Mount Pleasant Homes Below $500K – Prices are Increasing

Overall, the market for Mount Pleasant single family homes priced below $500,000 is quite strong as we currently have only 3.7 months of inventory in that price segment.  As we move into the 2012 real estate market, the lower inventory levels in this price segment should provide us with some price appreciation.  While the price appreciation will probably be rather small (the days of 15-20% per year are over!!), it is good news for Mount Pleasant home sellers.  The chart below shows a further breakdown for months of available inventory by price range…

As you climb the price scale, it becomes much more challenging for sellers.  As you can see from the chart, the months of inventory for homes above $500,000 is significantly higher.  It is not likely that we will see any price appreciation in these segments until we see a significant increase in demand and lower inventory levels.

Mount Pleasant Condo Market – Improving, but Lags Single Family Market

In contrast, the Mount Pleasant condo market is not rebounding quite as quickly as the single family home market.  For example, there are 7.7 months of available inventory for condos, 2 months more than we have for single family homes.  In addition, the luxury condo market is really struggling as there are 29.3 months of inventory for condos priced above $500K versus only 7.1 months for condos priced below $500K.  The chart below shows a comparison between the single family and condo inventory levels…..

What’s Ahead in 2012 for the Mount Pleasant Real Estate Market?

As we move into the spring selling season, we will likely continue to see reasonably strong demand for homes priced below $500,000 in Mount Pleasant.  However, asking price and condition of the home will still be very important in order to obtain offers.  For homes priced above $500,000, sellers will continue to feel some price pressure until the inventory levels fall back in line with historical “sellers market” levels (usually less than 6 months of inventory).  Many of the more expensive homes will sell this year, but buyers can still afford to be very choosy when making their purchase decisions as inventory far outweighs demand right now.

If you have any questions about the Mount Pleasant real estate market or if you have any other real estate needs, please feel free to contact myself or Paige.  We are a full service real estate group that has been focused on helping Mount Pleasant buyers and sellers for more than 10 years.  Also, please feel free to visit our Mount Pleasant Real Estate website to view homes for sale in our community.  In the meantime, have a great month and stay tuned for another update in February.

The I’On real estate market was relatively flat in 2011 when compared to 2010, both in terms of the number of I’On homes sold as well as pricing.  There were 52 I’On homes sold in 2011 compared to 51 homes sold in 2010.  For a complete list of these homes, along with selling prices and other details, please click here.  Below is a summary of 2011 activity with comparable activity for 2010.

2011 Activity:

• I’On Homes Sold – 52
• Median Sales Price – $702,000
• Median Selling Price/Square Foot – $238
• Average Sales Price – $747,346
• Average Selling Price/Square Foot – $250

2010 Activity:

• I’On Homes Sold – 51
• Median Sales Price – $737,500
• Median Selling Price/Square Foot – $250
• Average Sales Price – $756,666
• Average Selling Price/Square Foot – $250

I’On Following the “Smaller Home” Trend…

The most significant change from 2010 was that the median selling price in 2011 was down 4.8%.  This is partly due to continued price pressure, but it’s also a result of a nationwide trend that has many baby boomers preferring smaller homes on smaller lots.  This trend has also been very apparent in the I’On market in recent years.  As you can see from the chart below, the last three years have seen a significant shift in the percentage of I’On homes sold below $500,000.  I’On builders have responded to this trend and have built several small “cottage” style homes in recent years and they’re selling!  An interesting note…..While it is not shown on the chart, there were no I’On homes sold below $500,000 in 2008.

What Does 2012 Hold for the I’On Real Estate Market?

As we move into 2012, there is some encouraging news for sellers.  As of today, we only have 40 I’On homes for sale.  This is the lowest level of inventory we have seen in many years in I’On.  Unless demand falls off dramatically in 2012, the lower inventory levels should translate into fewer “days on market” and even more price stability.  I do expect inventory levels to rise over the next few months as many I’On homeowners will be putting their homes on the market as the spring selling season approaches.  However, things can change quickly in this industry, so stay tuned for regular monthly updates……

If I can answer any questions about this I’On real estate post or if you are thinking of buying or selling an I’On home, please contact me.  The I’On real estate market has been the primary market for my real estate business for many years and I offer a full range of services to assist you in any way I can.  I hope you all have a Happy New Year and continue to enjoy the many events and activities  I’On has to offer!!

In addition to the 10 homes that went under contract, there were 5 additional homes sold (closed) since my last report, bringing the total number of homes sold this year to 45.  Below are the details on the I’On real estate market through today as compared to 2010.

2011 (through December 9th):

• Homes Sold in I’On – 45
• Median Price – $720,000
• Average Selling Price/Square Foot – $250

2010 (through December 9th):

• Home Sold in I’On – 48
• Median Price – $739,250
• Average Selling Price/Square Foot – $251

I’On Real Estate Market….Steady compared to last year

As you can see, 2011 has been a relatively stable year compared to last year.  The median price for homes is down just 2.6% while average selling price/square foot is flat.  It is very hard to say how 2012 will play out, particularly on the higher end of the price scale (where there are fewer buyers).  But starting the year off with the lowest inventory we have had in I’On in many years should at least set the stage for a fast start to the year.

Currently, there are 44 I’On homes for sale.  Below is a chart that breaks down the number of I’On homes for sale by price range as well as the current number of months of available inventory we have in each price range.  This is based on the rate of I’On home sales over the past 12 months….

Still Some Challenges on the High End of the I’On Market…

The higher price ranges tend to move the slowest, not only in I’On but in all parts of the Charleston market.  There simply are not enough buyers out there right now to work through the inventory in these price ranges.  However, significant progress has been made in the last year.  We currently have 11 months of available inventory in the I’On real estate market.  Sellers (particularly those in the lower half of the price scale) should be reasonably optimistic heading into the new year.

If I can answer any questions about this I’On real estate post or if you are thinking of buying or selling an I’On home, please contact me.  I have been focusing on the I’On real estate market for many years and I offer a full range of services to assist you in any way we can.

I hope you all have a wonderful holiday season and enjoy and all of the events I’On has to offer!!

Some segments of the Mount Pleasant real estate market have not fared as well in 2011 however.  Homes priced above $500,000 are experiencing much longer “days on market” and sellers are continuing to feel price pressure when getting offers.

Overall Mt. Pleasant Real Estate Market is “Balanced”

The real estate industry generally considers 6 months of available inventory as a “balanced market”.  This means that neither the buyer or seller has a significant negotiating advantage when buying or selling a home.  Inventory levels below 6 months typically suggest a market that is more advantageous for the seller and anything above is considered more of an advantage for the buyer.  As you can see from the chart below, the overall Mt. Pleasant real estate market is now “balanced” as there is approximately 6 months of inventory available for single family homes.

Mt. Pleasant Home Sellers Above $500K – Still in a “Buyer’s Market”

The chart also shows that for homes priced above $500,000, the challenge to sell is much more significant, particularly for sellers above $1M.  It is going to take some time for the more “pricey” segments of the Mount Pleasant market to see any significant price appreciation as we continue to work through the existing inventory.

If I can answer any questions about this Mt. Pleasant real estate post or if you are thinking of buying or selling your 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.  Enjoy the fall season and all of the wonderful events that Mt. Pleasant has to offer!!

• I’On Homes Sold in 2011 – 40
• Average Selling Price/Square Foot – $253
• Median Sales Price – $715,630

In 2010, the numbers were:

• I’On Homes Sold in 2010 – 45
• Average Selling Price/Square Foot – $252
• Median Sales Price $741,000

I’On Homes For Sale at a YTD Low

• 19 Saturday Road – $1,050,000 – $230/square foot
• 71 Robert Mills Circle – $699,000 – $309/square/foot
• 50 Serendipity – $665,000 – $233/square foot

In addition, four more I’On homes have gone under contract since my last report. These homes have not yet closed, so the prices you see for each are the asking prices:

• 31 Mises Street – $409,900 – $332/square foot
• 54 Joggling Street – $419,000 – $255/square foot
• 195 Ionsborough – $549,000 – $297/square foot
• 12 LeeAnne Lane – $699,000 – $222/square foot

I’On Home Prices Are Up 2.4% in 2011

Year to date, there have been 25 I’On home sales with an average selling price per square foot of $253.  Through this same date last year, there were 30 I’On homes sold at an average selling price per square foot of $247.  While the number of homes sold is down from 2010, the average price per square foot is actually up 2.4%!!  This isn’t much, but any improvement in this market is worth noting!!

While this is good news for the overall I’On real estate market, it is important to break the market down into meaningful price segments in order to get a more accurate picture of the current market.  The chart below compares the average selling price per square foot by price range YTD for 2011 and 2010.

Prices Increase for I’On Homes Between $500K  and $1M

As you can see from the chart above, the overall increase was due to some improvement in homes priced between $550K and $1M.  The biggest reduction was for homes sold above $1M.  As mentioned in previous I’On Real Estate Market Updates, there has been a surge in I’On home sales above $1m in 2011, but it has taken more aggressive pricing in order to achieve this.  Prices in this segment have dropped about 8% this year.

The chart below reflects inventory and YTD sales by price range represented by the percentage of the total.  For example, the number of I’On homes sold this year between $500K and $750K represents 40% of the units sold and the current available inventory in this price range represents 29% of all available homes in I’On.  This reflects a very active market in this price range!

In contrast, home sales in the $750K to $1M range are not faring nearly as well.  The current inventory in this price range represents 34% of all I’On homes for sale, yet only 16% of the sold homes this year come from this price range.  This is the most challenging “sub-market” in I’On and at $220/square foot so far this year, prices reflect the soft demand.

If I can answer any questions about this I’On real estate 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.  Enjoy your summer and all of the events I’On has to offer!!

Since my last report to you on May 20th, there have been three more I’On homes close, bringing the total to 22 homes sold in I’On in 2011:

• 74 Ponsbury Road – $720,000 – $218/square foot
• 42 Hopetown Road – $870,000 – $236/square foot
• 190 Ionsborough Street – $630,000 – $235/square foot

In addition, two more homes went under contract during this period but have not yet closed:

• 69 Jane Jacobs – Asking Price of $445,000 ($297/square foot)
• 67 Sanibel - Asking Price of $869,000 ($220/square foot)

I’On Homes For Sale – 15 Months of Available Inventory

We currently have 61 I’On homes for sale.  This number has been in the low 60′s for the last several months, so very little is changing in terms of the overall number. However, much has changed with the “months of available inventory” metric that I refer to often.  Specifically, there has been a significant shift in the last few months in terms of which price ranges have the largest inventories.  The chart below reflects the current “months of inventory” by price range in the neighborhood…..

Overall, there are 15 months of available inventory in I’On.  But as you can see from the chart, certain price ranges are faring better than others.  For example, there is significantly more available inventory for I’On homes for sale between $650K and $800K than the other price ranges.  So if the pace of I’On home sales in that price range continues as it has for the last 12 months, it will take 26 months to sell all of the homes that are currently on the market, but it will only take 13 months to sell the homes that are currently priced over $1M.  Just a year ago, we had 96 months of available inventory for homes priced above $1M!!!!!

Buyers Still Have the Upper Hand in Most I’On Home Sales

Based on the months of available inventory, we are still in a buyer’s market in I’On. As I have mentioned previously, a “balanced” market is generally defined by approximately 6 months of available inventory.  As long as the numbers are higher, we will continue to be in a buyer’s market.  So for those of you who currently have your I’On homes for sale, make sure that your home is in exceptional condition and priced competitively!!

If I can answer any questions about this I’On real estate 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.

The closed sales data for this year along with the data from the same period in 2010 is below:

I’On Homes Sold 2011 through May 20th:

• Homes Sold – 19
• Median Price – $835,000
• Price/Square Foot – $255

I’On Homes Sold in 2010 through May 20th:

• Homes Sold – Median Price – $735,000
• Media Price – $735,000
• Price/Square Foot – $247

If you would like to see details on all recent home sales in I’On, just click here.

Inventory of I’On Homes For Sale Remains Steady

The surge in I’On home sales the last 60 days has not reduced the inventory levels as more I’On homeowners are putting their homes on the market.  This is not unusual as we are in the traditional “high season” and more sellers are trying to take advantage of the increased activity.  Currently, there are 62 I’On homes for sale.  This is up from 61 homes for sale in late March.

I’On Homes Above $1M – Sales Increase in 2011

As mentioned earlier, there has been a significant increase in the number of I’On homes sold above $1M in 2011.  To date, there have been 8 homes sold above $1M. At this same point last year, there were only 2 homes sold above $1M and just 3 in 2009.  In order to get these homes sold, sellers are having to aggressively discount their sales prices in order to get contracts.  For example, the average selling price per square foot for homes above $1M this year is $241.  This is down 31.5% from the $352/square foot that high-end homes in I’On were selling for in 2007.  The chart below shows the trend for the last 5 years….

The chart also shows the trends for homes sold below $1M.  As you can see, the price per square foot for that segment has remained relatively stable the last few years.  Keep in mind that this is a fairly large segment and includes homes priced as low as the $300′s up to the high $900′s.  Certain price segments below $1M are faring better than others.  While there has been an increase in the number of I’On home sales above $1M, there are fewer of those buyers and they are driving very hard bargains.

If I can answer any questions about this I’On real estate 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.

Boone Grove:

• 1256 Wynwood Court – 4BR, 3 1/2 BA, 2,837 square Feet – $425,000
• 1358 Chrismill Lane – 4BR, 2 1/2 BA, 2,801 square feet – $372,000

Brickyard:

• 1412 Madison Court – 5BR, 3 1/2 BA, 4,400 square feet – $395,000 (Bank Owned)
• 1385 Madison Court – 4BR, 3 1/2 BA, 3,050 square feet – $444,000

The Preserve

• 2766 Stamby Place – 4BR, 2 1/2BA, 2,370 square feet – $348,000
• 1251 Colfax Court – 4BR, 2 1/2BA, 2,438 square feet – $360,000

Magnolia Grove:

• 1326 Old Ivy Way – 3BR, 2BA, 2064 square feet – $285,000

Collonade:

• 2782 Seastrand Lane – 4BR, 2 1/2BA, 2,435 square feet – $249,000 (Bank Owned)
• 1332 Wynbrook Trace – 5BR, 3 1/2BA, 2,774 square feet – $370,000 (Bank Owned)

Sharp Reduction in Number of Brickyard Homes For Sale

Currently, there are only 16 homes for sale in all of Brickyard Plantation.  This inventory level is significantly lower than what we were experiencing in the neighborhood during the low point of this real estate market cycle.  Lower inventory is critical if sellers are to see an upswing in pricing over the next year or so.  The chart below reflects this trend of fewer homes for sale that began in 2008.

Increase in Brickyard Inventory is Likely This Spring

It is likely that we will see an increase in inventory over the next few months as more Brickyard home owners put their houses on the market to take advantage of the busy spring selling season.  We will watch this metric very closely to determine if and when we start to see a positive shift in pricing.

If I can answer any questions about this Brickyard real estate post or if you are thinking of buying or selling a Brickyard 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.  Also, be sure to check out our Brickyard Real Estate web page to view all homes for sale in Brickyard by price range.

]]> http://blog.mtpleasantscrealestatesearch.com/2011/04/brickyard-plantation-real-estate-update-4411.html/feed 1 http://blog.mtpleasantscrealestatesearch.com/2011/03/ion-market-update-march-23-2011.html http://blog.mtpleasantscrealestatesearch.com/2011/03/ion-market-update-march-23-2011.html#comments Wed, 23 Mar 2011 12:10:22 +0000 chuckavera http://blog.mtpleasantscrealestatesearch.com/?p=1173 The 2011 I’On real estate market is off to a slower start than we experienced at the beginning of 2010.  So far this year, 7 I’On homes have sold at an average price per square foot of $227. Below is a list of these homes with their final selling price:

• 27 Hopetown Road – $1,290,000
• 218 N. Shelmore Blvd. – $1,210,000
• 39 Robert Mills Circle – $1,200,000
• 178 N. Shelmore Blvd. – $1,015,000
• 36 Montrose Road – $835,000
• 68 Sowell Street – $745,000
• 119 Civitas Street – $470,000

This is down from 2010 when we had 11 I’On homes sell through the same date.  Those homes sold at an average selling price per square foot of $256.

Significant Increase in I’On Home Sales Above $1M

It’s too early to tell if we have any real trends developing in this year’s market, but one thing is very different……homes priced above $1M have definitely seen an increase in activity.  Of the 7 homes sold this year, 4 of them were priced above $1M.  In 2010, none of the 11 homes sold through this date were above $1M.

In addition to the closed sales, there have been 7 more homes go under contract in I’On since January 15th that are still pending.  Three of these homes were priced above $1M.  Below is a list of these homes that are under contract, but not yet closed, with their final asking prices:

• 173 N. Shelmore Blvd. – $1,800,000
• 23 Robert Mills Cir. – $1,300,000
• 126 W. Shipyard Rd. – $1,257,000
• 23 Unwin Way – $750,000
• 145 Jakes Lane – $525,000
• 61 Jane Jacobs – $478,454

I’On Homes For Sale Above $1M – Big Reduction in Months of Inventory

The recent upswing in sales activity above $1M has resulted in lower inventories in that price range, meaning less competition for sellers as we head into the spring season.  Currently, there are 14 months of available inventory for homes priced above $1M.  This is based on the last 12 months of sales activity.  This is a significant improvement from a year ago when we had 56 months of available inventory above $1M!!

Overall, there are 61 homes for sale in I’On.  Based on the last 12 months of sales activity, we currently have 16 months of available inventory in the neighborhood.  This is an improvement from 20 months at this time last year.  Below is a chart that shows months of inventory by price range for I’On and the Mt. Pleasant real estate markets.

The spring selling season will be key in determining the success of this year’s I’On real estate market.  I will be watching this market closely and reporting back to you soon on sales activity in the neighborhood.

If I can answer any questions about this I’On real estate 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.