During the last couple of months, the Mount Pleasant real estate market for single family homes has continued to show improvement in most price segments, particularly when we look at the trends in available inventory. Based on the number of homes sold during the last 12 months and the current number of homes on the market, we currently have 5.7 months of available inventory in the Mount Pleasant single family home market. This is down from 6.2 months of inventory in early November.
Mount Pleasant Homes Below $500K – Prices are Increasing
Overall, the market for Mount Pleasant single family homes priced below $500,000 is quite strong as we currently have only 3.7 months of inventory in that price segment. As we move into the 2012 real estate market, the lower inventory levels in this price segment should provide us with some price appreciation. While the price appreciation will probably be rather small (the days of 15-20% per year are over!!), it is good news for Mount Pleasant home sellers. The chart below shows a further breakdown for months of available inventory by price range…
As you climb the price scale, it becomes much more challenging for sellers. As you can see from the chart, the months of inventory for homes above $500,000 is significantly higher. It is not likely that we will see any price appreciation in these segments until we see a significant increase in demand and lower inventory levels.
Mount Pleasant Condo Market – Improving, but Lags Single Family Market
In contrast, the Mount Pleasant condo market is not rebounding quite as quickly as the single family home market. For example, there are 7.7 months of available inventory for condos, 2 months more than we have for single family homes. In addition, the luxury condo market is really struggling as there are 29.3 months of inventory for condos priced above $500K versus only 7.1 months for condos priced below $500K. The chart below shows a comparison between the single family and condo inventory levels…..
What’s Ahead in 2012 for the Mount Pleasant Real Estate Market?
As we move into the spring selling season, we will likely continue to see reasonably strong demand for homes priced below $500,000 in Mount Pleasant. However, asking price and condition of the home will still be very important in order to obtain offers. For homes priced above $500,000, sellers will continue to feel some price pressure until the inventory levels fall back in line with historical “sellers market” levels (usually less than 6 months of inventory). Many of the more expensive homes will sell this year, but buyers can still afford to be very choosy when making their purchase decisions as inventory far outweighs demand right now.
If you have any questions about the Mount Pleasant real estate market or if you have any other real estate needs, please feel free to contact myself or Paige. We are a full service real estate group that has been focused on helping Mount Pleasant buyers and sellers for more than 10 years. Also, please feel free to visit our Mount Pleasant Real Estate website to view homes for sale in our community. In the meantime, have a great month and stay tuned for another update in February.