Socastee/29588 September 2022 Real Estate Market Report
In the Socastee/29588 September 2022 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 89 days, almost 3 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 30-45 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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Socastee/29588 Single Family Home Market
Quick Facts:
- Sales Price to List Price - 98.7%, down 1.1%
- Average Sales Price - $328,472, up 4.5%
- Average Days on Market - 89, up 20.3%
- Months Supply - 2.0, up 66.7%
- Price per Square Foot - $153, up 14.2%
- Showings to Pending - 11, down 32.1%
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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.
Socastee/29588 Condo and Townhouse Market
Quick Facts:
- Sales Price to Listing Price - 99.2%, down 0.5%
- Average Sales Price - $184,317, up 15.9%
- Average Days on Market - 52, down 28.8%
- Months Supply - 1.2, up 9.1%
- Price per Square Foot - $162, up 32.8%
- Showings to Pending - 10.3, up 1.0%
The Socastee/29588 real estate market is definitely changing, and the market is different from early 2022. However, I do not believe we are headed for a market crash. Homes priced well, in a good location and presented well are selling in a reasonable amount of time. We are still in a sellers' market but headed towards a more normal sellers' market. Properties getting under contract in hours to a few days was not normal and not sustainable. As the months turn into winter, we may actually see our market turn towards a buyers' market. Time will tell. It is important to look at the numbers to determine a sellers' or buyers' market not feelings.
If you are thinking about selling your home or about buying a home, let's talk. Discussing your specific needs and comparing that to what the market is doing is the only way to make sure you are making the best decision.
"Helping You Find the Sandcastle of Your Dreams!"
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.
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