Through most of 2009, sales of condos in the Mount Pleasant real estate market were down significantly.  However, the 4th quarter of the year produced 97 condo sales, which is the highest number of sales since the 3rd quarter of 2008.  It’s a little early to suggest that this signifies a major shift in the market, but it is a flicker of hope for sellers that have been trying to sell their condos.  There is still a long way to go before we see a “balanced” market, but there are finally some signs of life for the condo market in Mt. Pleasant.

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While certain price ranges of the Mount Pleasant housing market (below $500,000) seem poised to stabilize in 2010, the scenario for vacant lot sales is much different.  This segment of the Mount Pleasant real estate market has been hit very hard in recent years. After peaking in 2005 with 501 lot sales, there were only 75 lots sold in 2009.

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The 2009 Mount Pleasant real estate market continued to be a challenge for sellers and it represented value opportunities for buyers.  We are clearly still in a buyer’s market as there is much more inventory than the demand currently supports.  More on that later.  First, let’s review some of the numbers for 2009:

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2009 certainly was an interesting year in the I’On real estate market!  If you were selling your I’On home last year, there were many market dynamics that created lots of challenges. Price pressure from short sales and foreclosures, stricter mortgage lending requirements, and the general state of the U.S. economy all contributed to a very difficult market for I’On home sales in 2009.

Let’s take a look at some of the numbers for 2009:

• 38 I’On Homes Sold – down from 53 in 2008
• Median Price – $787,500, down from $815,000 in 2008
• Average Selling Price Per Square Foot – $265, down from $296 in 2008

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Since my last report to you in early October, six additional homes have sold in I’On bringing the total to 35 homes sold in 2009.  This is down from 49 I’On homes sold in 2008 through this same date.  In addition, there are currently eight homes under contract in the neighborhood that are pending closing.

Inventory of I’On Homes for Sale Down Sharply

A recent increase in activity has resulted in the lowest level of inventory that we have seen in I’On since the middle of 2006.  There are currently 64 homes for sale in I’On, down from 73 homes that were on the market in early October.  Below is a breakdown of available I’On homes by price range: Read the rest of this entry

Showing activity in the I’On real estate market has improved in the last couple of weeks.  As a result, there have been 2 more homes go under contract in the neighborhood:

• 55 Rialto Road – Asking Price $987,000
• 115 Civitas – Asking Price $599,000

While activity has picked up, there is still very little movement in homes priced above $1M. This is true throughout Mt. Pleasant and other Charleston markets.  More on that a little later…..

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With all of the choices that buyers have in today’s Mt. Pleasant real estate market, it is imperative for sellers to create a good first impression by having the exterior of the home in impeccable condition.  Over the years, I have seen buyers refuse to follow through with an appointment to see a home after they drove up and saw the poor condition of the exterior. This is not a good recipe for success in any market, particularly this one!

Below are 10 tips that can help Mt. Pleasant sellers boost the curb appeal of their home:

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With the recent record high numbers of short sales and foreclosure sales, many Mt. Pleasant homeowners are concerned about the impact these distressed sales are having on their home’s market value.  This is a very legitimate concern, particularly for homeowners that currently have their homes on the market and for those that may be considering selling their home in the near future.

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This continues to be a challenging year in the I’On real estate market.  While there are some buyers looking for homes, activity remains quite sluggish.  Showing activity has slowed since school started, but we should see a nice increase in activity as we move into the cooler months.

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The Brickyard real estate market has been relatively active recently as showings have increased, but sales are down through the first 7 months of 2009 compared to last year:

2009 – 17 homes sold at a median price of $365,000 and a price per square foot of $147

2008 – 25 homes sold at a median price of $380,000 and a price per square foot of $173

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