The summer months should be quite busy for home buyers, sellers and real estate agents alike!
As we head into June, real estate analysts are saying that the national housing market is poised for a successful (and busy!) summer home buying market. Several factors are at play, experts say, including low housing inventory, pent up demand and increasingly optimistic sellers.
Already in May, Mt. Pleasant saw 136 homes sold with an average sale price of $533,000. In May of 2014 the average sales price was $520,000. There are currently 517 single family homes for sale in the north and south areas of Mt. Pleasant which is a 3% increase from this time last year. The absorption rate, or Months of Inventory is still dropping, which means that the demand for homes in Mount Pleasant is still strong and outpacing supply of new construction homes.
What Every Buyer and Seller Should Know
According to the latest sales figures released by the National Association of Realtors, sales of previously owned homes increased in March by the most in four years.
On average, homes were being purchased in 52 days on average, which is the fastest sales rate the country has seen since July. In Mt. Pleasant, the average days on market for homes sold in May was slightly longer at 70 days.
Here are some more highlights from the latest data report:
- The share of first-time buyers increased slightly
- The number of homes for sale increased in March for a second month. In fact, that gain was the biggest since December 2010
- New listings in Mt. Pleasant increased 12.5% over last year in May
- More sellers expressed confidence about buyers entering the market as the weather warms, further helping to increase the supply of properties for sale.
- And sellers’ instincts about buyer interests appear to be spot on. For instance, 40 percent of homes sold in March were on the market for less than a month.
- The median price of an existing home jumped 7.8 percent from March 2014 to March 2015, to $212,100. That’s the most since February 2014.
- Sales of single-family homes rose 5.5 percent to an annual rate of 4.59 million, which is the most it’s been since August 2013.
- Meanwhile, closings on multifamily properties (including condominiums) increased 11.1 percent.
- Also, the average rate for a 30-year fixed mortgage was 3.67 percent recently. The rate was 3.59 percent in February, which was the lowest in almost two years.
We’re Your Real Estate Market Experts!
We hope you have found the information above as insightful and encouraging as we did. Seeing the national housing market recover is definitely a welcome sight! If you are thinking of buying or selling call us today! We’d be happy to review statistics that are pertinent to your property or a home you like! Sold data is also available on our website for Mt. Pleasant neighborhoods like Belle Hall, Carolina Park and a host of others.
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… Continue reading
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:
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. Continue reading
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: Continue reading
The Mt. Pleasant real estate market is off to a blistering start to the new year!! All measurable categories are outpacing the start we had during the same period last year such, including the most important one…PRICING!! Here are some highlights:
2014 – January 1st Thru February 11th:
- Median Price – $350,717 – up 18.9%
- Homes Sold – 156 – Up 10.6%
- Selling Price per Square Foot – $183 – up 10.9%
Mt. Pleasant Condo/Townhome Sales Surging…
While the numbers above represent the overall Mt. Pleasant real estate market, there are some significant stories to highlight in various segments of our market. For example, the number of multi-family units sold (condos and townhomes) is up 39% over the same period last year, but the median price has remained relatively flat. In contrast, the median price of single family homes sold YTD is up 21.3%, yet the number of homes sold is only up 2.7%.
Demand for Mt. Pleasant homes is Catching Up With Supply…
Pricing for single family homes is up because demand has caught up with supply. And in some cases, the demand is exceeding the supply. The Mt. Pleasant condo/townhome market has been playing a bit of “catch up” with demand over the last year and a half, but that market is now primed to see some significant price growth if the current sales trend continues.
The chart above shows the months of available inventory by price range for the Mt. Pleasant real estate market. As you can see, virtually every price range is in a rather strong “seller’s market” (below 6 months of inventory). Once you go above $750K in asking price, the market is still favoring the buyers. But it is trending in the right direction (if you’re a seller!!) and I expect the inventory in that price range to continue coming down this spring.
If you are a buyer looking for a home above $750,000….HURRY!! Now is the time!! Prices have yet to take off and interest rates continue to be low!!
Thinking of Selling or Just Have Questions About Real Estate? 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.
Experts recently emphasized what we’ve been expecting: The US and South Carolina housing market will show even better gains in 2014. Evidently, experts believe that it will be a strong year for housing, despite the fact that sales are likely to level off slightly.
Those interested in buying and selling real estate in South Carolina in 2014 will surely find the following information helpful as they navigate the market! And the Chuck Avera Group would be happy to assist you as you do so!
Good News for Real Estate
- 2013 represented the best year for housing since the financial crisis.
- When all was said and done, home prices increased about 11.5 percent in 2013, which was the biggest gain since 2005.
- And sales of existing homes reached 5.1 million in 2013, the National Association of Realtors said. That’s an increase of 10 percent from the previous year.
- That figure is also the highest it’s been since 2006.
- Home prices are expected to increase 5 to 6 percent in 2014, which is about half of what it was in 2013.
- The number of foreclosed homes has dropped significantly in the last several months, suggesting that the foreclosure crisis is nearing an end.
- In South Carolina, 2013 foreclosures dropped 19% from the previous year.
Locally, in Charleston, economists believe the housing market will continue to put up high sales numbers in 2014, but not at the 21% growth that was set in 2013. And who wouldn’t want to live here! Watch the following video for a great reminder of Charleston’s beauty!
2013 was an amazing year of growth for the Mt. Pleasant real estate market!! There was major growth in the number of homes sold and the overall volume of homes sold fell just short of $1 billion!! There were also significant gains in pricing, both in terms of median price and sold price per square foot. Below is a summary along with the percentage growth from 2012… Continue reading
The sales of new U.S. single family homes fell only slightly in November in the wake of higher mortgage rates.
Meanwhile, prices on new homes continued to rise, signaling to national housing market experts that the market truly is weathering higher mortgage rates, according to a recent news article. Continue reading
As we approach the holiday season, Mt. Pleasant home sellers always ask us one of two questions:
- Shouldn’t I just wait until after the holidays before putting my house on the market?
- Don’t you think I should take the house off the market during the holidays? No one is buying anyway…
These are very common questions and they are fueled by the myth that no one is looking at homes during this time, much less buying. Well, I’m here to dispel that myth!! First, let’s review some statistics… Continue reading