2023 Market Review for The Reserve

THE RESERVE

2023

ANNUAL REAL ESTATE MARKET REVIEW

BROUGHT TO YOU BY:

Lauren Fournier 843.855.4799 • livecoastalsc.com

2023 MARKET CONDITIONS FOR HOMES IN THE RESERVE

4

Currently Active Home Listings

12

Sold Home Listings

95

Average Days on the Market for Homes

$302.44

Average Price per Square Foot for Homes

$1,055,000 Median Home Sales Price

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.

$1,150,416 Average Home Sales Price

Lauren Fournier Sales Associate

97%

Average Home List Price vs Sold Price Ratio

843.855.4799 lauren.fournier@peacesir.com livecoastalsc.com

The Reserve | RESIDENTIAL PROPERTY ACTIVITY IN 2023 ADDRESS

STATUS ASKING PRICE BED

BATH

CLOSE DATE SOLD PRICE

231 Cottage Ct.

Sold

$699,000

4

3

1/12/2023

$700,000

126 Cottage Ct.

Sold

$749,900

3

3.1

6/5/2023

$722,500

136 Cottage Ct.

Sold

$765,000

3

3.1

8/1/2023

$735,000

47 Vintage Dr.

Sold

$1,100,000

4

4.1

8/24/2023

$1,000,000

460 Reserve Dr.

Sold

$1,079,000

5

4

5/22/2023

$1,037,500

116 Rose Laurel Ct.

Sold

$1,095,000

4

3.1

4/5/2023

$1,050,000

353 Hunter Oak Ct.

Sold

$1,060,000

4

4.1

9/15/2023

$1,060,000

120 Running Oak Ct.

Sold

$1,085,000

4

3.1

5/4/2023

$1,085,000

53 Bald Cypress Ct.

Sold

$1,320,000

3

3.2

6/9/2023

$1,300,000

527 Preservation Circle

Sold

$1,500,000

5

5.1

12/12/2023

$1,485,000

321 Preservation Circle

Sold

$1,750,000

5

4.1

4/10/2023

$1,650,000

93 Grove Hill Ct.

Sold

$1,975,000

5

5.2

4/3/2023

$1,980,000

309 Huntington Lake Circle

Sold

$585,000

3

3.1

1/23/2023

$310,000

99 Huntington Lake Circle

Sold

$650,000

3

3.1

2/15/2023

$650,000

113 Huntington Lake Circle

Sold

$680,000

3

3.1

9/13/2023

$650,000

35 Golf Club Circle

Sold

$749,900

3

3.1

5/30/2023

$750,000

13 Golf Club Circle

Sold

$769,900

3

3.1

10/10/2023

$760,000

152 Cottage Ct.

Sold

$188,500

0.19 Acres

5/30/2023

$195,000

54 Hunters Oak Ct.

Sold

$230,000

0.38 Acres

6/1/2023

$230,000

Lot 41 Reserve Dr.

Sold

$269,000

0.59 Acres

3/9/2023

$250,000

83 Pipedown Landing Dr.

Sold

$289,900

1.72 Acres

3/6/2023

$265,000

19 Vintage Dr.

Sold

$275,000

0.52 Acres

3/15/2023

$272,000

Lot 63 Preservation Circle

Sold

$309,995

0.49 Acres

3/16/2023

$302,000

155 Brickwell Ln.

Sold

$309,000

1.87 Acres

8/28/2023

$309,000

140 Pipedown Landing Dr.

Sold

$310,000

2.28 Acres

3/22/2023

$310,000

900 K 800 K 700 K 600 K 500 K 400 K 300K

$610K

$607K

MAY 2023

JUN 2023

DEC 2023

$732K

$762K

NOV 2023

DEC 2023

NOV 2023

OCT 2023

SEPT 2023

22

$838K

$927K

NOV 2023

$705K

OCT 2023

$800K

AUG 2023

24

DEC 2023

$986K

SEPT 2023

$630K

21

OCT 2023

$800K

AUG 2023

29

SEPT 2023

$630K

JUL 2023

JUN 2023 30

AUG 2023

$642K

$607K

MAY 2023

APR 2023 32

JUL 2023

JUN 2023

$610K

$699K

23

MAY 2023

APR 2023 38

JUL 2023 $642,500

$699K

APR 2023

MAR 2023

FEB 2023

JAN 2023 19

MAR 2023 $520K

FEB 2023 $585K

$605K 29

MAR 2023 $520K

FEB 2023 $585K

JAN 2023

900 K 800 K 700 K 600 K 500 K 400 K 300K

$605K

45 40 35 30 25 20 15

JAN 2023

PAWLEYS ISLAND Single-Family Homes

Past 12 Months of Home Sales in Pawleys Island

TOTAL HOMES SOLD

42 20

Past 12 Months of Median Home Sales Price in Pawleys Island

MEDIAN HOME SALES PRICE

Past 12 Months of Median Home Sales Price in Pawleys Island

AVERAGE HOME SALES PRICE

329

108

$814K

$649K

$4.2M

$64K

96%

$267M

Homes Sold 418 in 2022

Average Sold Price $688K in 2022

Highest Valued Sale $7.5M in 2022

List vs Sold Price Ratio 98% in 2022

Average Days on Market 117 in 2022

Median Sold Price $538K in 2022

Lowest Valued Sale $125K in 2022

Total Sold Volume $287M in 2022

PAWLEYS ISLAND Residential Condos & Townhomes

TOTAL CONDOS & TOWNHOMES SOLD

44 11

DEC 2023

17

NOV 2023

21

OCT 2023

38

SEPT 2023

38

AUG 2023

25

JUL 2023

22

JUN 2023

39

MAY 2023

31

APR 2023

27

MAR 2023

30

FEB 2023

70 60 50 40 30 20 10

JAN 2023

Past 12 Months of Condos & Townhomes Sales in Pawleys Island

MEDIAN CONDOS & TOWNHOMES SALES PRICE

$300K NOV 2023

$320K

$325K OCT 2023

DEC 2023

$325K SEPT 2023

$334K AUG 2023

$302K JUL 2023

$329K JUN 2023

$311K MAY 2023

$300K APR 2023

$300K MAR 2023

FEB 2023 $235K

JAN 2023

400 K 350 K 300 K 250 K 200 K 150 K 100 K

$300K

Past 12 Months of Median Condos & Townhomes Sales Price in Pawleys Island

AVERAGE CONDOS & TOWNHOMES SALES PRICE

$329K

$343K

$365K

$335K

$334K

JUL 2023

AUG 2023

SEPT 2023

OCT 2023

NOV 2023

DEC 2023 $282K

$317K JUN 2023

$322K APR 2023

$392K

$319K MAR 2023

MAY 2023

$267K FEB 2023

JAN 2023

400 K 350 K 300 K 250 K 200 K 150 K 100 K

$358K

Past 12 Months of Median Condos & Townhomes Sales Price in Pawleys Island

239

88

$397K

$330K

$1.3M

$133K

97%

$95M

Condos & Townhomes Sold 343 in 2022

Average Sold Price $333K in 2022

Highest Valued Sale $1.2M in 2022

List vs Sold Price Ratio 99% in 2022

Average Days on Market 77 in 2022

Median Sold Price $310K in 2022

Lowest Valued Sale $100K in 2022

Total Sold Volume $114M in 2022

600 K 500 K 400 K 300 K 200 K 100 K

DEC 2023

$223K

$261K

NOV 2023

DEC 2023

NOV 2023

OCT 2023

SEPT 2023

AUG 2023

5

DEC 2023 $252K

$252K

OCT 2023

SEPT 2023 $130K

$476K

7

NOV 2023 $243K

OCT 2023 $252K

$498K

AUG 2023

JUL 2023

JUN 2023

4

SEPT 2023

$590K

JUL 2023 $165K

$260K

MAY 2023

3

AUG 2023

JUL 2023 $165K

JUN 2023

$439K 8

$303K

MAY 2023

APR 2023

MAR 2023

FEB 2023

6

JUN 2023

$540K

APR 2023 $190K

$268K

JAN 2023

8

MAY 2023

APR 2023 $223K

MAR 2023

3

$323K

FEB 2023 $77K

3

MAR 2023

FEB 2023 $172K

JAN 2023 $137K

500 K 400 K 300 K 200 K 100 K

$326K

8 7 6 5 4 3 2

JAN 2023

PAWLEYS ISLAND Residential Homesites

Past 12 Months of Homesites Sales in Pawleys Island

TOTAL HOMESITES SOLD

6

2 4

Past 12 Months of Median Homesite Sales Price in Pawleys Island

MEDIAN HOMESITES SALES PRICE

Past 12 Months of Median Homesite Sales Price in Pawleys Island

AVERAGE HOMESITE SALES PRICE

59

274

$342K

$252K

$2M

$35K

92%

$20M

Homesites Sold 115 in 2022

Average Sold Price $285K in 2022

Highest Valued Sale $2M in 2022

List vs Sold Price Ratio 93% in 2022

Average Days on Market 251 in 2022

Median Sold Price $179K in 2022

Lowest Valued Sale $11K in 2022

Total Sold Volume $32.7M in 2022

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