2011 started off quite strong, but April and May were disappointing. First quarter sales were strong with the number of home sales up 21% and homesite sales up 366% over the same period last year. Through May the year-to-date number of homes sold is up just 4%. Single family homes sales are down 7% while condo sales are up 35%. Sales of condos appear to be driven largely by bank owned deals. The highest priced home to sell in May was $691,209. Last year 5 single family homes sold in May above this price point including a $4,650,000 home sold by Prestige Real Estate Group.
New construction is once again dominating the scene with 7 of the 12 single family homes sold in May being new construction. Perhaps the slowest category for sales was in homes above $1,000,000 with just 5 sales though May. Three homes are under contract above $1,000,000. Later this week 346 Ralston Creek will close. This home is listed by Prestige Real Estate Group at $3,495,000.
6 home site sales closed in May bringing the total year to date to 27 homesite sales. 2010 sales for the same period were totalled just 10 homesites. Again lender owned homesites and great deals from distressed owners are driving buyers to pick up homesites.
In short the real estate market on Daniel Island remains sluggish this spring, but appears to be stronger than most other real estate markets across the country. Buyers looking to pick up property on Daniel Island could not find a better time to be proactive in sifting through available homes and homesites looking for great properties at very attractive prices.
If you have any questions about the market on Daniel Island or throughout the Charleston area, please give us a call at 843-259-9913.