Through May 27th, there have been 15 homes sold in Brickyard Plantation this year. The average sales price for these homes was $435,700 with an average sales price per square foot of $156. This compares to 15 homes sold through the same date in 2007. However, the average selling price for those homes was $451,820 with an average sales price per square foot of $170.

Currently, there are 41 homes on the market in Brickyard. If we continue selling homes at the current 2008 pace, there is approximately 13 months of inventory available in the neighborhood.

While the number of houses sold is on pace with 2007, there has been some pressure on pricing. The average sales price is down 3.57% and the price per square foot is down 8.23%. This is a result of continued slow demand in the Mt. Pleasant market and relatively high inventory levels. To put the inventory in perspective with previous years, see the chart below which shows the number of Brickyard homes on the market in the month of May during the previous 3 years:

May 2005 10 homes for sale
May 2006 26 homes for sale
May 2007 44 homes for sale
May 2008 41 homes for sale

While there is some pressure on pricing, Brickyard is faring better than the overall Mt. Pleasant market in 2008 as the number of homes sold in Mt. Pleasant is down 31% compared to the same period last year! While we continue to be in a buyer’s market, it’s important to note that good houses in good neighborhoods are selling.

If you are selling, price your home competitively and make sure it is in pristine condition. If you do these things, you’ll have a very good chance of selling in a reasonable period of time.

Stay tuned to this site for more Brickyard updates in the weeks to come. And, don’t forget to go to http://www.brickyardhomeinfo.com/ to see details on all of the homes currently on the market in Brickyard.

Just like most neighborhoods in Mt. Pleasant, Belle Hall is feeling the “pinch” in this real estate market. Homes sales in Belle Hall are off significantly so far in 2008 as compared to the same period last year. Through May 15th, 17 homes have sold in all phases of Belle Hall at an average of $456,986. As of this same date last year, there had been 32 homes sold at an average price of $406,830. Of the 17 homes that have sold this year, 6 are located in The Veranda, 5 in Hibben, 2 in Rice Bay, 2 in Battery Point, and 1 each in The Courtyard and The Islands.

In addition, there are 14 homes that are under contract in Belle Hall and most of these should close in the next 30-60 days. That will help the YTD numbers significantly.

Unfortunately, inventory levels remain quite high. There are currently 61 homes on the market throughout Belle Hall Plantation. Last year, there were 64 on the market at this date. To put these numbers in perspective, consider that at the peak of the market in May of 2005, there were only 15 homes on the market in Belle Hall! Until we start to see a reduction in the inventory levels, it will take longer to sell a house and there will be pressure on pricing.

If you are thinking of selling your home in this market, just remember…..you can be successful! You just need to make sure that you price it properly AND have it in immaculate condition! Buyers are being quite choosy in this market as there is so much to choose from in Belle Hall and in surrounding neighborhoods.

Keep watching this space for more updates as we move through 2008. Also, please check out http://www.bellehallhomeinfo.com/ to get details on any of the homes currently on the market in Belle Hall or other Mt. Pleasant communities.

The downturn in the national real estate market is also being felt in I’On. Through May 15th, sales are down 33% from the same period last year. So far, there have been 18 closed sales this year compared to 27 at this point in 2007. While the average price of these sales is up slightly this year ($1.052M compared to $1.022M in 2007), the average selling price per square foot is down from $343 in 2007 to $315 this year. As there is a broad diversity of homes in I’On, this data point is not always the best representation of pricing trends. However, given that it has dropped 8%, it is important to note.

Overall, Mt. Pleasant is not faring any better. So far in 2008, the number of homes sold is down from 460 units sold in 2007 to only 316 so far in 2008. This is a decrease of 31.3%. In addition, the average selling price is down 4.6% from 2007 levels.

In my opinion, this pressure on pricing will continue until inventory levels begin to drop and right now, there are no signs that suggest this has started. Currently, there are 87 homes for sale in I’On. For most of this year, we have been between 85 and 90.

The good news is that there continues to be a steady flow of buyers coming into I’On to view properties. But, they are being very picky and are rather slow in making decisions. They have LOTS of choices and they are not being forced to compromise very much on price or quality when making their purchase decisions. Having said that, it’s important to note that “good” houses are getting sold in this market. What do I mean by “good?” It’s those houses that are in both superior condition AND competitively priced. This doesn’t mean that other houses that don’t meet this criteria are not good houses. It just means that there are lots of other houses that are equally as nice, but are priced better and/or in better condition. It’s these houses that are most likely to sell first in this market.

Stay tuned to this page for more updates and as always, check out www.ionhomeinfo.com to see details on all of the homes currently for sale in I’On.