Sullivans Island Real Estate: How’s The Market?
Here’s a look at what is happening with Sullivans Island real estate from the Charleston MLS. First, here are the latest stats for Closed Sales:
2015 started a little slow, with 1 Closed Sale. In February that shot up to 4, and down to 2 in March. Last March there were 5 Closed Sales.
The peak for 2014 came in June and April, with 7 Closed Sales each.
Sullivans Island doesn’t see the numbers that other areas of Charleston have. It’s a smaller market, plus it is a niche market–higher end real estate that doesn’t turn over as quickly.
Looking back at Closed Sales over the years, the last time there were 7 Closed Sales in a month was July 2011. That was the most in one month since May 2006 with 8.
Here is a look at Pending Sales:
Here’s where it gets interesting, and it looks like what we are seeing across Charleston is happening with homes for sale Sullivans Island.
Pending Sales have shot up. In January, there was 2 Pending Sales, then 3 in February. In March that number shot up to 10.
That may be the most ever–in the last 10 years, the most Pending Sales in a month for Sullivans Island real estate was 9 in August 2005.
Let’s see how home values are doing, starting with Average Price Per Square Foot:
That number was up in February, but back down in March. In January it was $442/sq ft, in February $564/sq ft and in March $423/sq ft. Last March it was $553/sq ft.
The 2014 peak was February at $947/sq ft. That was the highest Average Price Per Square Foot for Sullivans Island real estate since September 2010, which had an Average Price Per Square Foot of $1,377/sq ft.
Of course, in both instances, there was only 1 home that closed that month, so that skewed the numbers slightly.
To get a better perspective on where things stand for homes for sale Sullivans Island, the Average Price Per Square Foot for 2014 overall was $466.60/sq ft.
Here is a look at the Average Sales Price of Sullivans Island homes for sale:
Much like Price Per Square Foot, that number spiked in February, and is down for March. In January, it was $1,650,000 and in February it jumped up to $2,465,250.
In March it was $1,333,638. Last March it was $1,900,200.
February was the highest Average Sales Price for Sullivans Island real estate since June 2008 which was $2,900,000.
Here is the Average Days On The Market (DOM) for Sullivans Island homes for sale:
As you can see, that number has come up some in 2015. Certainly a jump from 49 DOM in January to 98 DOM in February and 107 DOM in March is a big jump.
However, when you look back at the last few months of 2014, 107 isn’t that bad.
2014 saw an Average DOM as high as 305 in August. The Average DOM for 2014 on Sullivans Island was 148.
Finally, a look at the Months Supply of Inventory:
Like most of Charleston, that number is on the decline. Unlike most of Charleston, that number is not below 6 months, which indicates a sellers market.
For March, the Months Supply of Inventory for Sullivans Island homes for sale in 8.9 Months.
We saw a number this low a couple times in 2013 (8.9 Months in July and 8.5 Months in May), but prior to that we haven’t seen a Months Supply that low since December 2006 (8 Months).
Currently, there are 34 Sullivans Island homes for sale. There is 1 Pending Sale, and another 11 homes under contract.
The Active homes average $591/sq ft and 168 DOM. The Pending home averages $343.52/sq ft and 562 DOM. The Contingent homes average $465.50/sq ft and 223 DOM.
While we could see the Average Price Per Square Foot drop in the next couple months, the Average Sales Price should remain around the same–maybe a slight drop.
Of the Contingent homes, the Average List Price is $1,163,818. The Pending home is listed at $899,000. Of course, we won’t know what price these homes are under contract for until after they close.
Just like the rest of Charleston, there appears to be strong buyer demand for Sullivans Island real estate.
The homes currently listed range in list price from as low as a $450,000 condo up to $4,400,000. Only 9 are listed under $1,000,000. So, Sullivans Island home values could increase as the year goes on.
It may be a small, unique market on Sullivans Island, but it doesn’t seem to be immune to the hot market we are experiencing in Charleston.
If you are thinking about buying homes for sale Sullivans Island, then visit my Pam Marshall Realtor website.
You can search the Sullivans Island MLS, download my Luxury Home Buyer Guide, as well as have a list of Sullivans Island homes for sale emailed to you.
If you are thinking about selling on Sullivans Island, then you need to hire the right agent to get your home sold. Visit my Pam Marshall Realtor sellers page.
If you want to keep up with the latest stats, then visit my Sullivans Island real estate stats page.