Garden City Beach Real Estate Market Report for February 2022

Kathy Rukat Smith

2 years ago

In the Garden City Beach Real Estate Market Report for February 2022 provided by Kathy Rukat Smith of Palmetto Coastal Homes, learn about the market trends. Garden City Beach, like the rest of the Grand Strand, continues to be in a sellers’ market. The average price of homes and condos has risen while the inventory of homes and condos has decreased. I believe we will continue to see this trend through 2022. The graphs below show single-family home and condo/townhouse information for the month of February for Garden City Beach. 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.

Garden City Beach Single Family Home Market

One number that is used to determine if an area is in a sellers’ market or buyers’ market is the month’s supply of properties for sale. For February 2022, the single family market in Garden City Beach had only a 1.7 month’s supply on homes for sale! Another important number for both buyers and sellers is the percent of list price compared to sold price. Garden City Beach single family homes, on average, were sold at 98% of the list price.

Quick Facts:

8 New Listings – up 14.3%
4 Sold Listings – down 20%
13 Active Listings – down 31.6%
83 Average Days of Market – down 68.1%
$757,500 is the Average Sales Price – up 11.4%
$229 is the Average Dollars Per Square Foot – down 14.2%

Single Family Home Listings For Sale:

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Single Family Home Pending Listings:

Single Family Home Closed Listings:

Garden City Beach Condo and Townhouse Market

The month’s supply and percentage of list price to sold price is even more impressive on the condo and townhouse market. In the condo and townhouse market, properties are selling at 101.4% of the list price and the month’s supply of properties is down to 0.9 months.

Quick Facts:

7 New Listings – up 16.7%
6 Sold Listings – down 25%
8 Active Listings – down 33.3%
90 Average Days of Market – down 6.3%
$254,750 is the Average Sales Price – up 13.4%
$302 is the Average Dollars Per Square Foot – up 31.9%

Condo and Townhouse Listings For Sale:

Condo and Townhouse Pending Listings:

Condo and Townhouse Closed Listings:

What Does This Information Mean for Buyers and Sellers?

What do these numbers mean for you as a seller? Prepare, prepare, prepare. When your home is listed for sale, it will be one of only a few homes for sale. The average days on market indicates homes are listed and closed in less than 3 months. While most homes for sale in Garden City Beach are rental properties, some homes are used a primary or secondary residences. Primary residents need to know where you will be moving once your home sells. Second home owners need to have an idea when their home could sell so they can squeeze in one last vacation and also time to move personal belongings.

What do these numbers mean for you as a buyer? You also need to be prepared. While the market for buyers that can afford a beach house is smaller, you may still have competition. You need to be prepared with a pre-approval letter, preferably from a local lender, or a proof of funds statement from your bank or financial institution. You also need to consider your timeline especially if you are purchasing a home for personal use. Any rentals within 90 days of your closing date must be honored. Let’s say you start looking for a home today (at the very end of March) and go under contract in mid-April. Most likely, you will need a month to close, so that puts your timeline at mid-May. Because of the 90 day rule, you will have to honor rentals through mid-August. As you can see, the amount of time in the summer you will be able to use your new home has been greatly decreased. You will be receiving rental income during that time.

Contact me if you have any questions about the Garden City Beach real estate market report for February 2022 or the Garden City Beach market in general.