December sales up over last year but high mortgage rates remain a challenge

During December, 19 homes sold on Daniel Island. Ten homes sold during November. As of Jan. 13, there were 70 homes listed for sale. Of those, there were 38 active listings and 32 listings were under contract. The total sales for December, 2023 were $27,809,500. 

 

According to Tricia Peterson with Island House Real Estate, 2023 was a challenging year for the U.S. housing market. Higher mortgage rates, low inventory, and higher sales prices put homeownership out of reach for many consumers. Housing affordability remained a top concern for homebuyers, and for good reason: mortgage payments are up significantly from 2022, with a number of homeowners now spending more than 30% of their income on their monthly payment. 

 

As a result, sales of previously-owned homes remained sluggish throughout the year, while the shortage of existing-home inventory helped sales of new construction homes steadily increase from last year.

 

“Higher mortgage rates aren’t just affecting buyers. Many current homeowners purchased or refinanced their home in 2020 or 2021, when mortgage rates were several percentage points lower than today’s rates. And while those pandemic-era mortgages have been a blessing for many homeowners, they’ve also kept others from moving. Rather than give up their current mortgage rate for a higher rate and a more expensive monthly payment, some would-be sellers have chosen to put their moving plans on hold, further limiting the number of homes for sale and driving up home prices in the process,” Peterson said.

 

HOMES SOLD IN DECEMBER

127 Beresford Creek St. - $1,740,000

 

115 Bounty St. - $1,430,000

 

200 Bucksley Lane #304 - $315,000

 

400 Bucksley Lane #103 - $325,000

 

1613 Bulline St. - $1,175,000

 

2445 Daniel Island Drive - $1,925,000

 

1303 Elfe St. - $867,000

 

928 Etiwan Park St. - $1,050,000

 

6055 Grand Council St. - $1,120,000

 

1430 Hooper St. - $1,475,000

 

514 Lesesne St. - $2,675,000

 

1515 Mitchell Wharf - $920,000

 

135 Pier View St. #309 - $625,000

 

1647 Pierce St. - $1,412,500

 

1931 Pierce St. - $735,000

 

200 River Landing Drive #305A - $675,000

 

1418 Smythe St. - $3,200,000

 

613 Wading Place - $3,795,000

 

58 Woodford St. - $2,350,000

 

Compiled by Katherine Smith, news@thedanielislandnews.com