Virtually every day I am asked what percentage of asking price sellers are receiving for their Mt. Pleasant real estate. It’s a good question and one that is of interest to both buyers and sellers. Buyers want to know this so they have a better handle on what to offer for a particular property and sellers want to know as it helps them estimate their “net” after negotiating an offer.
So, what’s the answer? Well, you’re going to love this, but the answer is….. “it just depends”.
Buyers Market vs. Sellers Market – It Makes a Difference
The biggest factor is the state of the current market. Right now, we are in a buyers market and the percentages are significantly lower than they were a few years ago when we were in a sellers market. The numbers below show a difference of over 5% when comparing this year’s sales in Mt. Pleasant compared to the same period in 2006 when it was still a rather healthy sellers market:
- Through March 16, 2009 – 111 homes sold, averaging 92.6% of asking price
- Through March 16, 2006 – 249 homes sold, averaging 97.7% of asking price
Price Range of Homes Plays a Role
The percentage also depends on supply and demand for certain types of homes in different price ranges. Right now, there is much less demand for Mt. Pleasant real estate priced over $750,000 than for homes priced below $500,000. There are simply more buyers in the lower price ranges. Here is the 2009 year to date statistics by price range:
- All Mt. Pleasant Single Family Homes – 92.6% of Asking Price – 132 Days on Market
- Below $300K- 94.2% of Asking Price – 98 Days on Market
- $300K – $500K – 94% of Asking Price – 128 Days on Market
- $500K – $750K – 94.3% of Asking Price – 164 Days on Market
- Above $750K – 88% of Asking Price – 234 Days on Market
What About Days on Market for Mt. Pleasant Homes?
As you can see from the data above, once you get above $750,000 in price, the percentage is significantly lower than homes sold below that price point. What is also consistent is that the higher priced homes take longer to sell. There is a big difference between the 98 days it takes to sell a Mt. Pleasant home that is priced below $300,000 and the 234 days it is taking to sell a home priced above $750,000.
I hope this gives you some insight into why there is no easy answer to this question. If you have any questions, please feel free to contact me. Also, I encourage you to post a comment to this article below.
Have a great week!