2023 Perry Peace ANNUAL REAL ESTATE MARKET REVIEW 843.241.1509 PAWLEYS ISLAND PROPER BROUGHT TO YOU BY: Lindy Mickle 843.532.7488 PEACEGROATPROPERTY.COM
LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE
In the picturesque expanse of Georgetown County, the real estate landscape is currently navigating the intriguing dynamics of a scarcity-driven market. Characterized by a notable shortage in available properties, our area has witnessed a surge in both average and median sales prices during 2023.
The prevailing scarcity of housing inventory in Georgetown County has become a defining feature of its real estate market. The limited availability of homes for sale has created a heightened sense of exclusivity, prompting increased competition among buyers seeking to secure their dream homes within this coastal haven.
This imbalance between supply and demand has had a pronounced impact on property values in 2023 compared t0 2022. The average and median prices in Georgetown County increased 16% and 11%, repectively. As prospective buyers navigate this landscape, they find themselves operating in a market where property values are not only influenced by intrinsic qualities but also by the rarity of the offerings.
For sellers, the limited inventory translates into an opportune moment to maximize returns on their properties. The heightened demand, coupled with a reduced supply, positions sellers in a favorable light, allowing them to leverage the current market conditions for strategic pricing and negotiations. As interest rates begin to fall, the attractiveness for buyers will only heighten.
In conclusion, Georgetown County’s real estate market, shaped by a lack of inventory, paints a captivating view where scarcity becomes a catalyst for increased values. As our area navigates these dynamics, both buyers and sellers are reminded to embrace the opportunities that arise in this distinctive and evolving real estate landscape.
~ Perry and Lindy
5 Currently Active Home Listings 9 Sold Home Listings 168 Average Days on the Market for Homes $2,050,000 Median Home Sales Price $2,030,800 Average Home Sales Price 94% Average Home List Price vs Sold Price Ratio $821.38 Average Price per Square Foot for Homes 2023 MARKET CONDITIONS FOR HOMES ON PAWLEYS ISLAND PROPER
Island Proper | RESIDENTIAL PROPERTY ACTIVITY IN 2023 ADDRESS BED BATH SOLD PRICE STATUS 153 Atlantic Ave. Sold 3 1 $1,400,000 492 Myrtle Ave. Sold 5 5 $1,600,000 290 Myrtle Ave. Sold 3 2 $700,000 622 Doyle Ave. Sold 4 4 $1,150,000 254 Pearce St. Sold 5 4 $2,050,000 656 Springs Ave. Sold 7 4.1 $3,000,000 734 Springs Ave. Sold 4 3 $2,400,000 706 Springs Ave. Sold 5 3 $2,200,000 ASKING PRICE $1,595,000 $1,995,000 $700,000 $1,350,000 $2,100,000 $3,200,000 $2,400,000 $2,200,000 CLOSE DATE 8/25/2023 4/12/2023 11/29/2023 4/13/2023 10/2/2023 9/29/2023 8/28/2023 3/17/2023 520 Myrtle Ave. Sold 2 5 $3,777,200 $4,000,000 8/4/2023 614 Springs Ave. Sold 0.26 Acres $1,100,000 300-C Lot 7 Myrtle Dr. Sold 0.37 Acres $1,150,000 $1,200,000 $1,195,000 8/30/2023 1/11/2023
Pawleys
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