While the Mt. Pleasant real estate market continues to see positive momentum, home prices across the nation continue to climb as well, according to the most recent reports.
Real estate data specialist RealtyTrac recently revealed that property prices across the country are up 5 percent year-over-year.
Meanwhile, home sales are up 8 percent.
And the news just keeps getting better for national home sellers!
More Information on Recent National Housing Market Activity
RealtyTrac recently released a report that offered some encouraging figures for interested home sellers:
- The national median sales price was $168,000 in June, up 3 percent from the month before.
- Existing home prices in the country have increased by 13.5 percent in the last 12 months.
- The median price of a distressed sale (or a property in foreclosure or bank owned) was $120,000, about 24 percent below the median price of a non-distressed home.
- Those markets that saw sales increase in June tended to be those states where there was a lingering distressed home inventory.
- Meanwhile, those markets that saw sales decrease tended to be those in which the majority of the distressed home inventory had already been absorbed.
- Cash-only home purchases accounted for 30 percent of all sales in June, down from 31 percent of all sales in May.
- Metropolitan areas with the highest percentages of cash sales were: Cape Coral-Fort Myers in Florida (70 percent), Miami (64 percent), Las Vegas (62 percent), Sarasota in Florida (59 percent) Tampa (58 percent) and Detroit (56 percent).
- Sale of bank-owned properties made up 9 percent of all residential sales in June, down from 10 percent in May 2013.
- Those top metro areas where bank-owned sales accounted for higher percentages of total sales were Detroit (24 percent), Modesto, California (24 percent), Stockton in California (24 percent), Las Vegas (22 percent) and Akron, Ohio (21 percent).
- Short sales accounted for 14 percent of all residential sales in June, up from 8 percent in June 2012. Although it was also down from 15 percent in May 2013. Those states with the highest percentage of short sales in June were Nevada (30 percent), Florida (29 percent), Maryland (21 percent), Tennessee (19 percent), and Arizona (19 percent).
- Those metro areas with annual increases in median prices of 20 percent or more were: Sacramento (35 percent), San Francisco (30 percent), Los Angeles (27 percent), Las Vegas (26 percent) and Phoenix (25 percent).
- Those states with the largest distressed sale discount were Ohio (58 percent), Michigan (48 percent), Illinois (47 percent), Massachusetts (46 percent) and Wisconsin (45 percent).
Keeping Our Eye on National Housing Market Trends
Just consider us your local Mt. Pleasant real estate market experts!
As more develops on the market, we’ll keep you posted on those trends and how they may affect home sellers.
The Mount Pleasant real estate market has been booming in 2013. Through the first 6 months of the year, the number of homes sold is up over 34% from the same period last year! Continue reading
The Mt. Pleasant real estate market is off to a fast start in 2013!! So far this year, the number of homes sold in Mt. Pleasant is up 17% over the same period last year!! Below are the details:
2013 Home Sales – Through 2/27/13:
- Homes Sold – 194 (up 17%)
- Selling Price per Square Foot – $163 (up 12%)
- Median Selling Price – $299,500 (flat)
The momentum that began in 2012 is clearly continuing this year. And the news gets even better…
The Mount Pleasant real estate market continued to stabilize in 2012. Some segments of the market saw significant growth while others did not fare so well. More on that later in this post. First, let’s review the number of units sold in 2012 and the breakdown…..
Mt. Pleasant Home Sales Up 22% in 2012…
Overall, there was significantly more real estate sales activity in 2012 versus the previous year. The number of homes sold in Mount Pleasant was up 22% in 2012. This includes both single family homes as well as condos and townhouses. As depicted in the chart below, the rate of growth varied by price range. For example, the number of homes sold below $200K grew a whopping 31% while the number of homes sold above $1M was down 16%. Continue reading
Overall, there continues to be a lot of positive energy in the Mount Pleasant real estate market. During the two months since my last report, we have continued to see momentum in terms of units sold, but there have been some mixed results in terms of the median price for those sales… Continue reading
Price and Condition – Two Most Important Factors in Selling Your Mount Pleasant Home…
There are so many factors that come into play when selling your Mount Pleasant home, but the two most important elements in any home sale are PRICE and CONDITION. Pricing your home correctly is critical to getting your home sold in a reasonable time frame (60-90 days). A bad pricing strategy at the beginning can have a devastating impact on how much you ultimately receive for the home. I will focus on pricing strategies in an upcoming post. But today, I want to address CONDITION…. Continue reading
In terms of units sold, the Mount Pleasant real estate market continues to show significant strength when compared to last year and prior. With the exception of a few price ranges, we are experiencing year over year growth in virtually every category of homes and vacant land in 2012. The chart below shows the percentage increase in 2012…. Continue reading
Since the Mount Pleasant real estate market peaked in 2005, sellers starting to receive a lower percentage of their original asking price for their Mount Pleasant homes. In May, 2005, sellers were receiving 99.1% of their original asking price at closing. This percentage steadily began to drop and bottomed out at an average of 88.2% in September, 2009….
As you can see from the chart above, the trend started to reverse in early 2010 and sellers are now receiving an average of 92.4% of their original asking price at closing.
So what is next for our market? Stay tuned to this page for regular updates on the trends in the Mount Pleasant real estate market.
Please give us a call if you have any questions about this post or need other specifics about the Mount Pleasant real estate market. 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.
The spring of the year always brings a surge of new activity to the Mount Pleasant real estate market so it is no surprise when the statistics show that more homes are selling. However, this spring is shaping up to be very special for Mount Pleasant home sellers!
Mount Pleasant Home Sales Up Significantly in March and April
During March and April, there have been 306 Single Family homes go under contract in Mt. Pleasant. This is a 49% increase over the same period last year!! In the condo/townhome market, the news is even better…..109 condos/townhomes have gone under contract during the last two months. This is a 73% increase over the same period last year!! The recovery of the condo/townhome market has been lagging the single family home market for some time….This could be a sign that the recovery for this segment is finally underway. Continue reading
Through the first seven weeks of 2012, the Mount Pleasant real estate market for single family homes is continuing to show signs of recovery while the market for condos and townhomes continues to struggle. Below is a comparison of YTD performance in 3 key categories and the percentage increase or decrease from the same period last year:
Mount Pleasant Single Family Homes:
- Number of Homes Sold YTD – 100 – up 4.2%
- Median Price of Homes Sold – $341,500 – up 1.9%
- Average Selling Price/Square Foot – $155 – up 5.8%
Mount Pleasant Condos and Townhomes:
- Number of Homes Sold YTD – 32 – up 3.2%
- Median Price of Homes Sold – $124,000 – down 16.5%
- Average Selling Price/Square Foot – $116 – down 5.8%
Mount Pleasant Sellers Now Receiving 92% of Asking Price at Closing… Continue reading