Johns Island Real Estate: Neutral Market, But Doing Well
Today I am using data from the Charleston MLS to see how the Johns Island real estate market did in 2014. First, a look at Closed Sales:
Closed Sales jumped up to end 2014 on a good note, nearly doubling the Closed Sales in November. December saw 27 Closed Sales compared to November’s 15. May was the best month in 2014 for Closed Sales with 37. November was the low point.
Here is a look at how 2014 was compared to previous years:
Much like most of Charleston, 2013 was a good year that saw a double digit increase (percentage-wise) in the number of Closed Sales. However, 2014 dropped off 2013 by 14.4%.
How did that affect home values? Here is a look at 2014 Average Sales Price:
The Average Sales Price increased slightly in December, from $302,759 in November to $308,241 in December. The peak for 2014 came in June at $362,352 and the lowest Average Sales Price in 2014 was in February at $226,979.
Here is a look at 2014 compared to previous years:
Despite sales numbers decreasing in 2014, the home values are still there. Average Sales Price remained close to the level of appreciation we saw in 2013 for Johns Island real estate.
Here is the Average Days On The Market (DOM) for 2014:
That number increased slightly in December, from November’s 92 DOM to 95 DOM. That is the highest DOM for 2014, and the lowest came in March at 46 DOM.
Let’s see how 2014 compares to the last couple years:
Although the Average DOM did increase for 2014 (compared to 2013), it only increased by one day. Overall, this number has remained steady over the last couple years.
Finally, here is a look at the Months Supply Of Inventory:
As you can see by the graph, that number was on the rise in 2014. However, it has been declining heading into 2015. For November there was a 6.8 Months Supply, and that decreased to 6.5 Months.
Here are the last couple years:
That number actually increased in 2014. 2013 saw a sellers market for Johns Island real estate, but now that number is back up above 6 Months, and at 6.5 Months Supply, Johns Island is in a neutral market.
One thing that might explain the higher numbers for DOM and Months Supply could be new construction. Of the 332 homes sold on Johns Island last year, almost a third of them (102) were new homes. New homes take longer to close, so that would inflate the DOM numbers.
Although Johns Island saw a decrease in sales, home values remained consistent and continued to increase. There are currently 178 Johns Island homes for sale, and 37 of them are new homes.
It will be interesting to see what happens the first couple months of 2015 for Johns Island. Sales are up, and if that continues that might improve the other numbers. Overall, Johns Island isn’t doing too bad–maybe not at the level other Charleston areas are experiencing.
If you are looking at buying Johns Island homes for sale, then you can search the Johns Island MLS here.
If you have a Johns Island home to sell, then bee sure to check out my sellers page.
Keep up with the latest stats from Johns Island on my Johns Island real estate stats page.