Through April 19th, real estate activity for Mt. Pleasant single family homes is up significantly from the same period in 2009.  While pricing has dipped slightly, the number of homes sold is up 20% in 2010.  This is welcome good news for sellers in our market as we move into the busy spring season.

2010:

• Single family homes sold – 231
• Median Sales Price – $359,000
• Selling Price Per Square Foot – $160.23

2009:

• Single family homes sold – 193
• Median Sales Price – $370,000
• Selling Price Per Square Foot – $163.10

Mt. Pleasant Home Sales Below $300K Approaching a “Balanced” Market

While the Mt. Pleasant real estate market has seen an overall increase in activity, there are still certain price ranges that are performing better than others.  For example, based on the last 9 months of sales history, there are only 7 months of available inventory for homes priced below $300,000.  This is very close to representing a “balanced” market.  A “balanced” market is approximately 6 months of available inventory.  Anything above 6 months represents a “buyers market” and anything below represents a “sellers market”.

As you move into the more expensive homes for sale in Mt. Pleasant, the buyer still has a significant advantage as inventory remains rather high.  As you can see from the chart below, months of available inventory escalates dramatically for homes priced above $750,000 and again for homes above $1M in asking price.

Price Pressure Likely to Continue Through 2010 in Mt. Pleasant

Achieving a “balanced” market in the higher price ranges will not be easy as there is a lot of inventory to absorb.  Therefore, I believe there will be continued pressure on pricing as we move through 2010 and into 2011.  Because of the stiff competition for buyers in most price ranges, sellers will have to “price right” and have their homes in pristine condition to have a good chance of securing an acceptable contract.

If you have any questions about this post or if you would like additional information about real estate services offered by The Chuck Avera Team, please contact me.  I will be happy to help in any way I can.

There is some good news in the I’On real estate market this year.  Through April 19th, the number of homes sold is up sharply from the same period in 2009:

2010 I’On Home Sales – Through 4/19/10

• 14 Homes Sold
• Average Selling Price Per Square Foot – $255.82
• Median Sold Price – $686,250

2009 I’On Home Sales – Through 4/19/09

• 6 Homes Sold
• Average Selling Price Per Square Foot – $258.73
• Median Sold Price – $1,015,000

This is obviously very good news as we head into the heart of the spring selling season. There are a lot more buyers in the market and they are making offers on I’On homes.  This is a welcome change from this time last year when the I’On real estate activity was very slow.

I’On Home Sales Above $1M Continue to be Very Slow

While activity has certainly picked up, there are still reasons to be cautious.  While selling price per square foot is relatively unchanged since last year, the median sold price is down significantly.  This is a direct result of I’On home buyers focusing on homes below $1M. There have been no I’On homes sold over $1M this year and only two in the last nine months, yet roughly 50% of the available inventory in I’On is priced above this number. The chart below shows the number of homes currently on the market along with the number of homes sold in the last 9 months by price range.

It is Still a Buyer’s Market in I’On – In all Price Ranges

As I have mentioned in previous posts, a “balanced” real estate market is generally defined as 6 months of available inventory.  Anything above that represents a buyer’s market and anything below represents a seller’s market.  Based the last 9 months of sales activity, the I’On real estate market clearly favors buyers in all categories:

• Below $500K – 9 months
• $500K to $750K – 13 months
• $750K to $1M – 11 months
• Over $1M – 144 months

If we continue to see an increase in activity through the spring, the months of available inventory should fall and we should move closer to a “balanced” market in a few of the price ranges.  However, it will take quite some time for the $1M+ market to stabilize.  There is just too much inventory to be absorbed in this price range.

If I can answer any questions about this post or if you are thinking of buying or selling an I’On home, please contact me.  My team offers a full range of services and we will be happy to assist you in any way we can.