Pawleys Island 2015 Home Prices Increased
Pawleys Island Home Values Expectations and 2015 Performance
In review, 2015 shows a significant improvement over 2014 Values.
Sales Volume at 352 homes - Increased by 16.9%
Average Sales Price at $393,919 - Increased by 3.8%
Average amount of time on the market at 190 day - Decreased by 3.1%
The most improvement was in the two bedroom market, showing a sales volume increase of 87.5% and sales price increase of 42.4%. This could be due to the fact that there is only a small amount of inventory for two bedroom homes. Currently, there are only 3 properties for sale, less than 1% of the total properties for sale. If the supply of properties remains this low, then sales value would be due to rise in the coming year of 2016.
The three bedroom market shows the least amount of increase in the sales price at a mere climb of 1.9%, but volume shows an increase of 17.5%, which means the market is certainly moving, but at a slower pace. It could be due to the stale volume of homes in the three bedroom market as well. Stale, meaning that the properties that sat on the market for longer did not do quite as well as newer inventory to the market. The current properties for sale in the three bedroom category accounts for almost 40% of the supply of homes available as of January 6, 2016.
Four bedroom sales volume increased 6% in 2015, and the sales price shows an improvement of 4.9%. The average sales price for four bedrooms in Pawleys Island at year end 2015 - $435,885. This seems to be the most stable supply and demand, meaning the increase of the sales price and sales volume remained steady, as well as the average amount of time on the market, showing a slight increase of 3.5% (204 days). I don't expect this number to increase significantly in 2016, unless the supply of homes does not increase. Currently, there are only 113 properties available with 4 bedrooms, 35% of the market total.
2016 and 2017 are expected to be increasing in both sales price and volume, so it will be a more balanced market. I am not part of the Harper Properties team, which will lead to bigger and better things for clients and friends - I am now able to both market as a team, offer more services, and increase exposure with this new endeavor. What this means to the public is that our team has the experience on both the sellers side and buyers side to produce better results. So, if you are thinking of buying or selling anytime, please call Tara at (843) 907-8787 or Bud at (843) 240-2266 - I promise you will be glad you did!