Mount Pleasant Real Estate Update – December 3rd

Overall, there continues to be a lot of positive energy in the Mount Pleasant real estate market.  During the two months since my last report, we have continued to see momentum in terms of units sold, but there have been some mixed results in terms of the median price for those sales…

Mt. Pleasant Home Prices Up for Single Family Residences…

Sales for single family homes during the last two months were up 11% from October/November 2011.  In addition, the median price for these home sales is up 11%, to $372,000.

Condo/Townhouse Pricing Keeping Overall Median Price Flat…

For Mt. Pleasant condos and townhouses however, the story is a little different…..The number of condos/townhouses sold was up a whopping 39%, but the median price for these transactions was down 22%, to $155,000.

Clearly, sellers of Mt. Pleasant condos and townhouses are having to cut their prices significantly in order to get their units sold.  The pricing pressure on condos/townhouses is keeping the overall median price for Mt. Pleasant home sales flat for the year. In fact, the overall median price has been relatively flat since as we have been between $310,000 and $315,000 since November, 2010.

The chart below reflects the trend in Median Price for all homes sold in Mt. Pleasant over the last few years…

 

Mount Pleasant Home Inventory – Lowest Levels in Years…

If you own a home in Mt. Pleasant and are considering selling, now might be a great time to do it.  The reason for this is that inventory levels are at their lowest levels in many years.  Some of the reduction is normal for this time of year as many sellers do not want to be bothered with showing their homes during the holiday season.  But most of the decrease is due to the increased sales activity we have been experiencing throughout 2012.

Less inventory means less competition for sellers which generally translates into higher prices.  And this is exactly what we are experiencing in the single family market.  The chart below shows the months of available inventory (MOI) for each price segment in our market.

 

With just 4.3 months of inventory available, sellers generally have the upper hand in most negotiations.  This is particularly true for homes priced below $500,000.  As you move into the higher price ranges however, the buyer still has a lot of leverage in terms of price negotiations.  There is simply more supply than there is demand.

For example, homes priced between $750K and $1M are selling at a rate of 4.5 homes per month for the last 12 months.  With inventory currently at 59 homes, this translates into a MOI of 13.1 months.  So if we continue selling these homes at a rate of 4.5/month, it will take a little over 13 months to clear out the inventory in this price segment.

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!

HAPPY HOLIDAYS TO YOU AND YOURS!!!

 

 

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