Garden City Beach Real Estate Market Report – April 2023
In the Garden City Beach April 2023 Real Estate Market Report provided by Kathy Rukat Smith of Palmetto Coastal Homes, discover what is trending.
Garden City Beach, like the rest of the Grand Strand, continues to be in a sellers’ market. Days on market are trending to a more normal sellers’ market instead of the crazy sellers’ market of 2022. This means properties are taking longer to sell, but they are still selling!
Information is provided by the Coastal Carolinas Association of REALTORSⓇ.
The Garden City Beach Real Estate Market Report covers single family homes and condo/townhouses in the Garden City Beach sections of Horry County and Georgetown county. The Garden City Beach Real Estate Market Report does not include manufactured homes, multi-family properties, land or commercial properties.
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My weekly email newsletter goes out on Saturdays. Information will include local market reports, real estate tips and videos, new listings of mine and my office, local business highlights, Grand Strand events and inspirational quotes.
Single Family Home Market
Quick Facts:
- Sales Price to List Price: 98.4%
- Average Sales Price: $769,100
- Average Days on Market: 150
- Months Supply: 3.2
The Numbers in Detail:
In the single family home market, the sales price compared to the listing price is still very high at 98.4%. That number is actually slightly higher than in 2022.
The average sales price did drop by 44.7% to $769,100. However, keep in mind that large (expensive) beach homes could have sold last year and the numbers could change drastically.
The average days on market is 150. On average, homes take 30-45 days to close so home are only actively for sale for about 105-120 days.
The months supply of homes for sale has increased by 77.8% to 3.2 months. A normal sellers’ market does have a 4-5 months supply of homes for sale.
Another interesting number to watch is the closed sales. April 2023 saw 5 homes closed as compared to 10 homes in April 2022.
Current Single Family Homes For Sale:
Newsletter
My weekly email newsletter goes out on Saturdays. Information will include local market reports, real estate tips and videos, new listings of mine and my office, local business highlights, Grand Strand events and inspirational quotes.
Condo and Townhouse Market
Quick Facts:
- Sales Price to List Price: 97.5%
- Average Sales Price: $444,129
- Average Days on Market: 48
- Months Supply: 1.5
The Numbers in Detail:
97.5% is still a very high sales price to list price percentage even though that number is lower than the sales price to list price percentage in April 2022.
The average sales price is much higher (33.5%) than in 2022. Do keep in mind that the higher price of ocean front, ocean view and marsh view condos can skew those numbers.
The days on market at 48 days is lower than in April 2022. Condos and townhouses are still getting under contract quickly once coming on the market. The time from contract to close is 30-45 days. With an average total of 48 days on market, you can see that properties are on the market a short about of time before they are under contract.
The months supply of condos and townhouses for sale is very low at 1.5 months. 4-5 months supply is a normal sellers’ market.
April 2023 saw 7 condos and townhouses close. This number is lower than in April 2022.
Currents Condos and Townhouses For Sale:
What Do These Numbers Mean for Buyers and Sellers?
Buyers in the single family home market and condo and townhouse market can expect to pay close to the asking price for their new home. They will also find they have more time to make a decision if the property is right for them!
Sellers can expect to receive close to their listing price but not likely over their listing price. You may also not see the frenzy that you would have seen in 2023.
Of the total properties sold in Garden City Beach in April 2023, the majority were purchased with a conventional loan. To me, this says that buyers still purchasing properties with loans even though the interest rates have increased.
The bottom line is that while the market is slower than it was in 2022 and we have seen some effects of higher interest rates, properties are still selling and the Garden City Beach area is still a sellers’ market.
Visit my YouTube Channel to learn more about the selling process or the buying process.
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