Sullivans Island Real Estate Stats
Today I am looking at the numbers from the Charleston MLS to see how the Sullivans Island real estate market is doing. First, Closed Sales:
Closed Sales were down in November, from 5 in October to 1. The peak month for 2014 was both April and June, which each saw 7 Closed Sales. In September, there were no Closed Sales. So far in 2014, sales are even with where they were in 2013:
Next, Pending Sales:
That number stayed even–there were 3 Sullivans Island homes for sale to go under contract in both October and November.
Here is the Average Sales Price:
That number is up for November. In October it was $952,842, and November it was $1,150,000. Of course, there was only one sale in November, so that is not the best number to go by.
For 2014 the peak month for Average Sales Price was March, at $1,900,200. The lowest Average Price in 2014 was October, and that was the only month where the Average Price dropped below the $1,000,000 mark.
Looking at the cumulative Average Sales Price from last November to this November also allows us to see a year-to-year comparison:
According to this, the Average Sales Price is down overall, by 12.2%. What about the Average Price Per Square Foot?
That number has been on the decline since August, which saw an Average Price of $551/sq ft. In October it was $385/sq ft and in November it dropped to $328/sq ft.
Here is the Average Days On The Market (DOM):
That number jumped up from October to November–from 141 DOM to 273 DOM. August was the peak month for 2014 with an Average DOM of 305.
Finally, here is the Months Supply Of Inventory:
That number actually dropped in November, from 12.6 months to 11.7 months. However, that is well above the normal 6-7 months (for a “normal” real estate market) and if the previous graphs didn’t prove it already, indicates that Sullivans Island is in a buyers market.
It will be worth watching the Pending Sales to see how they affect the overall numbers for 2014–perhaps they will allow the Sullivans Island real estate market to rebound some.
Currently there are 31 active Sullivans Island homes for sale. 8 homes are under contract. However, according to the Charleston MLS, only 1 home has sold.
So, most of the greater Charleston area has seen spikes in prices and sales, and is in a Sellers Market. What’s going on for Sullivans Island?
For one, it is a smaller market. Plus, it is a specialized market. Beach front property isn’t something sold every day in large quantities. Take this past month for example–only 1 home sold, so there is only data available from that one house. This can skew the numbers.
However, the fact remains that it is a buyers market. While prices are down from last year, savvy buyers understand that ocean front property (or even property a couple blocks from the beach) will always be in demand and at a premium price (after all, they aren’t making anymore).
It is a good investment, and buyers of Sullivans Island homes for sale know that buying now, when prices are down, is the smart time to buy.
While the numbers are down slightly, they will be up in the future–this is not like the real estate market a few years back where the bottom fell out.
For sellers, if you decide to sell then patience is a must. Selling a high end luxury home takes longer than a normal house, for many reasons. Most owners of luxury homes understand this.
But, with a nearly 12 month supply of homes and an Average DOM over 200 days, it simply will take longer to sell because of market conditions.
Pricing right is critically important, as always, but especially in a market like this. You really have to pay attention to where the home values are trending, and be ready to lower your asking price if need be. It is also a good strategy to offer some incentives to help stand out.
If you are searching for Sullivans Island homes for sale, then you can search the Sullivans Island MLS. You can also sign up to have a free list of Sullivans Island homes for sale sent to your inbox.
These will include prices, addresses, photos, complete details and a link to Google maps. You will receive updated and new listings as they hit the market as well.
If you are thinking of selling, then go to my sellers page.
To keep up with the latest stats for Sullivans Island homes for sale from the Sullivans Island MLS, then check out my Sullivans Island Real Estate Stats page.