Pawleys Market Statistics and Analysis 3rd Quarter 2011

 

Pawleys Island Single Family Residential Property Statistics

These are the market statistics for Single Family Detached Residential properties for the 3rd Quarter of 2011, ending  September 30, 2011. The number of days on the market for the active and pending properties are also calclulated as of September 30, 2011.  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 or a specific neighborhood) you are interested in, or just fill out the Market Statistics Request Form at the bottom of this page.  This does not include modular or manufactured homes.

 Active PropertiesPending PropertiesSold Properties
Total Detatched 333 34 47
Median Price $489,000 $344,250 (List Price) $280,000
Average Price $770,022 $448,866 (List Price) $314,997

Days on Market

Med 191/334 Avg Med 221/246 Avg 240 Avg
1 Bedroom - - -
Median Price - - -
Average Price - - -
Days on Market - - -

2 Bedroom 6 - 1
Median Price $257,450 - $200,000
Average Price $366,900 - $200,000
Days on Market Med 250/302 Avg - Med 233/233 Avg

3 Bedroom 145 12 35
Median Price $315,000 $246,000 (List Price) $255,000
Average Price $420,194 $286,417 (List Price) $288,240
Days on Market Med 170/298 Avg Med 225/232 Avg Med 151/206 Avg

4 Bedroom 103 12 9
Median Price $549,900 $337,250 (List Price) $399,900
Average Price $720,286 $396,880 (List Price) $441,467
Days on Market Med 182/299 Avg Med 138/269 Avg Med 119/225

5 Bedroom 52 7 2
Median Price $937,450 $595,000 (List Price) $597,500
Average Price $1,243,086 $664,557 (List Price) $597,500
Days on Market

Med 211/379 Avg

Med 239/259 Avg Med 919/919 Avg

6 Bedroom 18 3 -
Median Price $1,950,000 $750,000 -
Average Price $1,949,167 $803,333 -
Days on Market Med 357/562 Avg Med 218/175 Avg -

7 Bedroom 7 - -
Median Price $2,000,000 - -
Average Price $2,111,286 - -
Days on Market Med 84/162 Avg - -

8 Bedroom 2 - -
Median Price $2,297,000 - -
Average Price $2,297,000 - -
Days on Market 2129 - -

Pawleys Island Analysis - For the 3rd quarter, of those single family detached properties that sold, there was a 19.17% difference in the original asking price vs the sold price.  When the properties actually sold, the difference between the current asking price and actual sold price was about 6.09%.  A factor of about 13.77% between the original asking price and current asking price plays a significant role in what the actual difference is in sold prices versus the asking prices.  Depending on how long the property has been listed, and if the current price is within reason, it is reasonable to calculate that if the property has been on the market for less than 180 days, then a price reduction will take place, or an offering price of not more than 20% less than what the original price was, would be acceptable, according to the 3rd quarter statistics.


Of the single family detached properties that sold in the 3rd quarter, about 20% of the real estate market were either short sales or foreclosures.  This has had an effect on the asking price in a downward trend....not by much when compared to the 2nd quarter, but enough to apparently affect the supply.  When compared to the 2nd quarter, the supply has decreased as well.  Currently, the number of active properties for sale with a short sale or foreclosure stipulation is much lower than in the past 2 quarters of this year.  As of October 19th, it is about 3% of total active residential market.  This effect should stabilize the prices somewhat, as long as the foreclosures and short sales do not go over a small percentage of the current active market, at least less than 20%.  These statistics are based on single family residential properties only.  No manufactured, vacant land, or condos or townhomes were used in these calculations.