2013 was an amazing year of growth for the Mt. Pleasant real estate market!! There was major growth in the number of homes sold and the overall volume of homes sold fell just short of $1 billion!! There were also significant gains in pricing, both in terms of median price and sold price per square foot. Below is a summary along with the percentage growth from 2012…
2013 Mt. Pleasant Real Estate Stats:
- Homes Sold – 2,335 – up 31%
- Volume Sold – $938,824,434 – up 49%
- Median Price – $340,000 – up 10%
- Average Price – $402,066 – up 14%
- Sold Price per Square Foot – $171 – up 13%
- Average Days on Market – 63 days – down 26%
Mt. Pleasant Median Price Gain – Largest Since 2007
While the growth in the number of homes sold and associated volume was phenomenal, it is important to note that real estate markets are measured in large part by the trends in median price. This is the price that represents the “middle point” for all homes sold. In other words, one-half of homes sold in Mt. Pleasant last year were above this number and one-half were below.
As you can see from the chart below, the median price in Mt. Pleasant is now back to levels not experienced since 2007. This is a significant change as pricing was relatively flat for several years leading up to 2013.
For so many years, the Mt. Pleasant real estate market was solidly on the side of buyers in most real estate transactions. But in the last couple of years, there has been a significant change in the Mt. Pleasant market. Sellers now have the upper hand when negotiating purchase contracts.
Mt. Pleasant Home Inventory – Only a 3 Month Supply
The reason? Demand has been catching up with supply….In a big way!! Based on the last 12 months of sales activity in Mt. Pleasant, we now only have a 3 month supply of inventory. To put this in perspective, a “balanced” real estate market is generally about 6 months supply of inventory. Anything more represents an advantage for the buyer and anything less represents an advantage for the seller.
Get ready!! It should be another big year for the Mt. Pleasant real estate market!! Stay tuned to this page for more updates each month.
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. And 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 the top realtors in Mt. Pleasant 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 some great info on many of our neighborhoods.