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.
Mount Pleasant Lot Inventory Remains High
Most local builders are in no position to purchase vacant lots as much of their available capital is tied up in spec homes that remain unsold. In addition, many of the large national builders are in the same position. Currently, there are 528 vacant lots on the market in Mt. Pleasant. Based on the last 6 months of sales history, this represents almost 65 months of available inventory!
Roughly 50% of the lots available in Mount Pleasant are in large “developer” subdivisions:
- Rivertowne – 79 Lots for Sale
- Park West – 62 Lots for Sale
- Dunes West – 46 Lots for Sale
- Darrell Creek – 37 Lots for Sale
- Belle Hall – 37 Lots for Sale
Price Pressure on Lots to Continue Through 2010
As you can see from the chart below, the median price of Mount Pleasant lot sales has been on the decline in recent years. Because of the high inventory levels, this trend is likely to continue through 2010. There is just not enough demand for lots in this market to suggest otherwise. While this is not the best news for sellers in this market, there are a lot of tremendous values for buyers who may be considering an investment or even building a custom home.
Please stay tuned to this site for more information on Mount Pleasant vacant lots as we move through 2010. If you have any questions or if we can help you with any of your real estate needs, please contact us.