James Island Real Estate Stats: A Look Into The Numbers
Today I am looking at the numbers from the Charleston MLS to see what is going on with James Island real estate. First, let’s take a look at the Closed Sales last month for James Island:
That number has been declining that last few months, down from 102 in August. November saw 54 closings, down from 71 in October. Can this simply be attributed to the Summer Peak? August was the peak for 2014 (and 2013 as well) with 102 Closed Sales.
Next, here are the Pending Sales:
Pending Sales often indicate future sale (Closed Sales), and at least this number is on the rise. October saw 62 James Island homes for sale go under contract, and November increased slightly to 66.
May was the peak with 100, and that was higher than any point in 2013 as well. Notice how may was the peak month (102) for Pending Sales, and August was the top month for Closed Sales? July was also a strong month for Pending Sales (87).
Next is Average Sales Price:
The Average Sale Price rose slightly in November, to $285,024. October was $271,506. May was the peak for both 2013 and 2014 with an Average Sales Price of $333,708.
Next is the Average Price Per Square Foot:
That number stayed the same from October to November, at $152/sq ft. Again, May was the peak month for 2014 at $153/sq ft. September of 2013 was slightly better at $154/sq ft.
As you can see by the graph, for the most part that number has stayed pretty steady at a high level for 2014.
Next, the Average Days On The Market:
That number has been on the rise, up to 83 DOM in October. But, it has dipped slightly in November to 80. March was the peak month at 92 DOM.
Finally, here is the Months Supply Of Inventory for James Island homes for sale:
As you can see, that number has also been on the decline. In November it dropped to 3.1 months, down from 3.6 in October. Just as a reminder as to the importance of that number, here us my go to infographic:
As you can see, James Island, like much of the greater Charleston SC area, is in a Sellers Market. But what about the declining number of Closed Sales?
Despite the sharp decline in the number of Closed Sales since August of 2014, sales numbers for James Island homes for sale are up from this time last year.
The next graph shows year-to-year sales for November for the last 3 years:
Overall, sales are up nearly 32% over this time last year.
So, what does this mean for buyers and sellers of James Island real estate?
Although sales are down these last few months, home values are still on the rise. Demand is there, but it appears supply would be, too.
There are currently 220 James Island homes for sale on the market. Interestingly enough, exactly half of those homes have been listed for 80 days or longer (remember, the Average DOM in November was 80).
Of those homes, 68 are listed at or above the $152/sq ft price point.
Of course, to simply say this is a case of being overpriced isn’t that simple. This is all of the homes on James Island, and there is a wide range of homes.
I think this would need to be broken down into smaller sample sizes–down to specific neighborhoods to see what those numbers say.
However, with all the numbers indicating a Sellers Market, it would appear that there are overpriced homes on the market.
As I always preach, it is important for both buyers and sellers to know the market numbers. This will assure confidence in making a purchase or sale, and will also set up realistic expectations for both buyers and sellers.
If you are thinking about buying or selling James Island real estate, then get in touch with me and I can break these numbers down to specific neighborhoods. This will arm you with the information and analysis you need to make the best decision.
For buyers, be sure to check out my James Island MLS page, and you can also sign up for a free list of James Island homes for sale to be delivered directly to your inbox.
Sellers can learn more at my sellers page.