Sales of single family homes in Mt. Pleasant were off sharply during the 1st quarter of 2008. For the first 3 months of the year, there were 199 homes sold in Mt. Pleasant according to data provided by the Charleston Trident Multiple Listing Service. This is down 36% from the 1st quarter of 2007 when there were 314 single family homes sold.
As of March 31st, there were 1,163 single family homes for sale in Mt. Pleasant. This is down 5% from the end of March, 2007 when there were 1,227 homes for sale. Mt. Pleasant home inventory hit a peak in June of 2007 with 1,312 homes offered for sale. Since then, inventory levels trended downward until the beginning of 2008. Inventory has been steadily rising since then.
Downtown Charleston is also experiencing a significant slow down in single family home sales. So far this year, sales are down 38%. In the 1st quarter of 2008, there were 37 homes sold compared to 60 homes sold in the 1st quarter of 2007. In addition, inventory at the end of March was at the highest level in years as 377 homes were for sale on March 31st.
While the real estate “crisis” (as the press calls it) is much worse in other parts of the country, we are certainly feeling some of the impact locally. It will be interesting to see how much impact the spring selling season will have on inventory levels. Until we see a significant decrease in inventory, buyers will continue to have lots of leverage when making their purchase decisions.
Check back periodically as I will be continuing to provide status reports on the local market as the year progresses.