Mt. Pleasant Real Estate Update – 3/13/14

The Builders are Back in Mt. Pleasant…

During the real estate downturn, new home construction in Mt. Pleasant came to a screeching halt.  But since the Mt. Pleasant real estate market began to turn around a couple of years ago, we have seen a dramatic shift.  The builders are back in Mt. Pleasant!!  And they are back in force!!  Here are some very interesting statistics:

Mt. Pleasant New Home Construction is Surging…

So far in 2014, 28% of all Mt. Pleasant home sales have been new construction.  Below are some stats…

2014 Mt. Pleasant Home Sales:

  • New Homes Sold – 89 (28% of total)
  • Average Price/Square Foot – $191
  • Median Price – $401,000
  • Pre-Owned Homes Sold – 228
  • Average Price/Square Foot – $177
  • Median Price – $347,500

In addition,  42.4% of all Mt. Pleasant homes currently in pending status (under contract, but not yet closed) are new construction!!  This represents a significant percentage of the market.  To put this shift in perspective, only 15.5% of all homes sold in Mt. Pleasant during 2010 were new construction.

Mt. Pleasant Home Sellers Facing Stiff Competition…

Clearly, many Mt. Pleasant home buyers are opting to go with the new features offered with these homes and they are willing to pay a premium price to get them.  At a median price of $405,000, new homes are selling at a 15.4% premium to existing homes.

This market shift creates a challenge to sellers of existing Mt. Pleasant homes in certain price ranges.  To compete with new construction, they will need to be very competitive with their pricing and be able to offer some unique benefits (upgrades, great location, wonderful neighborhood) to be “in the running” with many of today’s home buyers.

Carolina Park Leads the Way…

There are a number of neighborhoods that are capturing the Mt. Pleasant home buyer seeking new construction and Carolina Park leads the way.  So far this year, 14 homes have sold in Carolina Park and 49 additional homes are under contract.  Below is a list of neighborhoods with the most new construction homes pending…

There are many new home builders currently offering homes in this market, including some major national players such as Ryland Homes, Weekley Homes, Sabal Homes, Saussy Burbank, John Wieland and Pulte Homes.  Stay tuned to this page for more updates!!

Thinking of Buying or Selling?  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 12 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.

 

 

 

 

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