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Mount Pleasant SC Real Estate – 2012 Review

The Mount Pleasant real estate market continued to stabilize in 2012.  Some segments of the market saw significant growth while others did not fare so well.  More on that later in this post.  First, let’s review the number of units sold in 2012 and the breakdown…..

Mt. Pleasant Home Sales Up 22% in 2012…

Overall, there was significantly more real estate sales activity in 2012 versus the previous year.  The number of homes sold in Mount Pleasant was up 22% in 2012.  This includes both single family homes as well as condos and townhouses.  As depicted in the chart below, the rate of growth varied by price range.  For example, the number of homes sold below $200K grew a whopping 31% while the number of homes sold above $1M was down 16%.

While Units Sold Increased, Pricing Remained Flat in 2012…

The 22% increase in homes sold did not translate into price appreciation for the Mt. Pleasant real estate market.  The median selling price of $309,000 was essentially flat compared to 2011.  In fact, for the last 4 years, there has been very little deviation in the median selling price.  See the chart below for the trends over the last 7 years…

Distressed Properties Still Having an Impact on Pricing…

The lack of movement in median selling price is a continuation of what we have been experiencing in Mt. Pleasant real estate for a few years now.  The large number of distressed sales (foreclosures, short sales) in 2012 kept pressure on pricing in virtually all segments of the market.  Lenders were very motivated to “move” their foreclosed properties at below market prices.  So while the increase in demand should have driven prices higher, the distressed market was a counter balance to that, resulting in no price appreciation in 2012.

So What’s Ahead for the Mt. Pleasant Estate Market in 2013?

We are likely to see more of the same in 2013 as the real estate market continues to stabilize.  There will likely be reasonable demand and even some price appreciation, though not in all price ranges.  Sellers with homes priced above $750K will probably continue to feel some price pressure as the number of months of available inventory in this segment of the market continues to be high. As always, it should be an interesting year in Mt. Pleasant real estate!  Stay tuned to this blog for monthly updates on our market.

Thinking of Selling or Just Have Questions About Real Estate?  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.  Also, check out our web site….We have lots of great information on the Mount Pleasant market, including many of our neighborhoods.

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