Through most of 2009, sales of condos in the Mount Pleasant real estate market were down significantly. However, the 4th quarter of the year produced 97 condo sales, which is the highest number of sales since the 3rd quarter of 2008. It’s a little early to suggest that this signifies a major shift in the market, but it is a flicker of hope for sellers that have been trying to sell their condos. There is still a long way to go before we see a “balanced” market, but there are finally some signs of life for the condo market in Mt. Pleasant.
Mount Pleasant Condos – Price Trends
Pricing also showed a rebound in the 4th quarter as the median price for Mount Pleasant condos sold was $205,900. This is also the highest median price obtained since the 3rd quarter of 2008. One positive quarter does not necessarily define a trend, but it is positive news as we head into the spring selling season. We will be watching this metric very closely over the next few months and report back to you on further developments.
It’s Still a Buyer’s Market for Mount Pleasant Condos
While the recent “uptick” in sales and pricing is very positive news, it is likely that we will remain in a buyer’s market through 2010. Let me explain…..Typically, a balanced real estate market is 6 months of available inventory. Anything higher than 6 months of inventory represents a buyer’s market and anything less than 6 months represents a seller’s market. Based on recent sales activity and an active inventory above 400 units, we currently have a 13 month supply of inventory in Mt. Pleasant. So, this condo market is still very much favoring the buyer. It is highly unlikely that the current inventory can be absorbed quickly enough at the current rate of sales to achieve a balanced market this year. This will continue to put pressure on sellers to be very competitive with their pricing in order to have a good chance of selling in 2010.
Please stay tuned to this blog for additional updates on the Mt. Pleasant condo market throughout the year. In the meantime, if you are considering buying or selling real estate in the near future, or if you would just like to ask a few questions about the local market, please contact us. Our real estate team has a full suite of resources to help you.