As we head into June, real estate analysts are saying that the national housing market is poised for a successful (and busy!) summer home buying market. Several factors are at play, experts say, including low housing inventory, pent up demand and increasingly optimistic sellers.
Already in May, Mt. Pleasant saw 136 homes sold with an average sale price of $533,000. In May of 2014 the average sales price was $520,000. There are currently 517 single family homes for sale in the north and south areas of Mt. Pleasant which is a 3% increase from this time last year. The absorption rate, or Months of Inventory is still dropping, which means that the demand for homes in Mount Pleasant is still strong and outpacing supply of new construction homes.
What Every Buyer and Seller Should Know
According to the latest sales figures released by the National Association of Realtors, sales of previously owned homes increased in March by the most in four years.
On average, homes were being purchased in 52 days on average, which is the fastest sales rate the country has seen since July. In Mt. Pleasant, the average days on market for homes sold in May was slightly longer at 70 days.
Here are some more highlights from the latest data report:
- The share of first-time buyers increased slightly
- The number of homes for sale increased in March for a second month. In fact, that gain was the biggest since December 2010
- New listings in Mt. Pleasant increased 12.5% over last year in May
- More sellers expressed confidence about buyers entering the market as the weather warms, further helping to increase the supply of properties for sale.
- And sellers’ instincts about buyer interests appear to be spot on. For instance, 40 percent of homes sold in March were on the market for less than a month.
- The median price of an existing home jumped 7.8 percent from March 2014 to March 2015, to $212,100. That’s the most since February 2014.
- Sales of single-family homes rose 5.5 percent to an annual rate of 4.59 million, which is the most it’s been since August 2013.
- Meanwhile, closings on multifamily properties (including condominiums) increased 11.1 percent.
- Also, the average rate for a 30-year fixed mortgage was 3.67 percent recently. The rate was 3.59 percent in February, which was the lowest in almost two years.
We’re Your Real Estate Market Experts!
We hope you have found the information above as insightful and encouraging as we did. Seeing the national housing market recover is definitely a welcome sight! If you are thinking of buying or selling call us today! We’d be happy to review statistics that are pertinent to your property or a home you like! Sold data is also available on our website for Mt. Pleasant neighborhoods like Belle Hall, Carolina Park and a host of others.