With all of the extremely negative press these days about the real estate market, I thought I would try to give you some perspective on what is really happening with our local Mt. Pleasant market. All real estate is local and I believe it is important to understand the health of our local market, which can be very different from what the national press is reporting.
Year to Date Activity in Mt. Pleasant
So, what is really happening in the Mt. Pleasant real estate market? Well, we are certainly feeling the impact of the national recession in Mt. Pleasant, but the impact has been less harsh than it has been in many parts of the country. First, let’s review some statistics. Below are some year to date numbers for home sales and pricing in Mt. Pleasant through March 4th:
Single Family Homes Sold – 88
Median Price – $342,500
Single Family Homes Sold – 146 (down 39% from 2008)
Median Price – $389,000 (down 12% from 2008)
There are currently 1,046 single family homes for sale in Mt. Pleasant, which is slightly down from this time last year, but not significantly. To see information for all homes for sale in Mt. Pleasant by price range, click here.
So, what is the bottom line? First, the stats above indicate a relatively slow start to the new year in terms of the number of homes sold when compared to 2008. However, there are 119 homes currently under contract in Mt. Pleasant, pending closure. Most of these should close in the next 30-45 days which will help boost the number of 1st quarter sales significantly. So, I expect that by the end of March, the percentage decrease from 2008 won’t be as significant as it is right now.
Some Good News
The number of showings on homes for sale in Mt. Pleasant has been rising in recent weeks and homes that are priced well and in excellent condition are getting sold. We are also heading into the spring season which always provides an “uptick” in home sales in Mt. Pleasant. In fact, the months of May through August typically have the highest number of closings than any other months of the year in Mt. Pleasant. Finally, many economists expect that the stimulus package, which provides for an $8,000 tax credit for first time home buyers, and continued record low interest rates will have a positive impact on home sales during 2009.
So, if you are a buyer, BUY! It is a great time as prices and interest rates are low. This opportunity will not last forever. If you are a seller, you have a lot of competition, so get your home PRICED RIGHT and in TOP CONDITION and you will greatly increase your chances as we move into the “busy” real estate season.
Stay tuned to this blog for regular updates on Mt. Pleasant real estate throughout the year and other interesting real estate news.
Keller Williams Realty