Isle of Palms, SC - Local Market Update - March 19, 2007

Isle of Palms, SC 29451 - A Mix of Family homes, 2nd homes, rental homes and vacation homes nestled in Palm trees and sand dunes all come together here by the Atlantic Ocean.  The Isle of Palms has one of the best beaches along the Atlantic Coast.  Once tourist come to the Island they tend to come back year after year (most eventually buy an island home here).  The Isle of Palms area has much to offer - a short drive to Mount Pleasant (5-minutes), and about 20 minutes to downtown Charleston, SC.  The average home price is above 1-million dollars and rising.

The housing market on the Isle of Palms remains  strong. Prices have continued to rise even through homes are staying on the market a little longer. Sellers over the last year have on average been willing to negoitate a little but are still realizing a heathly gain on their investment. 1031 Tax exchanges are a popular way to purchase homes on the Isle of Palms. (9) Houses sold in Feb. 2007 for 94.87% of list price with an average sales price of $709,433 with the Average days on the Market at 140 days.