The Edisto Beach Market Report-July 2012
Great news for the real estate market on Edisto Beach. With the mid-year economic data just being reported for this July, we are finding that the recovery is not just a spike on a graph but indeed a trend that should continue to last. The recovery for Edisto began last year and is continuing in a positive direction. The key indicators for any market are the Closed Sales, Average Selling Price, Pending Sales, Absorption Rate and Days on the Market. Edisto is fairing well in 4 out of the 5 indices. The only downward trend being reported is the Average Selling Price. The Average Selling Price is continuing to trend downward slightly at -6.3%. I would contribute this to the following types of Sales that are lowering the average sale. Out of the 71 sales for the year, there were 10 interval sales(purchased weeks or shares of a property), 9 Bank-owned properties(sold as low as $69K) and several short sales. So overall the Bank-Owned and Interval sales(28% of sold properties) contributed to the lower per average selling price. The good news for the regular market sales which remained stable. Here are the Charts for the Mid-Year:
Average Selling Price on Edisto Beach-starting to stabilize as the Bank-Owned inventory is being sold off.
Pending Sales on Edisto Beach-trending upward-Buyer confidence is back.
Closed Sales on Edisto Beach-another upward trend toward a strong recovery.
Days on the Market-this is a significant drop-which is great for the Sellers-this will eventually raise prices thru the supply and demand.
Absorption Rate on Edisto Beach-rate at which available homes are sold in a specific real estate market during a given time period-less time is a better indicator.
All signs point to a Healthy recovery on Edisto. Its a great time to Buy and Sell. The Buyers are still getting some fantastic buys and with the inventory so low it is a smart time to list a property and get it Sold quickly. Its the first time in a long time that I will say "We need properties to sell-Please call me about listing your Property"!
"All data from the Charleston Trident Association of REALTORS®. Powered by 10K Research and Marketing."
Cal Griffin, Broker-in-Charge
- The Edisto Beach Company
Toll Free-800-726-1881
Please Visit my Websites: