In the Socastee Real Estate Market Report for April 2022 provided by Kathy Rukat Smith of Palmetto Coastal Homes, learn about the market trends. Socastee, 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 April for Socastee. Information is provided by the Coastal Carolinas Association of REALTORSⓇ.
The Socastee Real Estate Market Report covers single family homes and condo/townhouses in the Socastee section of Horry County and other homes in the 29588 zip code. The Socastee Real Estate Market Report does not include manufactured homes, multi-family properties, land or commercial properties.
Socastee 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 April 2022, the single family market in Socastee had only a 0.8 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. Socastee single family homes, on average, were sold at 100.2% of the list price.
Quick Facts:
- 141 New Listings – up 36.9%
- 99 Sold Listings – down 26.1%
- 85 Active Listings – down 3.4%
- 86 Average Days of Market – down 9.5%
- $353,619 is the Average Sales Price – up 38%
- $148 is the Average Dollars Per Square Foot – up 28.7%
Single Family Home Listings For Sale:
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Single Family Home Pending Listings:
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Single Family Home Closed Listings:
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Socastee Condo and Townhouse Market
The month’s supply and percentage of list price to sold price is slightly more on the condo and townhouse market. In the condo and townhouse market, properties are selling at 102% of the list price and the month’s supply of properties is down to 0.2 months.
Quick Facts:
- 19 New Listings – down 13.6%
- 31 Sold Listings – down 11.4%
- 8 Active Listings – down 78.4%
- 42 Average Days of Market – down 40%
- $196,674 is the Average Sales Price – up 36.5%
- $149 is the Average Dollars Per Square Foot – up 31.9%
Condo and Townhouse Listings For Sale:
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Condo and Townhouse Pending Listings:
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If the problem persists, please reset your API key in the IDX Broker Dashboard, or contact help@idxbroker.com
Condo and Townhouse Closed Listings:
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If the problem persists, please reset your API key in the IDX Broker Dashboard, or contact help@idxbroker.com
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 about 3 months (that’s the total days from the day the home is listed to the day the home is closed). Primary residents need to know where you will be moving once your home sells. I have found that getting pre-approved as a seller before you put your home on the market is always a good idea.
What do these numbers mean for you as a buyer? You also need to be prepared. The Socastee market is still considered affordable for most buyers so you will have some 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.
Contact me if you have any questions about the Socastee real estate market report for April 2022 or the Socastee market in general.