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Mount Pleasant Real Estate Update – 9/24/12

In terms of units sold, the Mount Pleasant real estate market continues to show significant strength when compared to last year and prior.  With the exception of a few price ranges, we are experiencing year over year growth in virtually every category of homes and vacant land in 2012.  The chart below shows the percentage increase in 2012….

Mount Pleasant Home Prices are Stabilizing…

The increased sales activity in 2012 has created stabilization in the market that we have not seen in several years.  So what does a “stable” market really mean?  Most importantly, it means that prices have generally stopped the downward slide that we have been experiencing for several years.  This is a result of Inventory levels and demand for homes coming into better balance than we have seen in a long time. In fact, for Mount Pleasant homes in the lower end of the price scale (where the demand is highest), we are actually seeing slight increases in pricing.

Mount Pleasant Home Inventory Levels are Below 6 Months…

The increased demand for Mount Pleasant homes has resulted in inventory levels falling below 6 months of supply, giving sellers in most price ranges some relief from the price pressure we have been seeing since 2006.  Inventory levels must remain below a 6 month supply for several months before we start seeing a noticeable trend upward in prices.  The good news is that there is currently a 5 month supply of inventory for Mount Pleasant homes.  The chart below adds some necessary perspective to this data by breaking the market down by price range.  As you can see, homes above $750K are still experiencing very high inventory levels, resulting in continued pressure on prices…

Median Price for Mount Pleasant Homes Remains Flat…

Finally, another key measure of price trends is the median sold price.  Currently, the median price in Mount Pleasant is approximately $310,000.  This means that half of the homes sold are above this number and half are below.  The chart below shows that prices have stabilized (overall), but we have yet to see an upward trend.  Again, the longer we stay below a 6 month supply of inventory, the greater chance we have of seeing some price appreciation!!

Thinking of Selling or Have Questions About 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!

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