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.