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

There are currently 21 homes on the market in Brickyard Plantation. In addition, there are two homes currently under contract in the neighborhood that have not yet closed:

2715 Coddell Ct. $400,000
1294 Abercorn Tr $429,000

When compared to what is happening in many other parts of the country, the real estate market in Brickyard and other sections of Mt. Pleasant is holding up reasonably well. While the number of Brickyard homes sold this year is down 13% and the median selling price is down 3% from last year, houses are still selling. Since September 1st, there have been 6 homes sold in Brickyard Plantation. Below are some 2008 year-to-date numbers with comparable numbers through the same period in 2007:

2008:

• Homes sold through October 29, 2008 – 34
  
• Average Days on Market – 158
  
• Median Sales Price – $375,000

2007:

• Homes sold through October 29, 2007 – 39
• Average Days on Market – 110
• Median Sales Price – $387,000

For more information on all homes and lots for sale in Brickyard, please go to my Brickyard Home Info site for details and stay tuned to this site for more updates.

The number of homes for sale in Brickyard Plantation is at its lowest level since early in 2006. There are currently 24 homes on the market in the neighborhood, down from 33 just a month ago. Inventory peaked in Brickyard Plantation in March of 2007 where there were 45 homes on the market!

The reduction of inventory in the last 30 days is a result of a strong selling month in August as 6 homes went under contract in Brickyard. Could this be the beginning of a turnaround in the Brickyard market? While buyers aren’t coming back in droves, it does appear that they may be coming back. Only time will tell if this is the start of a turnaround in the real estate market, but it does look hopeful! Below are some 2008 year-to-date numbers with comparable numbers through the same period in 2007:

2008:

• Homes sold through August 31, 2008 – 27
  
• Average Days on Market – 151
  
• Median Sales Price – $380,000

2007:

• Homes sold through August 31, 2007 – 36
• Average Days on Market – 108
• Median Sales Price – $388,500

For more information on all homes and lots for sale in Brickyard, please go to my Brickyard Home Info site for details and stay tuned to this site for more updates.