Socastee/29588 March 2023 Real Estate Market Report
In the Socastee/29588 March 2023 Real Estate Market Report provided by Kathy Rukat Smith of Palmetto Coastal Homes, discover what is trending.
The Socastee area, like the rest of the Grand Strand, continues to be in a sellers’ market. Properties ARE taking longer to sell so it may not FEEL like we are in a sellers' market. The average days on market for single family homes is 113 days, almost 4 months. This number is calculated from the day the home is listed for sale until the property closes. Most closings occur within 30-45 days after an offer is accepted. This means properties are actively on the market for approximately 60-80 days before an offer is received.
Sellers and Buyers have gotten used to properties only being on the market for a few days (or hours) before an offer is accepted. It is completely normal to feel like this current market is slowing down and we are headed for a crash. However, the inventory (months supply) is still low for both the single family market and the condo and townhouse market.
Information is provided by the Coastal Carolinas Association of REALTORSⓇ.
The Socastee/29588 Real Estate Market Report covers single family homes and condo/townhouses in the Socastee area as well as properties in the 29588 zip code. The Socastee/29588 Real Estate Market Report does not include manufactured homes, multi-family properties, land or commercial properties.
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Single Family Homes
- Sales Price to List Price: 98.2%
- Average Sales Price: $354,014
- Average Days on Market: 113
- Months Supply: 2.3
The Numbers in Detail:
In the single family home market, the sales price versus the listing price is still high at 98.2% which is down 2% from 2022. The average sales price is about the same at $354,014.
Both this days on market and months supply are much higher compared to 2022. If you have been paying attention to the real estate market in the last few months, this should come as no surprise. The average days on market is 113 days which is up 116.5% from 97 and the months supply is up to 2.3 month from 0.8 months.
Two other notable numbers are the total homes for sale and the number of showings before a pending contract. In March, there were 217 homes for sale. That number is up 178.2% from 78 homes for sale. The number of showings to a pending contract is 12.8 showings, but that is actually down from 2022 numbers.
Current Single Family Homes for Sale:
Condos and townhouses
- Sales Price to List Price: 97%
- Average Sales Price: $172,579
- Average Days on Market: 70
- Months Supply: 1.7
The Numbers in Detail:
In the condo and townhouse market, the numbers are also still showing a sellers’ market but slightly different than 2022. The average sales price to list price is high at 97% but down from 2022 when it was 100%. The average sales price has increased to $172,579 while the average days on market has decreased to 70.
The months supply of properties for sale is low at 1.7 months, but that number is higher than in 2022. There are 39 properties for sale which is up from 2022 and the number is showings to a pending contract is also up from 2022.
Current Condos and Townhouses for Sale:
What Do These Numbers Mean for Buyers and Sellers?
As a buyer, you can expect to pay almost full price for the home, but you are not likely to have to pay over the asking price to win the house and you may have more properties that potentially fit your needs and wants. You also do not necessarily have to see the house the day it comes on the market, and you may have more time to make a decision about a property.
For sellers, expect your home to be on the market a bit longer than it might have been in 2022. Most homes are still selling and selling at almost the listing price, but they are taking a couple of months to sell versus a few days or weeks. Your home will also have more competition than it did in 2022 so make sure it is priced right and looks great! You can expect a few more showings before your property is under contract. You also may not see a rush of buyers the day the property hits the market.
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 Socastee area is still a sellers’ market.
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