Every day, people ask me if the Mt. Pleasant real estate market has turned around.  Well, the answer is yes AND no.  Let me explain……

Mt. Pleasant Single Family Home Sales Up 41% in 2010…

Overall, the Mt. Pleasant real estate market continued to surge in the last 30 days.  Through May 31st, the number of Mt. Pleasant homes sold is up 41% from the first five months of 2009. While sales are up significantly, there is still some pressure on pricing as reflected in the median price and selling price per square foot shown below:

2010:

• Single Family Homes Sold – 403
• Median Sales Price – $336,000
• Selling Price Per Square Foot – $156

2009:

• Single Family Homes Sold – 285
• Median Sales Price – $368,000
• Selling Price Per Square Foot – $166

A Very Active Mt. Pleasant Real Estate Market Below $750,000

While activity is up significantly overall in Mt. Pleasant this year, the growth is not being experienced in all price ranges.  The concentration of the growth is in homes selling below $750,000 with the most significant growth coming from homes priced below $300,000.   With a year-over-year growth rate of 63%, homes priced below $300,000 now represent approximately 43% of the overall Mt. Pleasant real estate sales activity.  This is a significant change from the peak of the market in 2006 and 2007 when sales in this price segment accounted for only 22% of the overall Mt. Pleasant market.

Mt. Pleasant Home Sales Above $750,000 Remain Flat

On the other end of the spectrum, homes priced above $750,000 are flat in 2010 when compared to last year.  The 28 homes sold above $750,000 represent less than 3% of the Mt. Pleasant real estate market.  During 2006 and 2007, this price segment represented between 12% to 15% of all Mt. Pleasant home sales.

It’s Simply a Case of “Supply and Demand”

As with any real estate market, this one is all about supply and demand.  There is simply more inventory available in the more expensive segments of the market than there are buyers.  Until more Mt. Pleasant buyers “show up” to the table in these price ranges, this will remain the case and pricing will continue to feel pressure.  However, the good news is that we are seeing some improvement in available months of inventory in all price segments except homes priced above $1M.

Mt. Pleasant Homes Priced Below $300,000 Now in a “Balanced” Market…

Because of the significant growth in Mt. Pleasant home sales below $300,000 this year, I consider this segment of the market “balanced”.  As I’ve mentioned in previous posts, a “balanced” market is one that has approximately 6 months of available inventory.  At this level, neither the buyer or seller has a significant advantage in price negotiations.  As the available months falls below 6 months, pricing will start to increase and the market will shift towards a “Sellers Market”.  As you can see from the chart, it will likely be some time before we see a “balanced” market in the higher price ranges, particularly for homes priced above $1M.

So, has the market turned?  Suffice it to say that it is improving.  Hopefully for sellers, that trend will continue.  For buyers, now might be a great time to start looking for that new home!

Please feel free to comment on this post or contact me if you have any questions.  Also, if you are thinking of buying or selling a Mt. Pleasant home, please contact me to learn more about the services offered by The Chuck Avera Real Estate Team.

Through April 19th, real estate activity for Mt. Pleasant single family homes is up significantly from the same period in 2009.  While pricing has dipped slightly, the number of homes sold is up 20% in 2010.  This is welcome good news for sellers in our market as we move into the busy spring season.

2010:

• Single family homes sold – 231
• Median Sales Price – $359,000
• Selling Price Per Square Foot – $160.23

2009:

• Single family homes sold – 193
• Median Sales Price – $370,000
• Selling Price Per Square Foot – $163.10

Mt. Pleasant Home Sales Below $300K Approaching a “Balanced” Market

While the Mt. Pleasant real estate market has seen an overall increase in activity, there are still certain price ranges that are performing better than others.  For example, based on the last 9 months of sales history, there are only 7 months of available inventory for homes priced below $300,000.  This is very close to representing a “balanced” market.  A “balanced” market is approximately 6 months of available inventory.  Anything above 6 months represents a “buyers market” and anything below represents a “sellers market”.

As you move into the more expensive homes for sale in Mt. Pleasant, the buyer still has a significant advantage as inventory remains rather high.  As you can see from the chart below, months of available inventory escalates dramatically for homes priced above $750,000 and again for homes above $1M in asking price.

Price Pressure Likely to Continue Through 2010 in Mt. Pleasant

Achieving a “balanced” market in the higher price ranges will not be easy as there is a lot of inventory to absorb.  Therefore, I believe there will be continued pressure on pricing as we move through 2010 and into 2011.  Because of the stiff competition for buyers in most price ranges, sellers will have to “price right” and have their homes in pristine condition to have a good chance of securing an acceptable contract.

If you have any questions about this post or if you would like additional information about real estate services offered by The Chuck Avera Team, please contact me.  I will be happy to help in any way I can.

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:

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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:

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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.

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The Brickyard real estate market has been relatively active recently as showings have increased, but sales are down through the first 7 months of 2009 compared to last year:

2009 – 17 homes sold at a median price of $365,000 and a price per square foot of $147

2008 – 25 homes sold at a median price of $380,000 and a price per square foot of $173

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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!

Through January 13th, there have not been any homes go under contract in Brickyard Plantation nor have there been any closings. However, two homes have just come on the market in the neighborhood. Below are the details:

2824 Waterpointe Circle – $459,900 – located in The Landing
3 Bedrooms, 2 Baths
2 Car garage
2,715 Square feet

2762 Merwether Lane – $339,900 – located in The Preserve
3 Bedrooms, 2 1/2 Baths
2 Car garage
2,985 square feet

Currently, there are only 13 homes for sale in all phases of Brickyard.

If you have any questions about either of these two houses, please feel free to call me. You can also get details on all homes currently for sale in Brickyard by visiting www.BrickyardHomeInfo.com.

Stay tuned to this blog for regular updates throughout the year on what is happening in Brickyard real estate.

Chuck Avera
Keller Williams Realty
Office: (843)452-5300
http://www.ChuckAvera.com

Brickyard Homes and Real Estate for Sale
Mt. Pleasant, SC Homes, Condos and Real Estate

All things considered, the Brickyard real estate market held up reasonably well in 2008. The number of homes sold in the neighborhood was down from 45 in 2007 to 35 in 2008. Clearly, the slower market contributed to fewer sales, but the reduction was also due to fewer people trying to sell their homes in 2008. At the end of the year, there were only 14 homes for sale in all phases of Brickyard. In contrast, there were 26 homes for sale in Brickyard at the end of 2007 and 35 for sale at the end of 2006.

While selling a house in 2008 certainly had its challenges, the lower inventory contributed to much more stability in terms of pricing. This was not the case in other segments of the Mt. Pleasant real estate market. There were many neighborhoods that felt significant pressure on pricing as a result of large inventories and fewer buyers.

Below is a summary of Brickyard sales activity and pricing for 2008:

2008:

• Homes sold – 35
  
• Selling Price per square foot – $168
  
• Median Sales Price – $375,000
• Average Sales Price - $493,336
  

2007:

• Homes sold – 45
• Selling Price per square foot – $162
• Median Sales Price – $381,900
• Average Sales Price – $415,787

As you can see from the numbers above, pricing was not really negatively impacted in 2008. In fact, the average sales price and average selling price per square foot actually increased in 2008 while there was a slight reduction in the median price from $381,900 to $375,000.

So, what’s in store for Brickyard real estate in 2009? Obviously, a lot will depend on buyer confidence as we move through the year. If interest rates remain at these incredibly low levels and we see more stability in the markets, I feel we should have a reasonably successful year. Having said that, it is important to keep in mind that there are still some pretty high levels on inventory available in other competing Mt. Pleasant neighborhoods. These include Hamlin Plantation, Dunes West and Park West. So, buyers will still have lots of options when it comes to making a decision on a home. This will likely keep prices from increasing in Brickyard and other communities as the competition for the buyer’s dollar is going to be high.

I will be posting to this site on a regular basis in 2009, so please check back for updates. Also, don’t forget that you can view details of all homes for sale in Brickyard online at www.BrickyardHomeInfo.com.

Have a great January!

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

There have not been any closings in Brickyard since my last update, however there are currently three homes that are under contract in Brickyard, pending closing:

2650 Scarlet Oak Court $389,000
1294 Abercorn Trace $429,000
1379 Wavespray Court $375,000

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 23%. The median price is down as well, but only 2.6% from 2007. However, the average days on market is up significantly, reflective of the current market conditions we are experiencing.

2008:

• Homes sold through November 30, 2008 – 34
  
• Average Days on Market – 158
  
• Median Sales Price – $375,000

2007:

• Homes sold through November 30, 2007 – 44
• Average Days on Market – 109
• Median Sales Price – $384,450

Currently, there are 20 homes on the market in Brickyard. The median asking price for these homes is $437,450 and the average days on market is 214. This is down significantly from the end of November, 2007. At that time, there were 29 homes on the market in Brickyard. Below is the number of homes for sale by subsection:

Daniels Pointe – 1
Boone Grove – 1
Magnolia Grove – 1
The Preserve – 4
The Retreat – 4
Brickyard – 4
Collonade – 5

For more information on all Brickyard homes for sale, please go to www.BrickyardHomeInfo.com