The market on Daniel Island improved slightly.  From November 2008 to February 2009 28 single family homes sold on Daniel Island.  From November 2009 to February 2010, 31 homes sold. In February 2009, 137 homes were on the market, and in February 2010, 131 homes were on the market.  Sales are up slightly and inventory is down slightly.  For homebuyers, affordability is up as the Daniel Island homes sold thus far in 2010 have gone for under $200 per square foot, down from about $220/square foot a year ago.

The real estate market in Summerville is showing signs of improvement as the number of homes for sale has decreased year over year. The number of homes for sale stood at 1331 in February 2009 and dropped to 1200 in February 2010.  The number of homes for sale declined every month from February 2009 through January 2010.  In February 2010 the inventory took a slight bump from 1124 homes to 1198 homes.  This was not unexpected as people hoping to sell their homes in 2010 put them on the market early this year. The number of sales in Summerville declined slightly in the December to February period.  From December 2008 to February 2009, 296 homes sold while 272 homes sold from December 2009 to January 2010.  Homebuyers searching in Summerville will find some great buys as the average price per for homes has dropped under $90 per square foot in the area.

Rivertowne Country Club
In 2009, 49 single family homes sold in Rivertowne, down from 59 homes sold in 2008 and continuing a downward trend from 2005’s peak of 124 sold homes. The average days a Rivertowne home was on the market in 2009 was 251, up from 146 in 2008, a jump of 3.5 months. In addition, the average price per square foot dropped to $150/sf in 2009 as compared to $180/square foot in 2008. There were a number of unfinished new construction homes that sold as foreclosures or short sales in Rivertowne in 2009 that really pulled the values down. The average and median pricing in the neighborhood now rests in the low $400,000s, offering some very affordable values to homebuyers.

The number of single family homes sold in Hamlin Plantation in 2009 was 30 as compared to 35 sold in 2008 and the market high of 73 homes sold in 2007. In mid-November 2009 there were 29 single family homes for sale in Hamlin Plantation. By January 3, 2010, there were 33 single family homes for sale although four homes sold from mid-November through the end of the year.

Hamlin Plantation single family homes spent an average of 225 days on the market in 2009, up from 148 days on the market in 2008, an increase of about 2.5 months.

The average price per square foot of single family homes sold in Hamlin Plantation in 2009 dropped to $152/sf as compared to $175/sf in 2008 and the peak of $194/sf in 2006. The median and average sales prices also have decreased year over year since 2007.

PARK WEST

The number of single family homes selling in Park West has remained fairly consistent over the past several years. In 2009, 123 homes sold up from 120 in 2008 and slightly lower than the 135 homes that sold in 2007. The inventory of available homes for sale has remained around 90 homes for the past several months.

The average days a Park West home took to sell in 2009 was 160, up from 128 in 2008, an increase of about one month.

The average price per square foot of homes that sold took a dip in 2009, decreasing to $144/sf as compared to $160/square foot in 2008.

The median sales price in Park West in 2009 was $365,000 and the average sales price was $387,000, making this neighborhood readily affordable to buyers in the under $400,000 price point.

The number of homes that sold in Darrell Creek in 2009 was 8 as compared to 9 in 2008 and 10 in 2007. The largest changes in the Darrell Creek market in 2009 were the days on market and the average price per square foot. The average number of days Darrell Creek homes were on the market went from about 100 in 2008 to 358 in 2009. As days on market shot up, the price per square foot of the sold homes decreased to $141/sf (compared to $200/sf in 2008). The decrease in price per square foot was due to a number of duress sales in the neighborhood in 2009.