Mount Pleasant Real Estate Update – 2/27/13

The Mt. Pleasant real estate market is off to a fast start in 2013!!  So far this year, the number of homes sold in Mt. Pleasant is up 17% over the same period last year!!  Below are the details:

2013 Home Sales – Through 2/27/13:

  • Homes Sold – 194 (up 17%)
  • Selling Price per Square Foot – $163 (up 12%)
  • Median Selling Price – $299,500 (flat)

The momentum that began in 2012 is clearly continuing this year.  And the news gets even better…

Mt. Pleasant Home Sales Above $500K Surging…

While it is very early in the year, it is very significant to note that Mt. Pleasant homes above $500,000 are selling at a much higher rate than this time last year.  In fact, homes sales are up 83% over the same period.  This performance follows up a 53% gain in the 4th quarter of 2012.

These are solid indicators that the resurgence in the market we have seen over the past year in homes below the $500,000 price point is now being experienced in the higher end of the market.  Sellers with more expensive homes have been waiting for this a long time!!  It is the beginning of a return to a more stable market at the higher price points.

Reduction in Inventory Levels Still Needed at High End of Market…

This doesn’t mean that we are going to see significant price appreciation in the higher end homes, but it does mean that price stabilization is now returning to that market.  While demand has clearly picked up, the supply remains quite high for homes above $750,000.  The chart below shows the months of available inventory in the Mt. Pleasant real estate market.

MOI MtPleasant Feb13

It is a ‘Seller’s Market’ in Mt. Pleasant for Homes Priced Below $500K…

The above chart is based on the sales data from the last 12 months as well as current inventory.  For example, if we continue the same rate of sales for homes in the $500K to $750K range, it will take 5.7 months to sell all of the current inventory.

Six months of available inventory represents a “balanced” market.  Anything below typically favors sellers and anything above typically favors buyers.  We have clearly returned to a seller’s market for homes priced below $500,000.  When you move above homes priced above $750,000, we are still in a buyer’s 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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