The overall Mount Pleasant real estate market continues to get stronger in 2012, though some price ranges are still struggling to pull out of the real estate “slump”. So far this year, the number of single family homes sold in Mt. Pleasant is up 10.2% over the same period last year. This level of activity normally translates into higher prices for sellers and it has in some price ranges, but overall the median price for Mt. Pleasant home sales remains relatively flat compared to 2011:
Mt. Pleasant Homes Between $350K and $750K Seeing Fastest Growth…
While there has been a lot of growth this year in terms of units sold, the most significant growth has been in the $350K to $750K price range. This is good news for this segment of the market as it has been much slower to recover. Below is the YTD growth in units sold over 2012:
Percentage Change from 2011 – # of Homes Sold:
- Below $250K – up 10.9%
- $250K to $350K – up 7.3%
- $350K to $500K – up 12.9%
- $500K to $750K – up 19.6%
- $750K to $1M – 0%
- Above $1M – Down 13.6%
High End of Mt. Pleasant Real Estate Market Continues to Struggle…
Unfortunately, Sellers with homes for sale above $750,000 continue to experience a very sluggish market. As you can see from the numbers above, the number of homes sold between $750K and $1M is flat this year while homes sold above $1M are actually down 13.6%. The bottom line is that the available inventory in these price ranges far exceeds the current demand. The chart below shows months of available inventory for various price segments. As discussed in previous updates, a balanced real estate market is typically represented by approximately 6 months of available inventory.
Mt. Pleasant Home Inventory Rising for Homes Above $750,000…
As you can see, available inventory for homes priced below $500,000 is well below 6 months, suggesting that sellers have the advantage. However, for homes priced above $500K, there is still some pricing pressure, particularly for homes priced above $750K. For example, available inventory for homes priced between $750K to $1M actually increased 5.1% since March while available inventory for homes priced above $1M increased 18.7%…
Have Questions on the Mt. Pleasant Real Estate Market? Call Us!
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. Finally, please feel free to check out our web site….We have a lot of great information on the Mount Pleasant market, including great pages on various neighborhoods. Have a great week and we hope that you continue to enjoy all that Mount Pleasant has to offer!