Belle Hall Homes Real Estate: Overview
Today I want to look at the market conditions for Belle Hall Homes Real Estate. Over the course of my next few posts I will break down the numbers for specific neighborhoods. I will go over many factors to give the best view of what is happening in these specific neighborhoods.If you are looking for Belle Hall Plantation homes for sale, or are thinking of selling, then this information will help you make the best decision for you.
Belle Hall Homes Real Estate: For Buyers
First, let’s take a look at the prices in Belle Hall Plantation. For convenience sake, I have the information broken down to 12 month increments over the last 3 years, and broken down by price range. Here is a look at the median sales price:
Prices are rising in Mt Pleasant overall, and that is reflected by the median price numbers in Belle Hall Plantation.
Interesting to note that there has been a slight dip for median price for the higher end homes ($700,000 and above) over the last 12 months–a drop of 2.5%. We will revisit these numbers again and it see if that is the trend, or just temporary.
Another important number to look at is the average Price Per Square Foot. Across the board, property values in Belle Hall Plantation increased over the last 3 years.
If you are looking to buy, then the question is, is now a good time to buy? While no one can accurately predict just what will happen in the future, the numbers indicate that values should continue to increase.
National real estate projections indicate values will continue to rise over the next few years. Based on the Absorption Rate (see below), there isn’t enough of a supply of homes in Belle Hall Plantation available to meet the demand.
With the way the market is going in Mt Pleasant, and based on projections that interest rates will increase over the next year, waiting to buy could likely end up costing you money.
Belle Hall Homes Real Estate: For Sellers
There are two important metrics for anyone looking to sell in Belle Hall Plantation: Average Days On the Market (DOM) and Absorption Rate. First, let’s look at the average Days On the Market.
This might be a concern for home sellers in Belle Hall Plantation, but it should also be kept in perspective. The longest DOM is for the highest price range, which is certainly not unusual. Even then, the average DOM is still under 4 months.
An important number that is often misunderstood is Absorption Rate. Simply defined, it is the length of time (in months) that it would take to sell out the current inventory.
Of course, there is more to it as far as how it is calculated, but for simplicity sake, I will leave it to that simple definition.
So, what exactly does this mean to you? If the Absorption Rate is under 5 months, then it indicates a Sellers Market. A 5 to 6 month supply of homes is a Neutral Market, or a Normal Market. A supply of homes 6 months or greater indicates a Buyers Market.
As you can see by the graph, the Absorption Rate has actually increased for most of Belle Hall Plantation. However, perspective is needed again, as the Absorption Rate is no more than 3 months.
So, homes in Belle Hall Plantation may not be selling as quickly as they were this time last year, but they are still selling relatively fast.
Belle Hall Homes Real Estate: The Big Takeaway
Here is a very interesting thing when it comes to Belle Hall Plantation, something that is true for the Mt Pleasant SC real estate market (and for the US as well): If you look at median home values for Belle Hall Plantation over the years, there is something very interesting to notice.
Likely, it is the natural correction that happens in markets. If the pendulum shifts too far too fast in one direction, the market will correct itself. That’s what happened when the bubble burst–the market increased too much, too fast.
Since then, the market is working to correct itself from the dramatic drop of the bubble burst. Based on projections, this sharp increase in property values across the US will settle down into a more normal market over the course of the next few years. Of course, there are many factors that could influence things one way or another, so the projections could wind up being different from actual results.
But, for anyone looking to sell in Belle Hall Plantation, things look good right now based on this information. Indications are that values will continue to increase, and with the low Absorption Rate, there is more demand then available houses.
Interest rates are projected to increase over the next year, and the Fed is cutting back on the purchase of mortgage backed securities. These two factors could have a serious impact on consumer confidence overall, and on the real estate market specifically. It will be interesting to see how this plays out and is definitely something worth keeping an eye.
Overall, it seems as the numbers indicate that sellers may actually have more to lose by waiting than buyers. By waiting, buyers can lose out on opportunity and purchasing power. Sellers that wait might see a smaller buying pool when they finally decide to sell.
Hopefully these numbers provide you with information to help you make the decision that is right for you. Feel free to contact me and we can discuss your particular situation to see what is the best decision for you.
For more information about Charleston SC real estate, and specifically for more information about Belle Hall homes real estate, then visit my Pam Marshall Realtor website.