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Mt. Pleasant Real Estate Update – 2/11/14

The Mt. Pleasant real estate market is off to a blistering start to the new year!!  All measurable categories are outpacing the start we had during the same period last year such, including the most important one…PRICING!!  Here are some highlights:

2014 – January 1st Thru February 11th:

  • Median Price – $350,717 – up 18.9%
  • Homes Sold – 156 – Up 10.6%
  • Selling Price per Square Foot – $183 – up 10.9%

Mt. Pleasant Condo/Townhome Sales Surging…

While the numbers above represent the overall Mt. Pleasant real estate market, there are some significant stories to highlight in various segments of our market.  For example, the number of multi-family units sold (condos and townhomes) is up 39% over the same period last year, but the median price has remained relatively flat.  In contrast, the median price of single family homes sold YTD is up 21.3%, yet the number of homes sold is only up 2.7%.

Demand for Mt. Pleasant homes is Catching Up With Supply…

Pricing for single family homes is up because demand has caught up with supply.  And in some cases, the demand is exceeding the supply.  The Mt. Pleasant condo/townhome market has been playing a bit of “catch up” with demand over the last year and a half, but that market is now primed to see some significant price growth if the current sales trend continues.

MTP MOI Feb 2014The chart above shows the months of available inventory by price range for the Mt. Pleasant real estate market.  As you can see, virtually every price range is in a rather strong “seller’s market” (below 6 months of inventory).  Once you go above $750K in asking price, the market is still favoring the buyers.  But it is trending in the right direction (if you’re a seller!!) and I expect the inventory in that price range to continue coming down this spring.

If you are a buyer looking for a home above $750,000….HURRY!!  Now is the time!!  Prices have yet to take off and interest rates continue to be low!!

Thinking of Selling or Just Have Questions About Real Estate? Call Us!

Please give us a call if you have any questions about this post or need other specifics about the Mount Pleasant real estate market.  And if you are thinking of selling, please contact us to get a market analysis for your home and to learn more about our marketing programs.

Paige and I have been two of the top realtors in Mt. Pleasant during the past 12 years.  We have an intimate knowledge of this community, what buyers are looking for, and how to get your home sold.  Also, check out our web site….We have lots of great information on the Mount Pleasant market, including some great info on many of our neighborhoods.

 

Mount Pleasant Real Estate Update – July 23rd

The overall Mount Pleasant real estate market continues to get stronger in 2012, though some price ranges are still struggling to pull out of the real estate “slump”.  So far this year, the number of single family homes sold in Mt. Pleasant is up 10.2% over the same period last year.  This level of activity normally translates into higher prices for sellers and it has in some price ranges, but overall the median price for Mt. Pleasant home sales remains relatively flat compared to 2011: Continue reading

I’On Real Estate Market Update – November 17th

Since my last report to you on October 11th, the I’On real estate market has been very active.  There have been 9 I’On homes go under contract in the last 36 days and 7 of these homes have gone under contract in November alone!  Below is a list of these homes with their asking prices:

  • 27 Hopetown – $1,746,000
  • 39 Robert Mills – $1,350,000
  • 54 Saturday Road – $1,095,000
  • 36 Montrose – $995,000
  • 130 North Shelmore – $649,000
  • 162 North Shelmore – $550,000
  • 61 Eastlake Road – $539,000
  • 36 Sowell Street – $525,000
  • 172 Civitas – $525,000

This surge in activity has reduced the active number of I’On homes for sale to 56.  In addition, there have been 5 I’On homes close since my last report.  Below is a list of these homes and their selling prices:

  • 18 Hopetown Road – $1,400,000 – $341/square foot
  • 122 West Shipyard – $1,000,000 – $132/square foot – this transaction was a short sale
  • 48 Montrose Road – $950,000 – $242/square foot
  • 249 Ponsbury Road – $680,000 – $245/square foot
  • 302 North Shelmore – $485,000 – $254/square foot

I have added a new feature to the I’On page on my website that provides you with a list of all I’On home sales for the last several months. Please feel free to bookmark this page and refer to it as needed and also share it with any interested party.  I will keep this updated on a weekly basis. Continue reading