Category Archives: Foreclosures and Short Sales

Mount Pleasant SC Real Estate – 2012 Review

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

I’On Real Estate Market Update – July 18th

The I’On real estate market has been wildly active in recent weeks!!  So what is selling?  First, let’s take a look at some stats…..

  • 19 I’On homes are currently under contract for sale.
  • 16 of those homes were contracted for just in the last 6 weeks!
  • The average asking price per square foot for these homes is $242.

I’On Home Buyers Are Still Choosing Value…

Let’s add some perspective to these numbers so they make a little more sense.  First, there are 36 I’On homes for sale at an average asking price per square foot of $281.  This price/square foot is 14% higher than the average for the homes that are currently under contract, but not closed.  This stat suggests that while the I’On real estate market is very active right now, the homes that are going under contract are priced significantly better than those that are still active.

The bottom line?  Buyers are still looking for value in this real estate market.  When they see value, they buy.  Some I’On homes that are priced at a premium to the market are selling, but not at the same rate.  For example, I’On homes that are currently for sale have been on the market an average of 190 days.  The average time on the market for I’On homes currently under contract was 145.

I’On Home Sales in 2012 – How Do We Compare to 2011?

Now let’s take a look at the YTD numbers in terms of I’On homes sold compared to 2011…..So far this year, we are fairly even with 2011 numbers in terms of the number of homes sold.  But when it comes to pricing, there have been some changes in 2012.

2012:

  • 26 I’On homes sold
  • Average Selling Price/Square Foot – $236
  • Median Selling Price – $655,000

2011:

  • 25 I’On homes sold
  • Average Selling Price/Square Foot – $253
  • Median Selling Price – $745,000

While the number of I’On homes sold YTD is on par with last year, we are still experiencing some pretty significant pressure on pricing – both the median sales price and the sales price/square foot are down 6.7% from 2011.  The chart below adds some additional perspective on the trends in I’On home pricing since the market began to shift in 2006…

Distressed Sales Are Impacting the I’On Real Estate Market…

Overall, the median price is down 31% since 2006.  This will likely be a problem for a while as distressed sales (short sales, foreclosures, bank-owned) are still a significant factor in the I’On real estate market.  For example,  8 of the 19 homes currently under contract qualify as distressed sales.

If you plan to sell your I’On home in the near future, the old adage is still true……price it well and have it in pristine condition!!  And remember……even though you may not be selling a distressed property, you will be competing with several.

Questions?  Call Me!!

Please give me a call if you have any questions about this post or need other specifics about the I’On real estate market.  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 week and I hope that you continue to take advantage of all the special activities and events that I’On has to offer!!

 

 

I’On Market Update – January 17, 2011

While the I’On real estate market continued to be challenged in 2010, there was some improvement during the year.  In this post, I will put some perspective on the 2010 market and give you my thoughts on what 2011 may bring for I’On home sales.

I’On Real Estate Market – 2010 Recap

There was a 34% increase in the number of I’On homes sold in 2010!  A total of 51 homes sold in I’On last year compared to only 38 in 2009. This increase in activity also contributed to a steady reduction of available inventory throughout the 2nd half of the year.  After hitting a high of 76 I’On homes for sale in May, the number of I’On homes for sale has been steadily decreasing and we now have only 49 homes for sale in I’On.

Continue reading

I’On Market Update – May 20th

Since my last report on April 19th, there have been 3 additional I’On home sales:

  • 70 Sanibel Street – $475,000
  • 37 Sowell Street – $515,000
  • 197 North Shelmore – $1,070,000

The home at 197 North Shelmore was the first I’On home to sell above $1M in 2010.  Prior to this sale, the last home to sell for a price above $1M in I’On was in November, 2009.

Through May 19th, the number of I’On homes sold is still significantly above the same period last year, though the pace has slowed somewhat in the last 30 days:

2010 I’On Home Sales Through 5/19/2010:

  • 17 Homes Sold
  • Average Selling Price Per Square Foot – $260
  • Median Sold Price – $637,500

2009 I’On Home Sales Through 5/19/2009:

  • 10 Homes Sold
  • Average Selling Price Per Square Foot – $260
  • Median Sold Price – $887,500

I’On Home Buyers Opting for Homes in Lower Price Brackets

While the average selling price per square foot for I’On homes sold in 2010 has remained steady, the median selling price for I’On homes is down 39% from 2009. This is reflective of buyers opting to purchase proportionately more homes in lower price brackets than they were doing in previous years.  In the last 9 months, 90% of all I’On homes have sold below $1M, yet currently 47% of all I’On homes on the market are priced above $1M.  Clearly, the market for I’On homes above $1M is very sluggish.  There are very few buyers in this price range and I don’t see that changing significantly in the near term.

Inventory of I’On Homes For Sale Slightly Higher in Last 30 Days

Inventory levels have risen slightly since my last report.  Currently, there are 72 homes for sale in I’On.  The chart below reflects current I’On inventory by price range compared to the number of I’On homes sold during the last 9 months.  This further reflects the disappointing results in homes priced above $1M.

I’On Home Buyers Still in Control

The “months of inventory” by price range still reflects a sold buyer’s market.  However, for homes priced below $500K, we are approaching a “balanced market” as there is only 7 months of inventory available in this price range.  Unfortunately for buyers, the supply is rather limited in that price range so there is not going to be an overall jump in sales activity unless more inventory comes on the market in that bracket.

  • Below $500K – 7 months of available inventory
  • $500K to $750K – 13 months of available inventory
  • $750K to $1M – 17 months of available inventory
  • Above $1M – 102 months of available inventory

Distressed I’On Home Sales Becoming More Common

I get asked a lot about short sales and bank-owned properties in I’On and what is happening with them.  While they are certainly not yet the norm, the number of homes being contracted for that are in a distressed situation is certainly rising.  For example, of the 15 homes currently under contract in I’On, 7 of them are either potential short sales or bank-owned.  When these homes do close, the sales prices are likely to have a negative impact on the average selling price per square foot.  For example, the average selling price per square foot in I’On is currently $260 but the asking price per square foot for the 7 distressed homes that are under contract is $222.

If I can answer any questions about this post or if you are thinking of buying or selling an I’On home, please contact me.  My team offers a full range of services and we will be happy to assist you in any way we can.

Mt. Pleasant Foreclosures & Short Sales…How Do They Impact the Value of Your Home?

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.

Continue reading