Surfside Beach Real Estate Trends Annual Summary
The number of homes in Surfside Beach, has grown since 2017. The number of sales, days until sold, and sales price were consistently trending from 2017-2019. Once the pandemic occurred, sales slowed the second quarter of 2020, and as we are all wondering what would happen in the 2nd half of 2020, the Surfside real estate market took off like a rocket.
Number of Sales by Year
Surfside Beach’s annual number of sales remained consistent from 2017 to 2019 and took off like the rest of Texas during the second half of 2020. As buyers look to capitalize on “future hold in place locations,” capitalize on interest rates and the local vacation rental market. Surfside number of sales continued its growth in 2020 and doubled in 2021 compared to 2019.
Average Days to Sell
The average days to sell were consistently trending near 100 days from 2017 to 2020. The largest reduction occurred in 2021 with a 38% decrease from 2020. Once a contract is accepted/executed, the days to close is estimated between 30 – 40 days. With the days to close/sell averaging 58 days, it could be concluded the average days on the market prior to receiving a contract averaged less than 30 days in 2021. There are many variables that could impact this number such as overpricing , property needing improvements, time of year, and other critical selling decisions, but an average decrease of 38% is an indicator of just how quickly the Surfside real estate market moved in 2021.
Average Sales Price
The average sales price increased 20% from 2018 to 2020, but jumped 37% from 2020 to 2021. The largest leap was from 2018 to 2021 at 64%. 2021 was a great year for sellers due to the lack of inventory created by increased sales, the reduction of construction materials, and overall demand, created a seller’s market. With a seller’s market an increase in sales price was to be expected.
Will this seller’s market continue? The fed is planning on raising interest rates at least 3 times this year, and Fannie Mae is looking at raising rates for 2nd home/investment buyers along with increasing down payment requirements which may alter buying power. We will review the economic conditions in the coming blogs. For now, if you are thinking of selling, now might be the time. If you are waiting to buy towards the end of the year, rates may increase and impact your buying power. Watch for new trends and stay informed to make the decision that is best for you!
If you are considering selling or buying call your local Surfside agent, Call A Carter 979-341-9293