also the home values, as it can change so quickly, and no two markets are the same.  

Thank you for taking the time to read this and I hope to hear from you soon!

The Pawleys Island Residential Market maintains its steadiness, 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 increasing at a slower pace, but moving faster every day - all in all - a healthy market, and more of an equal market between buyers and sellers.


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