Finally some good news! Through the first two months of 2010, Mt. Pleasant homes sold at a faster pace than the same period in 2009. A total of 147 homes sold in Mt. Pleasant in January and February, up from 115 sales in 2009. Single family home sales are up 31% while sales of condos are up 19%. Clearly, there are more buyers are in the market right now than we had last year. This is a very positive sign as we head into the traditional “spring selling season”.
It seems that everywhere I go, people are asking me if the I’On real estate market has “turned around”. Well, if you measure a “turnaround” strictly based on increased showing activity and number of sales, we are starting to see some progress. But I believe most people really want to know when there is going to be a “turnaround” in prices. That is going to take some time. In this post, I will try to put this in perspective for you.
Showing activity has increased significantly in I’On since the first of the year. As a result, 7 I’On homes went under contract during January and February. This is a big improvement over 2009 when only two homes went under contract during the same period. In addition, 6 I’On homes closed during January and February, compared to only 2 during the same period last year. Below is a list of these 6 I’On homes with their sales prices:
Although the Belle Hall real estate market continued to feel the effects of the economy, it did fare better than many other Mount Pleasant neighborhoods in 2009.
There were 54 homes sold in all phases of Belle Hall last year. This is down slightly from the 58 homes sold in 2008, but significantly off of the 2005 peak when 87 homes sold in the neighborhood. There continued to be pressure on pricing, particularly in the higher price ranges. The average selling price per square foot in 2009 was $177, down from $181 in 2008. This is down 13% from the peak in 2006 when the price per square foot was $203.
Through most of 2009, sales of condos in the Mount Pleasant real estate market were down significantly. However, the 4th quarter of the year produced 97 condo sales, which is the highest number of sales since the 3rd quarter of 2008. It’s a little early to suggest that this signifies a major shift in the market, but it is a flicker of hope for sellers that have been trying to sell their condos. There is still a long way to go before we see a “balanced” market, but there are finally some signs of life for the condo market in Mt. Pleasant.
While certain price ranges of the Mount Pleasant housing market (below $500,000) seem poised to stabilize in 2010, the scenario for vacant lot sales is much different. This segment of the Mount Pleasant real estate market has been hit very hard in recent years. After peaking in 2005 with 501 lot sales, there were only 75 lots sold in 2009.
The 2009 Mount Pleasant real estate market continued to be a challenge for sellers and it represented value opportunities for buyers. We are clearly still in a buyer’s market as there is much more inventory than the demand currently supports. More on that later. First, let’s review some of the numbers for 2009:
2009 certainly was an interesting year in the I’On real estate market! If you were selling your I’On home last year, there were many market dynamics that created lots of challenges. Price pressure from short sales and foreclosures, stricter mortgage lending requirements, and the general state of the U.S. economy all contributed to a very difficult market for I’On home sales in 2009.
Let’s take a look at some of the numbers for 2009:
With all of the choices that buyers have in today’s Mt. Pleasant real estate market, it is imperative for sellers to create a good first impression by having the exterior of the home in impeccable condition. Over the years, I have seen buyers refuse to follow through with an appointment to see a home after they drove up and saw the poor condition of the exterior. This is not a good recipe for success in any market, particularly this one!
Below are 10 tips that can help Mt. Pleasant sellers boost the curb appeal of their 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.
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
Chuck Avera