November real estate sales in lull due to lack of inventory

In November, only 35 homes sold on Daniel Island. The least expensive home sold was a condo at 130 River Landing Drive which sold for $325,000. The most expensive home sold was in Daniel Island Park on Lesesne Street which closed at $3.575 million. Total sales for November were $46.1 million.

 

According to Ben Laaper, a Realtor at Matt O’Neill Real Estate, the lower number of sales was due to the lack of availability. The lack of inventory is evident in how many listings are currently on the market. As of Dec. 14, there were a total of 74 properties for sale with 64 of those under contract and only 10 were active.

 

“A further breakdown of these numbers reveals that there were four family residences and six condos/townhomes active thus leaving many buyers waiting for better options,” Laaper noted.

 

With homes going under contract within a matter of days, buyers are wondering when the market will get back to normal.  

 

“The reality is that while home price increases may moderate, this is the new normal for now until either a substantial amount of new inventory hits the area or the economy takes a U-turn. Small increases in interest rates may actually exacerbate the situation as buyers will want to avoid further increases. For now, just make sure you have a plan when you test the market,” Laaper suggested.

 

HOMES THAT SOLD IN NOVEMBER