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.
Keller Williams Realty