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
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:
2007:
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:
2007:
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:
2007:
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:
2007:
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.
Brickyard has been feeling the real estate slowdown just as most other communities in Mt. Pleasant have been. So far this year, the number of homes sold in the neighborhood is down from 2007. In addition, the time it takes to sell a home has increased significantly during the past year:
2007:
2008:
Interestingly enough, the number of homes for sale in Brickyard is down from 43 at the end of July last year to 36 in 2008. While it is a little early to determine if this is a trend, the good news is that the inventory is lower! The lower the inventory, the better position sellers will be in as less competition means less pressure on pricing.
Overall, the inventory levels for single family homes in all parts of Mt. Pleasant are also down over 6% from the same period last year. This is not a huge decrease, but it is some positive news for sellers.
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.
Last Week:
On Friday, June 6, the Labor Department reported that the Unemployment Rate jumped to 5.5% from last month’s reading of 5%. The 1/2 point rise was the biggest increase since February of 1986, while the unemployment rate is the highest since October of 2004. Estimates were looking for a 5% rate. Although the jump in the unemployment rate is getting a lot of attention, it should be noted that the rate was at 5.2% a month earlier. So while the change is negative, it is not as dramatic as the media is portraying.
The US lost jobs in May for a 5th month in a row as payrolls fell by 49,000 vs estimates of 60,000. The economy has lost 324,000 jobs so far this year. Overall, the job creations were better than forecast, but the big jump in the unemployment rate pushed stocks much lower and pushed mortgage rates down a bit.
MLS data for the Charleston Tri County area reports that monthly sales in May rose 5.5% from 756 units in April to 798 in May. The average sales price increased as did the average days on the market.
This Week:
Fed Chairman Ben Bernanke said “the latest round of increases in energy prices has added to the upside risks to inflation and inflation expectations”. Bernanke’s speech also suggested that the Fed is in no hurry to hike rates because of “slack” in the economy which can lower inflation.
The Mortgage Market Guide could not disagree more with Mr. Bernanke. While there are risks to continued weakness in the economy, the answer is clearly not more rate cuts….it is rate hikes. The Fed should be in a BIG hurry to hike rates. They feel that the current 2% Fed Funds Rate is about 1% to 1.5% too low. Oil prices have skyrocketed since the Fed began the latest rate cutting cycle. This is because lower rates in the US weaken the Dollar. Oil is priced in Dollars, so as the Dollar weakens, oil prices climb. Last Friday, talks of rate hikes in the Eurozone sent the Euro higher and Dollar weaker, and oil spiked $5 quickly.
Should the Fed finally figure things out and hike rates, the Dollar will strengthen, oil prices will drop back towards $100, inflation will ease, and as a result….mortgage rates will decline.
Coming Up:
The next Fed Open Market Meeting is scheduled for June 24th-25th. All eyes will be looking at what the Fed will do with rates.
Courtesy-Bank of America Mortgage
Through May 27th, there have been 15 homes sold in Brickyard Plantation this year. The average sales price for these homes was $435,700 with an average sales price per square foot of $156. This compares to 15 homes sold through the same date in 2007. However, the average selling price for those homes was $451,820 with an average sales price per square foot of $170.
Currently, there are 41 homes on the market in Brickyard. If we continue selling homes at the current 2008 pace, there is approximately 13 months of inventory available in the neighborhood.
While the number of houses sold is on pace with 2007, there has been some pressure on pricing. The average sales price is down 3.57% and the price per square foot is down 8.23%. This is a result of continued slow demand in the Mt. Pleasant market and relatively high inventory levels. To put the inventory in perspective with previous years, see the chart below which shows the number of Brickyard homes on the market in the month of May during the previous 3 years:
May 2005 10 homes for sale
May 2006 26 homes for sale
May 2007 44 homes for sale
May 2008 41 homes for sale
While there is some pressure on pricing, Brickyard is faring better than the overall Mt. Pleasant market in 2008 as the number of homes sold in Mt. Pleasant is down 31% compared to the same period last year! While we continue to be in a buyer’s market, it’s important to note that good houses in good neighborhoods are selling.
If you are selling, price your home competitively and make sure it is in pristine condition. If you do these things, you’ll have a very good chance of selling in a reasonable period of time.
Stay tuned to this site for more Brickyard updates in the weeks to come. And, don’t forget to go to http://www.brickyardhomeinfo.com/ to see details on all of the homes currently on the market in Brickyard.
Chuck Avera