Finally some good news! Through the first two months of 2010, Mt. Pleasant homes sold at a faster pace than the same period in 2009. A total of 147 homes sold in Mt. Pleasant in January and February, up from 115 sales in 2009. Single family home sales are up 31% while sales of condos are up 19%. Clearly, there are more buyers are in the market right now than we had last year. This is a very positive sign as we head into the traditional “spring selling season”.
Although the Belle Hall real estate market continued to feel the effects of the economy, it did fare better than many other Mount Pleasant neighborhoods in 2009.
There were 54 homes sold in all phases of Belle Hall last year. This is down slightly from the 58 homes sold in 2008, but significantly off of the 2005 peak when 87 homes sold in the neighborhood. There continued to be pressure on pricing, particularly in the higher price ranges. The average selling price per square foot in 2009 was $177, down from $181 in 2008. This is down 13% from the peak in 2006 when the price per square foot was $203.
The 2009 Mount Pleasant real estate market continued to be a challenge for sellers and it represented value opportunities for buyers. We are clearly still in a buyer’s market as there is much more inventory than the demand currently supports. More on that later. First, let’s review some of the numbers for 2009:
With all of the choices that buyers have in today’s Mt. Pleasant real estate market, it is imperative for sellers to create a good first impression by having the exterior of the home in impeccable condition. Over the years, I have seen buyers refuse to follow through with an appointment to see a home after they drove up and saw the poor condition of the exterior. This is not a good recipe for success in any market, particularly this one!
Below are 10 tips that can help Mt. Pleasant sellers boost the curb appeal of their home:
With the recent record high numbers of short sales and foreclosure sales, many Mt. Pleasant homeowners are concerned about the impact these distressed sales are having on their home’s market value. This is a very legitimate concern, particularly for homeowners that currently have their homes on the market and for those that may be considering selling their home in the near future.
The overall Belle Hall real estate market has been quite interesting this year. In order to get some good perspective on what has been happening, it is important to break down the market into two categories: Belle Hall and Hibben. The markets are reacting very differently in these two categories. Let’s take a look at some of the data for this year compared to 2008:
Interest rates change constantly, but it is important to know that rates are cyclical. If rates are currently at historical lows then we know there is a strong probablility rates will go up again, and vice versa. Certain economic indicators such as unemployment data, consumer price index, retail sales data, and consumer confidence all have an effect on mortgage interest rates. But the key factor to watch is the relationship between STOCKS and BONDS.
When the economy is slow and the stock market is “bearish,” many investors move money out of stocks and into bonds and mortgage-backed securities. This causes mortgage interest rates to go down. When the economy is doing well, the stock market rallies and is considered “bullish.” Investors then have a tendency to move their money out of that safe haven of bonds and mortgage-backed securities and back into stocks. As a result, mortgage interest rates go up.
The moral of the story? When the Fed cuts their rate, mortgage interest rates do not necessarily go down in concert with the Fed rate.
Thank you to Lorcan Lucey with Lucey Mortgage for this insight into mortgage rates!
As of January 13th, there have been 3 homes go under contract in Belle Hall Plantation in the new year. Considering we are in the “dead of winter”, this is a pretty good start to 2009. All 3 of these homes went under contract between January 5th to 9th. Below are the details on these homes:
394 Fern House Walk – Courtyard
3 Bedrooms, 2 Baths
1,403 Square Feet
Asking price – $252,500
708 Windchime Alley – Veranda
3 Bedrooms, 2 Baths
1,470 Square Feet
Asking price – $257,900
856 Tupelo Bay Drive – Hibben
4 Bedrooms, 3 1/2 Baths
4,365 Square Feet
Asking price – $899,900
Stay tuned to this blog throughout the year for regular updates on the Belle Hall real estate market. To see details on all homes currently for sale in Belle Hall, please visit www.BelleHallHomeInfo.com.
Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com
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Belle Hall Homes and Real Estate for Sale
Mt. Pleasant, SC Homes, Condos and Real Estate
The Belle Hall real estate market did not escape the pull back in home buying in 2008. While the numbers are not nearly as bad as some parts of the country, we did have a difficult market during the year with a lot of pressure on pricing. As you all know, there are many subsections in Belle Hall Plantation which, in some cases, represent very different markets. That was the case in 2008, particularly for Hibben. There was more down side pressure on pricing in Hibben in 2008 and I thought it would be good to separate that subsection out in order to add some perspective to the numbers. So, the first set of 2008 and 2007 figures below is for all subsections of Belle Hall except for Hibben. Please note that there were no sales in Evian in 2008 and one sale in The Island section during the year. The data from that one sale is included below.
Belle Hall (excluding Hibben):
2008:
2007:
As you can see above, the number of homes sold in Belle Hall was down significantly in 2008, but prices fared a little better as the median price was only off 6%.
Hibben:
2008:
2007:
Inventory did not change much during the year. We started the year with 54 homes for sale and ended 2008 with 53 homes for sale. There are currently 5 homes under contract in Belle Hall – 1 in the Veranda, 1 in Battery Point and 3 in Hibben.
So, what’s in store for 2008? That’s the $64,000 question! First, buyers must regain some confidence in order for activity to pick up. The good news is that mortgage interest rates are incredible right now and they represent a once in a lifetime opportunity for buyers. Hopefully, that will help push the market in a positive direction this year. And, spring is coming. It is typically the best time of year for real estate, so the results from that period will be a big indicator of things to come.
Keep in mind that we are still in a buyer’s market. As long as inventory remains high, it will be a while before we return to a more “neutral” market. The inventory in Belle Hall has not shown any real signs of significant reduction in the last couple of years. To add some perspective on where we are with inventory, there were only 14 homes for sale in all of Belle Hall at the peak of the Seller’s market in August , 2005!! And, 79 homes sold that year in the neighborhood!!!
Please stay tuned to this site for more postings in the weeks and months to come. I will be providing you with real estate news for Belle Hall and other parts of the Mt. Pleasant market. Also, please go to www.BelleHallHomeInfo.com to see details on all homes currently for sale in the neighborhood.
Happy New Year!!
Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com
Belle Hall Homes and Real Estate for Sale
Brickyard Homes and Real Estate for Sale
I’On Homes and Real Estate For Sale
Mt. Pleasant, SC Homes, Condos and Real Estate
During the month of November, there were three houses that closed in Belle Hall Plantation:
359 Old South Way – $278,900
365 Antebellum – $284,500
262 Historic – $307,000
Below are some stats that compare 2008 sales activity through November to the same period in 2007. As you can see, the number of homes sold is down this year by 27%. In addition, the the median price is down by almost 10% from 2007. Finally, the average days on market is up significantly, reflective of the current market conditions we are experiencing.
2008:
2007:
Currently, there are 49 homes on the market in all phases of Belle Hall. The median asking price for these homes is $650,000 and the average days on market is 168. This is down slightly from the end of November, 2007. At that time, there were 55 homes on the market in Belle Hall. Below is the number of homes for sale by subsection:
Hibben – 26
The Veranda – 7
Evian – 6
Rice Bay – 4
Battery Point – 4
Courtyard – 2
For more detailed information on houses for sale in Belle Hall, please go to www.BelleHallHomeInfo.com
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Chuck Avera
Keller Williams Realty
Office: 843-452-5300
http://www.ChuckAvera.com
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Belle Hall, SC Homes for Sale, Condos and Real Estate
Brickyard, SC Homes for Sale, Condos and Real Estate
I’On, SC Homes for Sale, Condos and Real Estate
Mt. Pleasant, SC Homes for Sale, Condos and Real Estate
Chuck Avera