Hanahan Real Estate: How Did The Hanahan Market Do In 2014?
Today I am looking at the numbers from the Charleston MLS to see how the Hanahan real estate market did in 2014. First, Closed Sales:
First, Closed Sales were up in December, from 22 in November to 30. December was close to being the peak month in 2014, but just missed June’s 34. The slowest month for Hanahan real estate was January, with 11 Closed Sales. So, how does 2014 stack up against previous years?
Closed Sales continued to increase in 2014, although not as sharply as they did in 2013. How have property values done?
The Average Sales Price increased slightly in December, from $233,494 in November to $235,152. Despite being the slowest month for Closed Sales in 2014, January was the peak for Average Sales Price-$245,087. The lowest month was March at $188,371.
So, how are Hanahan home values in 2014 compared to previous years?
Average Sales Price is once again up in 2014, up another 6.1% over 2013. In fact, since 2012 home values for Hanahan real estate are up 16.53%.
Now here is a look at the Average Days On The Market (DOM):
The Average DOM rose slightly in December, from 62 DOM in November to 69 DOM. The shortest DOM for 2014 was January at 26 DOM. The highest was February at 115 DOM.
Overall, the Average DOM is once again down for 2014:
As you can see, December was actually pretty close to the 2014 Average DOM.
Finally, here is a look at the Months Supply Of Inventory:
The Months Supply dropped in December, from 3.7 to 3.3. Keep in mind an inventory under 6 Months is considered a sellers market.
As you can see in the above graph, the Months Supply of Hanahan homes for sale spiked early in 2014–the highest point was April at 5.7 Months Supply–but that is still under the 6 Months Supply threshold that determines a sellers market.
Otherwise, that number was on the decline throughout most of 2014.
Here is a look at 2014 compared to the previous years:
The Months Supply rose ever so slightly in 2014–from 4.7 months to 4.8. However, the bigger point is the fact that Hanahan has been a sellers market for the last 2 years and appears to be continuing that trend into 2015.
Like most of the greater Charleston area, Hanahan real estate is doing very well. It is experiencing growth in sales and home values, but at healthy rates.
Closed Sales jumped up by 23.8% in 2013, but in 2014 they increased by 4.5%. Some may look at that stat and think the market isn’t doing very well.
However, it is important to understand that the market is doing well. A 23.8% increase is a ridiculous number and a pace that can’t be maintained for too long–otherwise, you will be heading for a crash.
Look at the home values for Hanahan real estate–in 2013 values increased at 9.8% and another 6.1% in 2014.
While that rate of growth is above the typical 3%-4% of a “normal” real estate market, they are not ridiculous numbers. The pessimist will look at the decline in the rate that Sales and home values are increasing and miss the entire point completely–that sales and values continued to rise in 2014, just not at the rate they did in 2013.
The market is correcting itself and settling into a more normal, stable rate of appreciation–a rate that is more easily sustainable over longer period of time. This is good news whether you are buying or selling.
If you are thinking of selling your Hanahan home, then bee sure to check out my sellers page.
If you are looking for Hanahan homes for sale, then check out my Hanahan MLS page.
And to keep up with the latest numbers, visit my Hanahan Real Estate stats page.