Sullivan’s Island is a small real estate market. Two homes sold in January 2013. The average sales price was 1,375,000. That’s up 15.5% from last January. Six new homes were listed last month, bringing the total number of active listings up to 33. Last year 15 homes were put on the market in January, and buyers had 47 active listings from which to choose. Also, it looks like some older inventory was purchased last month, because the average days on market increased significantly.

Because the market is so small, finding a home on Sullivan’s Island is going become progressively more challenging as time passes. There’s not a lot of room on the island for new construction, so the only way inventory is going to increase is if new listings increase. For folks seriously interested in purchasing a home on the island, it’s a good idea to go ahead and secure preapproval for financing, find a home inspector, research homeowners and flood insurance policies, thoroughly familiarize yourself with the process — everything that needs to be done to ensure you are ready to swiftly make an offer and close the deal on a property you like.

If you have questions about real estate on Sullivan’s Island, Bob Brennaman is an excellent resource. As a leading Realtor in the Charleston area, he prides himself on offering some of the best service in the business. You can get in touch with him via the Web or his cell phone: 843-345-6074.