Pawleys Island Real Estate 2012 1st First Quarter Predictions
In the Pawleys Island Real Estate Housing market, for the first quarter of 2012 (through March 8), 70 homes were newly listed (assigned a new MLS ID #) in the month of January, 40 homes in February, and 12 (so far) in March. Currently, there are 467 homes for sale in the Pawleys Island area. In the 4th Quarter of 2011, there were a total of 349 properties for sale (28 of which had not closed by the end of the quarter).
Since the beginning of 2012, there has been an additional supply of 118 homes added to the Pawleys Island Real Estate Market. Internally, this means that there is still an oversupply of properties for how fast the market is turning. As of March 8, 2012, there have been 23 properties sold (in a closed status). There are currently 57 properties in pending status. If 50% of thes pending properties actuall sell, then the market will have matched what was sold the last quarter of 2011.
The good news is, even if we don't, it looks as if the sold price will have increased. Right now, with the 23 sold properties the average selling price is $439,043 for the 1st quarter of 2012. This shows an increase of about $64,478, good news for the sellers.
Keep in mind, that there is still an oversupply of properties on the market, still making it a buyer's market.
If you have questions, or would like more information on the Pawleys Island Housing market, please don't hesitate to contact me at your convenience. Tara Melech, Keller Williams Realty, (843) 907-8787.