Mount Pleasant Real Estate Update – 2/21/12

Through the first seven weeks of 2012, the Mount Pleasant real estate market for single family homes is continuing to show signs of recovery while the market for condos and townhomes continues to struggle.  Below is a comparison of YTD performance in 3 key categories and the percentage increase or decrease from the same period last year:

Mount Pleasant Single Family Homes:

  • Number of Homes Sold YTD – 100 – up 4.2%
  • Median Price of Homes Sold – $341,500 – up 1.9%
  • Average Selling Price/Square Foot – $155 – up 5.8%

Mount Pleasant Condos and Townhomes:

  • Number of Homes Sold YTD – 32 – up 3.2%
  • Median Price of Homes Sold – $124,000 – down 16.5%
  • Average Selling Price/Square Foot – $116 – down 5.8%

Mount Pleasant Sellers Now Receiving 92% of Asking Price at Closing…

While the condo/townhome market continues to lag the overall market, it is important to note that we have seen significant improvements in Mount Pleasant real estate market during the last 2 years.  For example, sellers are now receiving a greater percentage of their asking price as compared to a couple of years ago.  At the peak of the market in May of 2005, sellers were receiving 99% of their original asking price at closing.  This dropped to a low of 88% two years ago but has since rebounded to 92%.  The chart below shows the trend over the last several years for this statistic.

Mount Pleasant Homes Are Selling Faster…

In addition, sellers are seeing significant improvement in how long it takes to sell their home.  The average number of days on market is down 24% to 109 days for the typical Mount Pleasant home.  It is important to keep in mind that this number can vary significantly based on many factors such as asking price, location, price range, neighborhood, etc.  But the trend is positive news for sellers and as our market continues to improve, this metric should as well.

Finally, the inventory levels remain about the same as they did when we posted our last Mount Pleasant update in January.  We expect that we will see an increase in the number of homes coming on the market during the next couple of months as we enter the busy spring selling season.  We will provide you with another update next month as we begin to see what trends the spring will bring.  In the meantime, if you are thinking of buying or selling in Mt. Pleasant, please check out our Mount Pleasant page on our web site…It has a very easy way to search for single family homes or condos by price range.

Please give us a call if you have any questions about this post or need other specifics about the Mount Pleasant real estate market.  If you are thinking of selling, please contact us to get a market analysis for your home and to learn more about our marketing programs.  Paige and I have been two of Mount Pleasant’s top selling realtors during the past 10 years.  We have an intimate knowledge of this community, what buyers are looking for, and how to get your home sold.  Have a great week and we hope that you continue to enjoy all that Mount Pleasant has to offer!

 

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