August 2016 Real Estate Report: Average price of homes sold up over last year
Twenty-eight homes sold on Daniel Island in August. While sales on Daniel Island continue to be slower this year in July and August, the total volume of sales was up over previous years. Total sales for August equaled $20,210,333. There were six homes that sold for more than one million dollars; one of which sold for almost three million on Smythe Street.
As of September 10, there were 178 homes for sale. Ninety-seven were active and 81 were under contract. According to Renee Reinert Pote of Iron Gate Realty, comparing last August to this August shows an interesting trend.
“Although there are 81 properties currently under contract, over half of those (45) went under contract during the month of August. Last year only 16 properties went under contract in August. So this shows a high increase in the number of homes going under contract,” says Pote.
She also points out that an interesting trend when looking at the number of SOLD homes in August 2015 and August 2016. While the number of sales was close (31 in 2015 and 28 in 2016), there was a noticeable difference in point price sold.
“In August 2015 the majority of the sales were below $600,000 and this year in 2016 the majority of sales over $600,000. Breaking it down further the number of homes that sold for over 1 million in August of 2015 doubled in August 2016.”
A special thanks to Renee Reinert Pote of Iron Gate Realty for providing information regarding the status of real estate on Daniel Island.