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Brickyard Update – 5/27/08

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.

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