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Apr 20

Mt. Pleasant Real Estate Update – April 20th

By chuckavera

I believe it is a good time to give everyone a year-to-date report on the Mt. Pleasant real estate market. First, the good news…..

After a very slow Fall and Winter season, the spring has seen a refreshing change in the level of showings which has resulted in an improvement in the number of Mt. Pleasant homes going under contract. This isn’t entirely unexpected as spring usually is the busiest time of the year for selling homes in our area. But, it is some good news amidst so much negative press we have been hearing lately. Having said that, it is important to note that both number of properties sold and median selling prices are down across the board in Mt. Pleasant in 2009.

Let’s look at some numbers for Mt. Pleasant homes sold this year as of April 20th compared to 2008 numbers for the same period……..

Mt. Pleasant Single Family Homes:

  • 184 homes sold – down 27.3% from 2008
  • Median Price – $375,238 – down 3.8% from 2008
  • Number of single family homes currently on the market – 1,103
  • Months of available inventory for single family homes – 22

Mt. Pleasant Condos/Townhomes:

  • 58 units sold – down 50.9% from 2008
  • Median Price – $178,500 – down 18.1% from 2008
  • Number of condos/townhomes currently on the market – 463
  • Months of available inventory for condos/townhomes – 29

Mt. Pleasant Vacant Lots:

  • 10 lots sold – down 66% from 2008
  • Median Price – $190,000 – down 4.8% from 2008
  • Number of vacant lots currently on the market – 599
  • Months of available inventory for vacant lots – 219

Obviously, the numbers are down for 2009 when compared to last year, particularly in terms of the number of properties sold in each category. These numbers should improve as we move through the next few months as there will be more closings this spring than there were in the first 3 months of the year.

Condos and Lots Hit Hardest in Mt. Pleasant

While it is clearly a challenging market for the single family homes in Mt. Pleasant, those sellers who are trying to sell condos or vacant lots are having a much more difficult time of it. Vacant lots have been hit particularly hard as builders have essentially stopped buying. At the current 2009 selling pace, we have 219 months of lot inventory in Mt. Pleasant!!

Overall, it will be quite some time before we get back to anything resembling a “balanced” real estate market. Until we get back to approximately 6 months of available inventory, we will continue to be in a buyer’s market in Mt. Pleasant.

Please contact me if you have any questions about this post or any other real estate needs. And, stay tuned to this blog for more updates on happenings in Mt. Pleasant real estate.

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

Mt. Pleasant, SC Homes, Condos and Real Estate For Sale

Apr 18

2009 I’On Real Estate Sales Well Below 2008 Levels

By chuckavera
While recent activity in the I’On real estate market has picked up slightly, we remain well below 2008 levels in terms of homes sold year to date.
April Activity Picks Up Slightly
So far in April, there have been 5 homes go under contract in I’On. This is certainly an improvement from recent months, but well below the pace needed to bring the market into balance. Below is a list of these recent contracts with their asking prices:
  • 27 John Galt Way – $1,095,000
  • 68 Sowell Street – $1,000,000
  • 32 Perseverance Street- $899,000
  • 3 Perseverance Street – $699,000
  • 111 Ionsborough Street – $599,000
With these 5 new contracts, there are now 9 homes currently under contract in I’On, awaiting closing.
I’On Sales Well Below 2008 Levels
So far in 2009, there have been 5 homes close at an average selling price per square foot of $260. As of this same date last year, there had been 15 homes close in I’On at an average selling price per square foot of $315. Clearly, the economy has had a significant impact, not only on the number of homes being sold, but also on selling prices.

Available Inventory Remains Steady

Currently, there are 83 I’On homes for sale. While the available inventory ebbs and flows throughout each month, I’On inventory has consistently been in the mid 80′s for many months now. The good news for sellers is that the inventory is not rising. However, we are going to have to see more demand for I’On homes than we have now for there to be any significant reduction in inventory, resulting in less price pressure.

To get my I’On Market Updates sent to you via email, please subscribe to this feed. It’s easy! Also, if you have any questions about this post or if you have other real estate needs, please feel free to contact me.

Stay tuned for more updates soon.

Chuck Avera
Keller Williams Realty
Office: (843)452-5300

I’On Real Estate For Sale
Mt. Pleasant, SC Real Estate for Sale

Apr 02

How is the Mt. Pleasant Real Estate Market Moving? It Depends!

By chuckavera

As I meet with clients and friends, I’m invariably asked how the real estate market is doing. Well, there’s no easy answer to this question because in reality, there are a bunch of real estate markets, even in little ‘ole Mt. Pleasant! Homes in this town are moving at very different rates, depending on the price range they are positioned in. Let’s review an analysis I just completed that should help bring more clarity to this.

I analyzed the current inventory levels for all homes for sale in Mount Pleasant along with a review of all the sales activity from the last 6 months. My objective was to determine how many months of available inventory we have in the Mt. Pleasant real estate market based on the rate of homes sold during the last 6 months, and do it based on various price points.

Higher Prices = More Available Inventory

The results were quite interesting, but not necessarily very surprising. Specifically, the higher you go in price, there is more inventory available and the time to sell can be significantly longer.

Now, this is no news flash. There are simply fewer buyers as you move up the price scale in virtually any real estate market and Mt. Pleasant is no different. Not everyone can afford a $1M home! However, what is interesting are the significant differences that I found in the “months of available inventory” by price range. Check out the numbers below:

  • Below $250K – 8 Months
  • $250K to $350K – 11.6 Months
  • $350K to $500K – 19 Months
  • $500K to $750K – 41.7 Months
  • $750K to $$1M – 51.4 Months
  • Over $1M – 63.1 Month

Mt. Pleasant Still in a Buyer’s Market

One of the things these numbers really point out is that we continue to be in a market that is VERY favorable to buyers. It also tells me that we are going to be in some form of a buyer’s market for some time, particularly in certain price ranges. So, what defines a buyer’s market? One easy way to look at any real estate market is to focus on the number of months of available inventory. Generally, the state of the market is determined by this number:

  • Buyer’s Market – More than 6 months of inventory available
  • Seller’s Market – Less than 6 months of inventory available
  • Neutral Market – About 6 months of inventory available

How Long Will This Buyer’s Market Last?

Until the various market segments get more in balance, we will have a buyer’s
market. While the market has shown some signs of picking up in recent weeks, it is likely to take a while before various segments of the Mt. Pleasant real estate market become “neutral” because of the continued high levels of inventory. It’s simply going to take some time to “work through” all of this inventory, particularly the homes for sale at the higher price points.

If you’re a seller, hang in there! But most importantly, get your house priced right and make sure it’s in top notch condition. If you do that, buyers will come to see you!

I hope you found this post helpful. Please feel free to contact me if I can answer any questions about this real estate market or help you with your real estate needs. Also, please go to www.ChuckAvera.com to search for homes or to get specific information on I’On Real Estate or other Mt. Pleasant neighborhoods.

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

I’On Homes and Real Estate For Sale
Mt. Pleasant, SC Homes, Condos and Real Estate