A lot of homes are being sold in the Mount Pleasant real estate market, particularly those priced below $500,000. Some neighborhoods have even seen increases in prices over 2010. For example, the median price of homes sold in Park West this year is up 3% over 2010. This is reflective of some stabilization in the market, particularly for homes priced below $500,000.
Some segments of the Mount Pleasant real estate market have not fared as well in 2011 however. Homes priced above $500,000 are experiencing much longer “days on market” and sellers are continuing to feel price pressure when getting offers.
Overall Mt. Pleasant Real Estate Market is “Balanced”
The real estate industry generally considers 6 months of available inventory as a “balanced market”. This means that neither the buyer or seller has a significant negotiating advantage when buying or selling a home. Inventory levels below 6 months typically suggest a market that is more advantageous for the seller and anything above is considered more of an advantage for the buyer. As you can see from the chart below, the overall Mt. Pleasant real estate market is now “balanced” as there is approximately 6 months of inventory available for single family homes.
The chart also shows that for homes priced above $500,000, the challenge to sell is much more significant, particularly for sellers above $1M. It is going to take some time for the more “pricey” segments of the Mount Pleasant market to see any significant price appreciation as we continue to work through the existing inventory.
If I can answer any questions about this Mt. Pleasant real estate post or if you are thinking of buying or selling your home, please contact me. My team offers a full range of services and we will be happy to assist you in any way we can. Enjoy the fall season and all of the wonderful events that Mt. Pleasant has to offer!!