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Brickyard Real Estate Update – July 2009

The Brickyard real estate market has been relatively active recently as showings have increased, but sales are down through the first 7 months of 2009 compared to last year:

2009 – 17 homes sold at a median price of $365,000 and a price per square foot of $147

2008 – 25 homes sold at a median price of $380,000 and a price per square foot of $173

The reduction in homes sold this year is pretty significant at 48%.  Pricing is also down from last year. The most significant statistic is the average price per square foot is down 15%. This decrease in price per square foot is a little higher than surrounding Mt. Pleasant communities, but still relatively consistent:

Hamlin Plantation – down 14%

Rivertowne – down 13%

Snee Farm – down 12%

Park West – down 10%

Dunes West – down 9%

Lots of Pending Sales in Brickyard

The good news is that there are 7 Brickyard homes currently under contract for sale, pending closing.  Most of these should close in the next 30-45 days which will narrow the gap between 2009 and 2008 YTD sales.  In August of last year, there were only 3 sales in the neighborhood.

Inventory Remains Stable

Finally, inventory remains rather stable.  Currently, there are 26 Brickyard homes for sale. Inventory has been in the mid to high 20’s for most of 2009.  Based on the current rate of sales in the neighborhood, we have approximately 11 months of available inventory in Brickyard.

Please feel free to contact me if you have any questions about this update or if you have any other real estate questions.  Also, if you would like more information on the state of the local market, please take a look at my new real estate market statistics page on my web site to see graphical representations of trends in the market for Mt. Pleasant as well as other local communities.

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