Buyers weighing options in sold-out real estate market

Even with a diminished inventory, the overall sales of Daniel Island property more than quadrupled in May over 2020 sales in the same month.

 

In May, 54 homes sold, with the lowest priced property at 200 Bucksley Lane selling for $189,600. The highest priced property at Nobels Point sold for $5.25 million. 

 

As of June 10, there were only 24 active listings. The average sale price for May was $1,235,673 with a total volume sold of $66,726,340, compared to $16,069,400 in May 2020.

 

According to Ben Laaper with Matt O’Neill Real Estate, buyers are having to become creative in this versatile market.  

 

“Numerous prospective buyers who have been shut out of the market are considering alternative options as prices continue to escalate, placing a hold on the Daniel Island dream for many. At the same time, a large number of buyers are waiting for the market to drop. However, they need to be aware that this market surge is fundamentally different from the last time this occurred as low inventories and low interest rates are fueling this urban to suburban migration,” Laaper said.

 

“With 108 properties under contract, we can all anticipate welcoming new neighbors as a high number of moving in/out activities should occur over the next two months. However, beyond that we will likely see a drop off in closings as we are finally seeing the serious negative effects of our extremely low inventories. Demand is still there, but there just isn’t enough inventory,” Laaper noted.

 

HOMES THAT SOLD IN MAY