First Quarter 2011 Activity on Daniel Island Indicates Charleston Real Estate Is On the Rise
Sales are up, inventory levels are down and prices appear to have stabilized on Daniel Island. Here at Daniel Island Real Estate, our first quarter 2011 results show the most promising indicators to date that Charleston real estate on Daniel Island is well on its way to returning to a healthy market. In the first quarter of this year, closed transactions for single-family homes on Daniel Island were up 20% compared to last year’s first quarter. In March alone, 2011 sales were up 36% compared to March 2010.
“Signs of economic activity and growth are all around in Charleston, and they are really starting to translate to a noticeable increase in real estate activity, particularly on Daniel Island,” said Rick Vale, Broker in Charge at Daniel Island Real Estate. “Daniel Island has maintained its appeal as a top residential choice in Charleston, and people appear to be feeling confident enough to start making buying decisions again.”
Meanwhile, inventory levels on the island are shrinking: We’re seeing a 33% reduction in the number of new listings for all property types compared to last year. Overall, current inventory levels nearly 30% lower than last year. And while reduced inventory typically suggests that price stabilization is on the horizon, on Daniel Island it appears to already be taking place: The average sale price for single-family homes is up 5% over the first quarter of last year.
“We’re definitely seeing the demand,” said Vale. “For the first time in nearly three years, we’re nearing a shortage of newly-built homes on Daniel Island. Fortunately builders are becoming active again, construction activity is increasing and we have a great selection of golf and waterfront homesites for people to choose from on which to design and build a custom home.”