West Ashley new construction competing with James Island pre-owned inventory.

As of October 1, 2012 there are currently 1,352  homes for sale in the Charleston, SC area out of which 456 homes are under contract with about 300 homes in either W. Ashley or James Island.  The current inventory of homes which are under contract are as follows. 116 single family detached homes out of the bunch are new construction which represents 25% of the current demand. To further breakdown the new construction homes, 75 homes are currently under construction which are under contract, 10 homes are newly built and finished and finally 31 homes are proposed construction meaning they have not started the building process but buyers have a contract on them. From this data looks like buyer demand is in homes which are not yet quite finished but have started the construction process. Carolina Bay is the particular subdivision taking the lead demand with 31 new construction home sales currently under contract as of the 1st of October 2012. Carolina Bay is a premier neighborhood located in the heart of West Ashley, just outside of I-526. The average price of these homes is about $250,080 and about $115/ square foot on average. Centex homes and Pulte homes are the primary builders of the subdivision. Square footage ranges from 1,600-$3,500. From my opinion this is a great value for these homes as Carolina Bay is packed with sidewalks and amenities and just being a short drive to downtown Charleston, SC. Ok so we have determined 7% of market share is going to Carolina Bay, let's go further and see who makes up the rest of the pack. Before we do please visit homes for sale in Carolina Bay subdivision for available homes. Here is a very short video clip I took from this past weekend in downtown Charleston. 17 new construction homes are currently under contract in the Daniel Island neighborhood with prices ranging from $400,000-$700,000 and $207 is the average per square foot cost for the homes.

 

James Island offers many types of homes for home buyers

James Island located just south of Charleston, SC does offer many homes such as in Riverland Terrace, one of the oldest subdivisions which was developed in the 1940s to the newest Eaglewood Retreat subdivison with new construction homes being built now. Prices here range a lot from $80,000-$1,600,000 so there are many neighborhoods in this area with a great mix of homes from every generation.

James Island currently  has 110 under contract (only 19 new construction), Johns Island with 11 sales. The remainder of the sales include 34 homes under contract inside the crosstown downtown Charleston area, 37 homes under contract just outside of downtown Charleston outside of crosstown., Daniel Island with 36 home sales pending/contingent, 17 homes in the Wando/Cainhoy Area. Now keep in mind I am only including properties with a Charleston address in this report as metro Charleston towns like Mount Pleasant, Summerville, etc. are not in this report. If you are looking for a home in the Charleston area or relocating bew sure to visit my Charleston SC real estate website for current listings and more videos!

Call Peter Broker with Real Estate Advocates LC at 843-654-1710 for more info Connect with me on Google+<!-- Facebook Badge START -->Peter Potylicki | Create Your Badge
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