Just when we think the real estate market is hot, it gets hotter. In Charleston, there’s been a 7.1% increase in the number of transactions since last year, putting our metro area on track to sell over 16,000 homes this year. And that’s with a greatly constrained supply; we’re deeply in a seller’s market with less four months of inventory overall (six months is considered a normal market.) Although prices seem to be on the rise, the median sales price is (only) up 5.3%.
Closer to home here on Daniel Island, 2016 sales numbers are deceptive. They’re lower this year solely because inventory is low. Demand remains strong and buyers are waiting for the right opportunity to become part of our island community. In May we closed 15 properties, wrote contracts for 23 more and listed 10 properties, 3 of which already have active offers. If you’re thinking of refinancing or moving to a new Daniel Island home, please call on us to help you determine the value of your home.