The Daniel Island real estate market was strong in 2012, and 2013 is proving to be shifting rapidly from a buyers’ market to a state that’s more advantageous to sellers. Daniel Island is believed to be at the leading edge of the market turn because of its association with the City of Charleston and because it is a master-planned community built with excellence and consistency. In 2012, more Daniel Island properties were sold than the previous four years combined. There was an increase in single-family home sales by 10% from 2011 to 2012, and home site sales increased 20%.
Daniel Island’s home inventory has gone down significantly for homes priced less than $1 million dollars. There are currently fewer than three months’ inventory of houses for sale on Daniel Island and about three months of inventory of Daniel Island condos. (To put these numbers into perspective, under six months of inventory is considered a healthy market.) Along with the decreased inventory, prices are headed upwards. From 2011 to 2012, the median home price went up 12% and the median home site price trended up 15%. Also, the average days on market (DOM) for single family homes is over 90 days, which is down a bit from 2011. Overall, homes are selling at a faster rate. Short sales decreased by 38% and foreclosures decreased by 23% in 2012, so the number of distressed homes on Daniel Island is thinning.
Rick Vale, who is the Broker-in-Charge and the Vice President of Sales for Daniel Island Real Estate, talks about how exciting it is to experience the distinct turn around in the market on Daniel Island, and how he expects the momentum to continue. He says that the majority of the sales on Daniel Island in 2012 occurred in the last half of the year. The sales took place more quickly than in several years past, and he doesn’t see any slowing in sight approaching the spring.
If you are thinking about purchasing a home or a lot on Daniel Island, now may be a great time to invest. New construction and resale activity is increasing along with the median home sale pricing, so if you see a home or home site that peaks your interest, you may want to claim it. Properties are selling much faster than they did in previous years!