First Quarter Activity on Daniel Island Indicates Charleston Real Estate is on the Rise

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Sales are up, inventory levels are down and prices appear to have stabilized on Daniel Island, an award-winning master planned community and top submarket for Charleston real estate. 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.

Charleston Real Estate - Daniel Island

Charleston Real Estate on Daniel Island

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.

Sales are up, inventory levels are down and prices appear to have stabilized on Daniel Island, an award-winning master planned community and top submarket for Charleston real estate. Daniel Island Real Estate, the community ’s primary source for residential property, is reporting that the first quarter of 2011 showed the most promising indicators to date that Daniel Island and Charleston are well on their 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: The community is posting a 33% reduction in the number of new listings for all property types compared to last year. Overall, current inventory levels on Daniel Island are 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.”

Daniel Island Real Estate represents the largest selection of new and resale homes, homesites, townhomes and condominiums in this 4,000-acre master planned community. A vast array of choices are available at a wide range of prices. Single-family homes on Daniel Island are currently priced from the mid-$300,000s to over $5 million. Townhomes and condominiums range from the mid $100,000s to $1.5 million. And homesites with deepwater, golf, saltwater marsh and interior views are priced from the low $100,000s to over $1 million.

Part of the City of Charleston, Daniel Island is the city’s “island town,” with traditional neighborhoods, hundreds of acres of parks, leisure trails, downtown shops and restaurants, corporate offices, schools and churches, professional tennis and soccer stadiums, and a private country club with two nationally-ranked golf courses. Surrounded by 23 miles of rivers and creeks, Daniel Island is centrally located within 20 miles of the city’s famous historic district, Atlantic beaches and other area attractions.

For information about Daniel Island and its real estate offerings, visit http://www.danielisland.com.

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Julie Dombrowski