What to expect for Purchasing Pawleys Island Property 2nd Quarter 2011 Update
As of June 15th for the Pawleys Island area - of the 46 residential single family detached properties that have sold in the 2nd quarter of 2011, 6 were foreclosures, 1 was a lender approved short sale, 4 were considered potential short sales. This is not a complete update of the 2nd Quarter. It is only a small picture of what is expected.
The average selling price of the 46 properties was $399,606, with a median of $277,500, and an average of 251 days on the market, with about 9% difference in asking price vs. list price.
The average selling price of the 6 foreclosed properties for the 2nd quarter of 2011 - $221,466 with a median of $225,950 and 77 days on the market. The difference in asking vs. list price - 1.3% The average selling price of the lender approved and potential short sales - $459,400 with a median of $250,000 and an average of 377 days on the market. The list price vs selling price difference is about 4.4%
The average selling price of straight sales (no stipulations) was $421,603 with a median of $340,000 with and average of 263 days on the market. The asking vs. list price was an average of about 10.6%
In summary, the difference in list price vs selling price does not vary much for the foreclosed and short sales. Contrary to popular belief, there is not alot of wiggle room in short sales. From these statistics, the asking price vs sold price is less than 5%! So, if you are looking at homes, ready to purchase, keep in mind that there may not be as much negotiating room as you would like to have. Of course, it also depends each individual seller. Considering prices have dropped more than 20% since the last quarter of 2010, less room for negotiation should be expected.
If you are currently searching properties for sale in the Pawleys Island area, the list price is only a suggestion, but these statistics can help in keeping your numbers in line. For instance, if you are looking at purchasing a home for around $200,000, then it would be realistic to not look at homes listed over $220,000 as this would be the 10% difference currently being seen between the asking price vs. list price. There are always exceptions, but at least the expectations are more realistic, knowing what the current market is willing to accept. The market is what predicts the selling price, not people, or agents, or a company.
If you have questions or want to know what the specific market is in your neighborhood,please don't hesitate to contact Tara Melech at (843) 907-8787, serving the Pawleys Island and Murrells Inlet areas.