Mount Pleasant Real Estate Update – June 2, 2014

Mount Pleasant Home Prices Continue to Climb…

The Mt. Pleasant real estate market continues to strengthen, as evidenced by a continued rise in home prices this year.  This is due to continued high demand (particularly for new homes), low interest rates and inventory levels that continue to fall.

The median selling price for all Mt. Pleasant homes is up 15.4% to $362,500 in the last twelve months.  In addition, average selling price is up 11.4% to $414,268.  As you can see from the chart below, the median selling price for Mt. Pleasant homes has now surpassed the market peak in 2008.

MedianPriceMTP

Prices for Condos/Townhomes are Outpacing Single Family…

While the overall median selling price is up, pricing for condos and townhomes have really seen a dramatic shift.  Prior to us emerging from the “down” market a couple of years ago, this was the segment of the market that was suffering the most.  But that has changed.  Just in the last 12 months, the median price for condos and townhomes is up sharply to $209,900, an increase of 21.1%.  In contrast, the median price for single family homes is up 12%.

Average Days on Market Continues to Fall…

To further illustrate the strength of the Mt. Pleasant real estate market, it is now taking an average of only 62 days to sell a home.  This is down from 75 days a year ago and well below the 143 days it was taking at the bottom of the market in February, 2010.

Finally, sellers are now receiving prices much closer to their original asking price.  Currently, Mt. Pleasant sellers are receiving 96.8% of their original price.  This is quite high and well above the 88.2% sellers were receiving in February, 2010.

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.

 

 

 

 

2 thoughts on “Mount Pleasant Real Estate Update – June 2, 2014

  1. Chuck, you showed me and Donna a couple of homes last year; I’m friends with John Rand. Can you share what I think is probably persistently bad news about the likelihood of selling our 5500-6000 sq ft house on the Ashley River. 2278 Portside Way, Charleston 29407. Very little activity on higher value homes over here. Donna still wants to get to Mt Pleasant. Thanks. Wes Henry MD

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