A Mid-Year Market Report

May 30, 2010

5/30/10

We have a renewed sense of optimism as we head into summer this year. Real estate activity on the island is on the upswing, with Daniel Island posting a 79% increase in the number of single-family homes sold this year to-date over the same period last year. Week by week, we’ve seen a growing number of phone and email inquiries and more traffic coming through our offices.

Sales of newly-built homes are also increasing island-wide. In Smythe Park, we’ve returned to the days of selling production homes while they are still under construction. So far this year, we’ve recorded 17 sales of homes from David Weekley Homes and John Wieland Homes, ranging in price from $369,900 to $725,000. In Daniel Island Park, buyers interested in purchasing a pre-built new home are finding that our inventory of new custom homes is quickly shrinking. We see this activity as a strong indicator of the returning health of the high-end market in Charleston and on Daniel Island.

As builders re-enter the market, our inventory of pre-built homes will expand. But if you are currently  looking for a newly-built home on Daniel Island, the time to act is now. Alternatively, building costs remain competitive and we have an excellent selection of golf, marsh, deepwater and interior homesites available in several island neighborhoods, including the spectacular new deepwater homesites at Mitchell Wharf .