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