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Brickyard Real Estate – Review of 2008

All things considered, the Brickyard real estate market held up reasonably well in 2008. The number of homes sold in the neighborhood was down from 45 in 2007 to 35 in 2008. Clearly, the slower market contributed to fewer sales, but the reduction was also due to fewer people trying to sell their homes in 2008. At the end of the year, there were only 14 homes for sale in all phases of Brickyard. In contrast, there were 26 homes for sale in Brickyard at the end of 2007 and 35 for sale at the end of 2006.

While selling a house in 2008 certainly had its challenges, the lower inventory contributed to much more stability in terms of pricing. This was not the case in other segments of the Mt. Pleasant real estate market. There were many neighborhoods that felt significant pressure on pricing as a result of large inventories and fewer buyers.

Below is a summary of Brickyard sales activity and pricing for 2008:

2008:

  • Homes sold – 35
  • Selling Price per square foot – $168
  • Median Sales Price – $375,000
  • Average Sales Price – $493,336

2007:

  • Homes sold – 45
  • Selling Price per square foot – $162
  • Median Sales Price – $381,900
  • Average Sales Price – $415,787

As you can see from the numbers above, pricing was not really negatively impacted in 2008. In fact, the average sales price and average selling price per square foot actually increased in 2008 while there was a slight reduction in the median price from $381,900 to $375,000.

So, what’s in store for Brickyard real estate in 2009? Obviously, a lot will depend on buyer confidence as we move through the year. If interest rates remain at these incredibly low levels and we see more stability in the markets, I feel we should have a reasonably successful year. Having said that, it is important to keep in mind that there are still some pretty high levels on inventory available in other competing Mt. Pleasant neighborhoods. These include Hamlin Plantation, Dunes West and Park West. So, buyers will still have lots of options when it comes to making a decision on a home. This will likely keep prices from increasing in Brickyard and other communities as the competition for the buyer’s dollar is going to be high.

I will be posting to this site on a regular basis in 2009, so please check back for updates. Also, don’t forget that you can view details of all homes for sale in Brickyard online at www.BrickyardHomeInfo.com.

Have a great January!

Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com
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