Isle Of Palms Real Estate: How Was 2014?
Today I am looking at the Charleston MLS to see how Isle Of Palms real estate did in 2014. First, here’s a look at Closed Sales:
Sales increase slightly in December, from 14 in November to 16. The peak month for 2014 was April with 24 Closed Sales. The slowest month was February which saw 10 Closed Sales. How did 2014 stack up to previous years?
2014 was actually down in Sales after a great 2013. How did that affect home values? Here is a look at the Average Sales Price for Isle Of Palms real estate in 2014:
The Average Sales Price dropped in December, from November’s $1,028,279 to $807,562. The peak month for 2014 was actually in November, and the low month was April with an Average Sales Price of $655,389. November was also the only month in which the Average Sales Price was over $1,000,000.
Here is a comparison of 2014 to previous years:
As you can see, despite a drop in the number of sales, the Average Sales Price increased once again in 2014. Next up is the Average Days On The Market (DOM):
The Average Days On The Market jumped up in December, from 120 DOM in November to 191 DOM. The highest month for 2014 was July at 254 DOM and the lowest came in February at 105 DOM. Here is a look at 2014 compared to previous years:
As you can see, that number continues to drop.
Finally, here is a look at the Months Supply Of Inventory:
That number dropped in December. For November, there was a 14.3 Month Supply, in December it was 12.4. It looks like that number is getting back to where we were at the beginning of the year–January was the low month at 12.2, and the highest Months Supply for 2014 was in September at 15.5 Months Supply.
Here is how 2014 compared to previous years:
The Average Months Supply Of Inventory stayed the same in 2014. By definition, Isle Of Palms is in a buyers market. However, typically in a buyers market you do not see an increase in home values, yet that is not the case for Isle Of Palms real estate.
The longer DOM and Months Supply probably has to do with homes on Isle Of Palms being more expensive, and Isle Of Palms itself is a niche market.
However, buyers and sellers of Isle Of Palms real estate can benefit from knowing these numbers when it comes time to negotiate. For instance, there are currently 232 Isle Of Palms homes for sale. There is another 39 under contract.
Of the 232 Isle Of Palms homes for sale, 133 of them have been on the market for 191 days or more–remember, the Average DOM in December was 191.
Buyers aware of this could get on of these homes for less since these sellers have been on the market for a long time and are probably anxious to get sold.
Of course, the opposite could be true–these sellers could be so fixed on their price and refuse to sell for less. But, a smart buyer can use this information to show the sellers that they are overpriced.
For sellers, it is important to know the market numbers so that they price their home correctly from the start–this will ensure a quick sale for top dollar. With home values continuing to increase, it is a good time for Isle Of Palms real estate.
If you are thinking of buying, then bee sure to check out my Isle Of Palms MLS page. You can search the Isle Of Palms MLS and also sign up to have a list of Isle Of Palms homes for sale sent to your inbox.
These will include prices, addresses, pictures, complete details and a link to Google Maps. You will also receive updates and new listings.
If you want to keep up with the latest stats for Isle Of Palms, then visit my Isle Of Palms real estate stats page.