Through April 19th, real estate activity for Mt. Pleasant single family homes is up significantly from the same period in 2009.  While pricing has dipped slightly, the number of homes sold is up 20% in 2010.  This is welcome good news for sellers in our market as we move into the busy spring season.

2010:

• Single family homes sold – 231
• Median Sales Price – $359,000
• Selling Price Per Square Foot – $160.23

2009:

• Single family homes sold – 193
• Median Sales Price – $370,000
• Selling Price Per Square Foot – $163.10

Mt. Pleasant Home Sales Below $300K Approaching a “Balanced” Market

While the Mt. Pleasant real estate market has seen an overall increase in activity, there are still certain price ranges that are performing better than others.  For example, based on the last 9 months of sales history, there are only 7 months of available inventory for homes priced below $300,000.  This is very close to representing a “balanced” market.  A “balanced” market is approximately 6 months of available inventory.  Anything above 6 months represents a “buyers market” and anything below represents a “sellers market”.

As you move into the more expensive homes for sale in Mt. Pleasant, the buyer still has a significant advantage as inventory remains rather high.  As you can see from the chart below, months of available inventory escalates dramatically for homes priced above $750,000 and again for homes above $1M in asking price.

Price Pressure Likely to Continue Through 2010 in Mt. Pleasant

Achieving a “balanced” market in the higher price ranges will not be easy as there is a lot of inventory to absorb.  Therefore, I believe there will be continued pressure on pricing as we move through 2010 and into 2011.  Because of the stiff competition for buyers in most price ranges, sellers will have to “price right” and have their homes in pristine condition to have a good chance of securing an acceptable contract.

If you have any questions about this post or if you would like additional information about real estate services offered by The Chuck Avera Team, please contact me.  I will be happy to help in any way I can.

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.

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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.

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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:

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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:

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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.

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