Mount Pleasant Real Estate Update – 9/25/14

We are always asked….How is the real estate market in Mt. Pleasant?  And the answer is always the same…..”it’s great”.  So what does that mean exactly?

The Mt. Pleasant Real Estate Market is Always Great…Or is it?

Every real estate market is always good for some, but not all.  For example, if you are a buyer and the inventory is quite low, it’s likely a great market for sellers.  But if there is a high supply of inventory, then it’s likely a better market for you, the buyer.  It’s all about supply and demand.  So what is currently going on in Mt. Pleasant real estate?  Let’s add some perspective to this question…

Is Mt. Pleasant Real Estate in a Seller’s Market?

The answer is yes AND no.  Confusing?  Well, it depends on what price segment we are considering.  The Mt. Pleasant real estate market varies widely as you scale the price range.  If you are considering a home below $500K, it is a strong seller’s market.  On the other hand, if you are considering a home above $1M, it is still a strong buyer’s market.  What about price points in between?  Let’s take a look at the chart below…

 MTP MOI Sep 2014

Six Months of Inventory = A Balanced Market…

The real estate industry considers the market to be “balanced” with about 6 months of available inventory on hand.  This means that neither the buyer or the seller has a distinct advantage in most real estate transactions.  Prices will likely stay steady or rise slightly over time, though very slowly.  Anything a month or two below 6 months is considered a “seller’s market” and anything a month or so above is considered a “buyer’s market”.

Mt. Pleasant is in a Seller’s Market AND a Buyer’s Market…

Take another look at the chart above….Based on 3.7 months of inventory, the overall Mt. Pleasant real estate market is in a “seller’s market”, but only if you look at the market from an overall perspective.  If you are buying a home above $1M (one could only wish, right??), the market favors buyers as there is a 16 month supply of inventory.  While the $1M+ market is improving, it is a long way from favoring the sellers.  And if you are buying between $500K and $1M, the market is “balanced”.

Average Days on Market in Mt. Pleasant – Further evidence…

So how long does it take to sell a home that is in a “seller’s market” vs. one that is in a “buyer’s market”.  Look at the data below…

  • $500K and below – 39 Days on Market (Seller’s Market)
  • $500K to $1M – 65 Days on Market (Balanced Market)
  • Above $1M – 131 Days on Market (Buyer’s Market)

So, the answer is that the Mt. Pleasant real estate market is quite diverse and that leads to multiple markets within one.  So if a neighbor or an agent suggests that the market is “great”, you might want to dig a little deeper to really understand what that means!!

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 13 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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