June was a hot month for the Daniel Island real estate market, but when you look at the 2013 mid-year picture, the area is not showing as big of price gains as other Charleston markets are. This is probably because the Berkeley County enclave made such strong gains last year. While sales prices were tepid throughout Charleston, we were seeing significant action on Daniel Island in 2012. So this year, the market didn’t have as much room for growth. That said, first-half sales were up 25% (99 homes have closed so far this year), median price was up 2.5% ($575,000), and average price was off by 3.8% ($658,230).
Sellers are receiving just over 96% of their asking prices, up from just below 92% during the same period last year, and their homes are selling in approximately 83 days this year, compared to 125 days last year. One-third of the single-family homes sold on Daniel Island during the first six months of 2013 closed in June. Inventory is down 20% to just 76 actively listed homes.
Townhouses on Daniel Island are holding their own as well. Although median price is off by 1.2% ($240,000), average price is up by more than 6% ($277,801), and homes are selling in under two months. While June 2012 buyers had 48 attached real estate listings from which to choose, June 2013 home-hunters had a drastically reduced inventory of just 22 active listings.
If you’re considering a home purchase on the island, you should try to get out there this weekend. The weather is supposed to be gorgeous (with an isolated shower here and there), and the 2013 Coastal Living Showhouse is open Saturday and Sunday. Or if you can’t make it this weekend, consider stopping by next weekend. The Showhouse will be open on Friday and Saturday, and the Barknaked Ladies, Ben Folds Five and Guster are playing at the Family Circle Stadium on Saturday, June 27, 2013.
And of course, if you have Daniel Island real estate questions, send Bob Brennaman an email or give him a call.