Real Estate Market Update For Pawleys Island October 2009
The real estate market trends in Pawleys Island shows signs of turning around. When compared to 2008, the 3rd quarter of 2009 for the Pawleys Island area reflects an increase in the number of single family residential homes that sold. However, the average price of a home that sold within Pawleys Island dropped signifcantly, by almost 50%. When compared with the 2008 third quarter numbers, there was an increase of 15% in sales, but an average drop in the price of sold homes by about $335,539, making the average price of a home $363,000. This is one of the many factors of the sheer volume of homes being sold that are short sales and foreclosures. For the year of 2009, 33 percent of the sales in the Grand Strand Area (Georgetown and Horry County included), have either been foreclosures or short sales.
In this market trend, it all seems to be about price more so than location. Because of the daily changes that are being made with the banks, lenders, and appraisers, it has become more of a factor than one would like to believe. Location is no longer precedented, instead it is the price and the kind of financing that have been playing bigger roles in getting deals to close.