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Belle Hall “Feeling the Pinch” – 5/23/08

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.

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