Tag: Park West
I did a little research this past week on the real estate market in Mt. Pleasant and learned a couple of interesting things about the Mt. Pleasant real estate market. In the local multiple Listing Service (MLS) Mt. Pleasant real estate is in two sections; properties south of Hwy 41, and properties north of Hwy 41.
The total number of homes listed for sale in all of Mt. Pleasant (both parts of MLS and both attached and detached homes) is 1159. This is a moving target, so the numbers will be different slightly this week. Of those homes listed there are 264 that are listed as contingent, meaning their under contract but area in the process of clearing those contingencies. Of these, some may not clear all contingencies and will return to the active status. The numbers show about 18.6% of the listed homes for sale in both sections of Mt. Pleasant are under contract.
Looking at the Median Prices provides some additional information that can be telling. For the area north of 41, the Median Price for all homes listed is $450,000, while the Median Price for the homes that are contingent is $315,000. A difference of $135,000 below the Median Price for all Listed detach homes. For homes listed in the south area below 41 the Median Price is $469,950, while the Median Price for the homes that are contingent is $372,500. A difference of $97,450 below the Median Price for all listed homes.
Attached homes have a lower Median Price, but show a similar trend. In the north area above 43, Median Price is $212,200 while the Median Price of contingent homes is $199,000. In the south area Median Prices for all listed homes is $229,945 while the Median Price for contingent homes is $156,500.
In all cases, the Median Prices show that the homes under contingencies have Median Prices well below the Median Price for all listed homes, both attached and detached. Since these homes are active contingent, the Median Price reflects the listed price at the time the home was classified as active contingent in MLS. The actual price paid is not reflected in any of these numbers.
The take away is that in this market, homes need to be price aggressively or buyers will look to properties that are! Buyers have more choices and will not look at homes that are not aggressively priced. A professional real estate agent knows the local market and is in the best position to help their clients price their homes competitively for that market.
We are professional Realtors and know the market in Mt. Pleasant. If you have questions about real estate in Mt. Pleasant, or you are looking for help buying your next home, or selling your current home, call us. If you know someone who may have questions, have them call us.
I read a couple of articles this past week that on the surface are contradictory. I tried to make sense of what I read below.
That depends on who you ask and what real estate market you are talking about: new homes or resale; national, local, or my neighborhood. The market that is important to you is the market in which you are buying or selling.
New home sales have been in turmoil in almost every market. November, 2009 sales figures are a good indication of just how much turmoil. The number of transactions for new home sales nationally dropped 11% from the October sales. That represents the lowest number of monthly new home sales since April, 2009. the median sales price is down by approximately 2% year over year, but up about 4% from the previous month.
The resale market shows a different story on the national market. Resale of existing homes in November surged to the highest level in nearly 3-years. About half of the transactions in November were first-time buyers taking advantage of the tax credit for first-time buyers. That tax credit was to expire November 30, 2009. It has now been extended until April 30, 2010 and expanded to include current home owners who relocate.
What does it mean for me?
Real estate is a local business. The only markets that mean anything to you, individually, is the real estate market you live in or want to live in. National market statistics cannot give you the true picture of what is happening in your neighborhood. Whether you are buying or selling, you need to know what the market is doing in your neighborhood. If you are a buyer you want to know what’s available and what is the average price of homes that are selling that meet your requirements. If you are selling a home you want information about comparable sales in your neighborhood.
- What was the listed price and what was the selling price?
- How long are homes on the market?
- What is the current inventory of homes that are similar to mine?
All of this data tells you if the market has stabilized in your neighborhood. A FREE tool for buyers and sellers in the Charleston Trident area is available at: