2017 Daniel Island SC Real Estate Buying Stats
Today I am looking at the Daniel Island MLS to see the latest stats for the Daniel Island SC Real Estate market.
First, a look at the Average Sales Price for homes for sale in Daniel Island SC:
2017 started off with the Average Sales Price of $559,395. You can see the values came down from their 2016 peak in December with an Average Sales Price of $805,182.
In February home values shot back up to $789,481. They dropped in March to $734,161. In April they dropped again to $565,803.
May saw home values shoot up to $808,347. That is the highest Average Sales Price for Daniel Island since April of 2010, which saw the Average Sales Price of $814,839.
The highest Average Sales Price for Daniel Island happened in January of 2007, with the Average Sales Price was $1,103,878.
Here is a comparison of 2016 vs, 2017:
2016 (up to this point of the year) saw one significant increase in home values–from January to February (a gain of almost 17%). 2017 so far has also seen a significant jump, also from January to February of 41%.
2016 saw a decrease in values at this point, a drop from February ($723,575) to March ($691,930), a decrease of 4.4%.
2017 has seen two decreases, the first from February ($789,481) to March ($734,161) a drop of 7.4%.
Then, values dropped from March ($734,161) to April ($565,803), a drop of 22.9%. But May made up for both with a gain of 42.9%.
Let’s next take a look at Closed Sales:
January started the New Year with 16 homes sold on Daniel Island. In February, there were 15 more. That increased to 28 in March, and there were 27 more in April. May saw the number increase to 33.
June of 2016 was the busiest month for Daniel Island SC real estate, as there were 43 homes sold. That is the highest since June of 2013, which saw 45 homes sold.
The all time high was January of 2005 with 72 homes sold.
Next, a look at Pending Sales:
January saw 27 Daniel Island homes go under contract. February saw 22, then in March it jumped up to 38. April saw a dip to 31 homes, and May it was back up to 38. The highest amount pf Pending Sales in 2016 came in April, with 39.
The highest ever was November 2004 with 168 Pending Sales.
Homes For Sale In Daniel Island SC: Selling Numbers
Here is a look at the Average Days On The Market (DOM) for homes for sale in Daniel Island SC:
2017 started of with an Average DOM of 39 days, That increased in February to 62 days, then to 63 days in March. April dipped to 60 days and May was back up to 74 days.
The longest Average DOM for Daniel Island SC real estate in 2016 was August, with an Average DOM of 96 days.
The longest Average DOM on Daniel Island came in February 2009 at 327 days. The fastest homes sold was in February 2005 at 16 DOM.
Next up is a look at the Months Supply of Inventory for Daniel Island homes for sale:
January saw a 4.7 Months Supply of Daniel Island homes for sale. In February that increased to 5.8 months.
March saw another increase to 6.2 months, and in April it was 6.1 months. May dropped again, to a 6 Month Supply.
The highest point last year was September and November, each with a 5 Month Supply.
The highest point for Months Supply of homes was June of 2009, which saw a 30 Month Supply of Daniel Island homes for sale.
The lowest supply was December of 2004 with a 0.9 Month Supply.
Daniel Island SC Real Estate: Current Numbers
Here is a look at the number of homes currently listed for sale on the Daniel Island MLS:
In January, there were 124 Daniel Island homes for sale.
February increased to 148, and March peaked (so far) at 165 homes for sale.
In April it dropped to 159, and May dropped to 157.
However, since February, there are more Daniel Island homes for sale than there were at any point of 2016.
Of course that is a far cry from the all time high of April 2007 which saw 390 homes listed for sale.
Finally, a look at New Listings to hit the Daniel Island MLS in 2017:
January saw 59 new listings added to the Daniel Island MLS, and February added 55 more.
March saw that number increase to 64. April dropped to 37, and May increased to 49.
March was the highest number of new listings in 2016, with 52 new listings. December was the lowest number at 15.
March 2017 was the highest amount of new listings to hit the Daniel Island MLS since June of 2008, which saw 61 new listings.
The all time high was in November of 2004 with 167 new listings.
So, What Is Happening In The Daniel Island SC Real Estate Market?
If you have followed the real estate market recently, then you probably know that nationwide we are in a pretty hot market. Home values are increasing rapidly because there is a strong buyer demand, as well as a shortage of inventory.
However, in looking over the Daniel Island numbers, that doesn’t quite match up.
One thing that is happening nationwide is the fact that we have what is being called a dual market. Things are really hot for the majority of the market, but quite different for the top third of the market–luxury or premium homes.
I covered this in greater detail in a previous post, and looked at the Charleston SC real estate market to see if this was happening here.
It appears that homes above $1,000,000 are not affected as dramatically, but homes in the $500K-$1M range are.
Basically, it is a different market.
The numbers from the Daniel Island SC real estate market seem to support this.
Of course, you also have to factor in that Daniel Island is a smaller, almost niche market. But the important takeaway from this if you are looking to buy on Daniel Island (or, more importantly, sell) is the fact that as hot as the Charleston market is, things are a little different on Daniel Island.
Seeing home values fluctuate from month to month isn’t extremely unusual for the Charleston market. But Daniel Island has had some dramatic fluctuations in values so far this year.
But the biggest giveaway is the Months Supply numbers. I’ve show this before, but here is a reminder: 6 months of inventory indicates a “normal” real estate market.
Whereas the rest of the nation is experiencing a seller’s market, that is not the case on Daniel Island.
Demand is still strong, as evidenced by the sharp increases of Closed Sales and Pending Sales so far in 2017.
But, unlike much of the country, Daniel Island is keeping up with the demand. The New Listings and Homes For Sale graphs are on the upswing in a similar trend to the Closed and Pending Sales charts.
What’s This Mean For Daniel Island Sellers?
It is important that home owners on Daniel Island that are thinking about putting their house on the market understand that nationwide real estate is very hot right now.
However, not all homes or all markets are the same. Nationwide we are seeing a split in the market, or a dual market. Things are a little different at the higher end.
Can you still sell your Daniel Island home?
Of course you can but it is important to understand a couple of things first.
One, home values aren’t just spiking upward rapidly like they are nationally. Yes, there were a couple big jumps so far in 2017, but there were also a couple big drops.
There is a range of prices on Daniel Island, so that could be a contributing factor.
But, these charts show that supply is keeping up with the demand, unlike most of the country.
It is also important to understand that of you are selling a home on Daniel Island, you have plenty of competition, and that is simply not the case in most markets.
Although the number of Closed Sales and Pending Sales numbers (the demand) are trending upward, so are the Days On The Market, Months Supply, Homes For Sale, and New Listings numbers (the supply). By no means is it a bad time to sell, but it also isn’t a crazy seller’s market either.
Spring/Summer typically sees more homes come onto the market. However, I am willing to bet that some people heard the news about the state of the real estate market and figured it was a great time to list. And again, I am not saying that it is a bad time the list–quite the opposite.
However, if you enter into the real estate market and do not fully understand what is going on, you could be severely disappointed with your results. It is better to dig a little deeper and know about this dual market, so that you enter into the market with realistic expectations.
If you are thinking about buying or selling Daniel Island SC real estate, then be sure to visit my Pam Marshall Realtor website.