Finally some good news! Through the first two months of 2010, Mt. Pleasant homes sold at a faster pace than the same period in 2009. A total of 147 homes sold in Mt. Pleasant in January and February, up from 115 sales in 2009. Single family home sales are up 31% while sales of condos are up 19%. Clearly, there are more buyers are in the market right now than we had last year. This is a very positive sign as we head into the traditional “spring selling season”.
Mt. Pleasant Home Sales in the $500K – $750K Range are up 42%
It is encouraging to note that the highest year-over-year growth rate was for homes sold in the $500K to $750K price range. Home sales in this price range were up 42% over 2009. This could be a sign that more high-end buyers are re-entering the market. However, Mt. Pleasant home sales above $1M were flat during the first two months of the year. This is the price range that is feeling the most impact from this buyer’s market. In fact, since my last report on January 20th, the months of available inventory for homes priced above $1M has risen to 66 months from 63 months.
What Was the Impact on Mt. Pleasant Home Prices in the First 2 Months?
The pressure on Mt. Pleasant home sellers to reduce prices continued in the first two months. This is supported by the fact that MLS price reductions outnumbered price increases by about 12 to 1 during the period. However, there was some positive news for sellers. The median selling price obtained for the 147 homes sold in the first two months was up 8.3% to $325,000. No matter how you look at the numbers, this is a good sign for sellers that the trend may be starting to change. As we get more sales data during the next few months, we will be able to determine if this is a real trend or just a “blip”.
If you have any questions about this post or if you have any real estate needs such as buying or selling your home, please contact us. All of us at The Chuck Avera Team will be happy to help you in any we can.