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:
The I’On real estate market continues to be very strong in 2014. Prices are up and the average number of days it takes to sell an I’On home is down. Very good news if you are selling your home! Here are some key data points from this year and the percentage change from the same period last year:
One month of positive real estate sales is encouraging, but sometimes it can be a fluke. That’s why we’re always so thrilled when positive numbers one month carry over into the next month. And that’s just what we saw with the recent release of May sales numbers. According to a recent USA Today article, existing home sales increased for the second straight month in May, increasing to their strongest rate since the fall.
Current State of the Housing Market
Here’s what the most recent data from the National Association of Realtors revealed: Sales of existing single-family homes, townhomes, condos and co-ops reached a seasonally adjusted annual rate of 4.89 million, which marks a 4.9 percent increase from April’s rate of 4.66 million. This was the highest monthly percentage gain since August 2011! Continue reading
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 I’On Real Estate Market Continues to Strengthen…
2014 Activity Through May 21:
- I’On homes sold – 28
- Average Selling Price/Square foot – $286
- Median Selling Price – $847,500
- Average Selling Price – $892,407
- Average Days on Market – 101
To see details on all of the I’On home sales in 2014, click here.
I’On Home Pricing Continues Upward Trend…
I’On home pricing continues to strengthen as well. YTD, the median price of all homes sold in I’On is $847,500. This is a 19% increase from the same period last year. In addition, the average selling price/square foot is up over 6% from the same period last year. The big jump in median price is due to a 38% increase in the number of $1M+ I’On homes sold YTD.
As selling price/square foot is always a popular measure for I’On homeowners and buyers, I am including a chart showing the trends for this metric for the last several years:
I’On is a Sellers Market, For the Most Part…
With just 20 I’On homes currently on the market, we have only 4 months supply of inventory available in the neighborhood. This is based on the last 6 months of sales history. This indicates a strong sellers market, but this number does vary by price range.
Months of Inventory in I’On by Price Range:
- Below $750K – 1.8 months
- $750K to $1M – 3.3 months
- Above $1M – 7.3 months
While demand for homes above $1M in I’On has improved dramatically in the last couple of years, we still have over 7 months supply of inventory available. This represents a very stable market, but not one that favors the buyer or seller in any significant way.
Thinking of Selling, or Have Questions? Call Me!
Please give me a call if you have any questions about this post. If you are thinking of selling, please contact me to learn more about my marketing program for your home. I have sold dozens of homes in I’On over the years and have an intimate knowledge of this community, what buyers are looking for, and how to get your home sold. Have a great Memorial Day weekend and I hope that you continue to take advantage of all the special activities and events that I’On has to offer!
Everywhere you look, positive real estate trends are popping up, further emphasizing that the worst days of the economic recession are in the rear view mirror now.
And here’s another recent nugget of good news: Home prices all across the country increased 11.1 percent in March 2014 when compared to the same time last year. And that’s including distressed sales. According to the latest published data, the 11 percent home price increase in March represents 25 months of consecutive year-over-year increases in national home prices.
That’s incredible. That means that the housing market has been in the process of recovering for more than two years. Continue reading
That’s because national real estate experts are projecting that this spring will see even more home buying activity than is already expected for this time of year.
Why? Because of pent-up home buyer demand from the unusually cold winter we had. Home buyers who might have navigated the market in late 2013 and early 2014 ended up holding off because of the bad winter weather. Can you blame them? House hunting in frigid temperatures while trudging around in the snow and bad weather is no fun at all. 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
Since my last report to you on February 7th, the I’On real estate market has picked up steam!! During that time, we have had 10 homes go under contract, including 6 in just the last 5 days!! These homes are listed below along with their most recent asking prices. With the exception of 313 North Shelmore, all of these homes are still pending… 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.