Mount Pleasant Real Estate Update – 8/22/14

Real estate prices are up all over the metro area in 2014, but the Mt. Pleasant real estate market is leading the way!!  During the last 12 months, the median selling price in Mt. Pleasant is up 17.8% to $371,000.  The chart below reflects how our market compares to other key geographic areas in Charleston:

MedianSo who said real estate is not local??  As you can see from the chart above, price increases vary widely in different sections of the metro area.  The good news is that Mt. Pleasant sellers are reaping the benefits of a very strong market in Mt. Pleasant!!

Price Gains Expected to Continue in Mt. Pleasant…

We expect these gains to continue in the foreseeable future as inventory levels continue to be low.  There is simply more demand for homes in Mt. Pleasant than there is available inventory!!  Currently, there is only a 3.6 month supply of inventory in Mt. Pleasant.  This number will likely rise moderately in the fall and winter as demand typically drops off during these months.  But Mt. Pleasant will likely remain in a solid sellers market for some time!!

Other Key Real Estate Indicators Remain Stable…

There are a number of additional key real estate statistics that we consistently monitor to determine if there are any trends developing.  Based on these numbers holding rather steady compared to last year, we don’t expect any near term shifts in the Mt. Pleasant market unless we experience some major economic shifts (dramatic rise in interest rates, etc.).  Below are some key data points:

  • Average Days on Market Until Sale – 62
  • Sales Price as a Percent of Last Asking Price – 96.9%
  • Number of closed sales last 12 months – 2,317
  • Number of new listings last 12 months – 2,982
  • Average 30-year fixed rate of interest – 4.07%

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 great info on many of our neighborhoods.

 

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