Johns Island Real Estate: The Latest Numbers
Here’s the latest for Johns Island real estate from the Charleston MLS. First, here’s a look at the Closed Sales:
That number has jumped up, especially compared to this time last year. In January, there were 31 Closed Sales, and that climbed to 35 in February.
In March, there were 40 Closed Sales. Last year those numbers were 20, 21, and 21 respectively. The peak month for 2014 was 37 in May.
So, already in 2015 we have exceeded the peak month for all of 2014. In fact, that is the most homes sold on Johns Island since October 2013 with 43 Closed Sales.
The highest number of Closed Sales in the last 10 years for Johns Island also was in 2013, in August, with 50 Closed Sales.
Here is a look at Pending Sales:
That number was on the rise so far, but it took a dip in March. January saw 40 Pending Sales and that went up to 62 in February.
In March, Pending Sales was down to 44. Nationally, February was the highest month for Pending Sales since June of 2013.
For Johns Island, February exceeded the peak of 2014, which was April with 52 Pending Sales. February was also the highest month for Pending Sales in at least 10 years.
Next up, a look at the Average Sales Price for Johns Island real estate:
Home values took a dip in February, but otherwise that number has been on the upswing in 2015.
In January, the Average Sales Price of Johns Island homes for sale was $301,319. That dropped to $247,839 in February, but rebounded to $332,679 in March.
Last March, the Average Sales Price was $254,251.
The peak month for 2014 was June with an Average Sales Price of $362,352. That was the highest Average Sales Price since April 2011 which saw an Average Sales Price of $375,309.
Here is a look at home values based on Average Price Per Square Foot:
Just like the Average Sales Price, the Average Price Per Square Foot also is on the rise, but it too took a dip in February.
In January, the Average Price Per Square Foot was $140/sq ft. In February, it was down to $124/sq ft, then back up to $153/sq ft in March. Last March it was $128/sq ft.
The peak month for 2014 was June at $153/sq ft. So, here is another number for Johns Island real estate that we have matched last year’s peak only 3 months into the New Year.
The last time we saw an Average Price Per Square Foot this high was October 2010 at $178/sq ft.
Here is the Average Days On The Market (DOM) for Johns Island homes for sale:
The Average DOM crept up a bit in February, but is back down in March. In January it was 29 DOM, then 53 DOM in February, and down to 43 DOM in March. Last March it was 46 DOM.
The low point for 2014 was March. January was the lowest Average DOM for Johns Island homes for sale since November 2006 at 22 DOM.
Finally, here is a look at the Months Supply Of Inventory for Johns Island real estate:
That number was on the decline, but trended upward in March. In January, there was a 6.2 Month Supply, in February there was a 5.7 Month Supply, and in March a 6.1 Month Supply. Last March it was at 6.6 Months.
The lowest point last year was January at 5.5 Months. The previous low came in December at 4.8 Months. Prior to that the lowest Months Supply was back in March 2005 at 4.8 Months.
The most recent numbers are interesting. A neutral market is at 6 or 7 Months Supply–less than that is a sellers market.
Much of Charleston has been below 6 months for most of if not all of the last couple years. James Island real estate has only seen 9 months in the last 3 years below 6 months.
In a sellers market prices are driven up because demand exceeds supply–basic economics. Despite not being in a sellers market, Johns Island real estate continues to appreciate.
Over the course of the last 3 years, Johns Island has hovered around the 6 month mark, sometimes higher, sometimes lower. But never higher than 7.1 months.
Currently, there are 201 Active listings for Johns Island. 28 Pending Sales, and another 89 homes under contract.
The Pending homes have an average list price of $302,391 and 17 DOM. The Contingent homes have an average list price of $309,175 and 63 DOM.
Time will tell where those numbers end up, but based on where they are now it looks like the number of Closed Sales will continue to rise.
The Average Sales Price could see a drop, and it is hard to say what will happen with the Average DOM.
Typically in a neutral market numbers stagnate, but with the Months Supply bouncing around like it has it wouldn’t be surprising to see the home values bounce a little as well.
For buyers this can be good news–home values are not steadily rising. They are bouncing around the $300,000 mark, a little above, a little below month to month. Plus, unlike most areas of Charleston, there isn’t a huge lack of inventory to choose from.
For sellers, it is a little tougher. There is more competition, so it is very important to have your home priced right, be sure it shows well, and to have good marketing to get it as much exposure as possible.
However, it can be done–just by fact that the 28 Pending homes average 17 DOM. Obviously, the demand is there–but at the right price.
If you are interested in buying Johns Island homes for sale, then visit my Pam Marshall Realtor website.
You can search the Johns Island MLS, download buyer’s guides, and have a free list of Johns Island homes emailed to you and updated regularly.
If you are thinking about selling then visit my Pam Marshall Realtor sellers page and learn more about my internet focused marketing strategies to get your home sold.
If you want to keep up with the latest stats for Johns Island, then head over to my Johns Island real estate stats page.