Johns Island Real Estate: How’s The Market?
Today I am looking at data from the Charleston MLS to see the numbers for Johns Island real estate. First, here are the Closed Sales:
Closed Sales dropped in November, from 35 in October to 15. May was the peak month for 2014 with 37 Closed Sales. Many parts of the greater Charleston area have seen a decline in sales heading towards the end of the year. However, so far those areas have seen an overall increase in sales from 2013. What about Johns Island?
For Johns Island, overall sales are down, by 13.4%. Let’s peak into the future and see how many Pending Sales there were in November:
Pending Sales shot up in November, up to 51 from 17 in October. That is almost the peak month for 2014–there were 53 Pending Sales in April. With that many future sales lined up, it is possible that the total number of sales for Johns Island could match 2013.
How are home values for Johns Island? First, here is a look at the Average Sales Price:
The Average Sales price for November is down slightly. In October it was $303,246, in November it was $302,759. The peak month for 2014 was June with an Average Sales Price of $362,352. Overall, 2014 is above 2013 for Average Sales Price:
Next up is the Average Price Per Square Foot:
That number is up slightly in November, from $141/sq ft in October to $144/sq ft. June was the peak for 2014, with an Average Price Per Square Foot of $153/sq ft.
Here is the Average Days On The Market (DOM) for Johns Island homes for sale:
That number is down slightly in November, from 94 DOM in October to 92 DOM. October was the highest DOM for 2014, and March had the lowest with 46 DOM.
Here is the Months Supply of Inventory on Johns Island:
That number is also down slightly, from 7 months in October to 6.7 in November. October was the highest number of months for 2014, January was the lowest with a 4.8 months supply. For most of 2014 that number has been above 6 months.
This means that Johns Island is in a neutral real estate market–it is neither a buyers or sellers market. As you can see by the previous graphs, prices are holding steady for the most part.
Currently there are 190 Johns Island homes for sale. There are 25 Pending Sales as well.
So, what does all this mean?
Johns Island is a little different than other areas of Charleston, as far as the market is concerned. Most other areas are in a sellers market, and as a result, are seeing a more dramatic increase in the number of sales and home values. Johns Island is still seeing increases, but not at the same rate.
This doesn’t mean that things are bad for Johns Island real estate. Johns Island is simply experiencing a more normal real estate market.
For buyers, it is a good time to buy. Values aren’t increasing at a fast rate, so you don’t have to be concerned with not being able to afford the perfect house if you wait.
It is important for buyers to understand that the market is still strong, and is still growing. There is no need to have any concerns that buying Johns Island homes for sale is not a smart, safe investment.
For sellers, it is important to know what the numbers are for your neighborhood–they could be completely different than the overall numbers. But because this is a more normal real estate market, it is important (as always) to have your home priced right, from the start.
With so many homes competing to be sold, it is very important that you hire the right agent that can market your home to help it gain as much exposure as possible, and to stand out from “the crowd”.
It will be interesting to watch this market heading into 2015. For the last couple years sales start off slow at the beginning of the year:
Here is a look at home values over the same period, especially pay attention to the beginning of the years:
With home values leveling off, it is very possible that they may stay fairly level going into spring. But, just like years past, they should start to increase in early Spring.
For buyers, this is good news. For sellers, it would be necessary to look at things in your neighborhood first to see more localized numbers. But, based on this info, holding off on listing might make sense.
If you are looking at buying Johns Island homes for sale, then check out my Johns Island MLS page. You can also sign up for a free list of homes to be emailed to you.
These homes will have price, address, photos, complete details and a Google map link. You will also receive updated and new listings as well.
If you would like to see the most recent data for Johns Island real estate, then check out my page of Johns Island Real Estate Stats.