Carolina Park Mount Pleasant: Sold And Pending Numbers
Today I am looking at the Charleston MLS stats for one of my favorite neighborhoods, Carolina Park Mount Pleasant. First, let’s take a look at the Closed Sales in October.
October saw an increase in sales, up to 11 from 8 in September. That is close to the peak month in August, which saw 12 Closed Sales. As you can see, last December was a very impressive month, with 27 sales overall. Is it possible we will see another December like last year?
The Pending Sales dropped slightly, from 10 in September to 8 in October. Based on that information alone, it does not appear that December will catch last year. However, October of 2013 only had 7 closed sales, then rose sharply towards December.
However, the Pending Sales for last October were 18. There is more data to follow that might help paint a clearer picture, but 27 Closed Sales will be tough to replicate, especially when you look at the numbers over time.
The good news is the Average Sales Price continues to rise, and these numbers are well above what they were last year. In October, Average Sales Price for Carolina Park Mount Pleasant rose to $534,671, up from the $524,066 in September. June was the peak month so far, at $565,562.
In fact, in the next graph you can see just how much better the Average Sales Price in Carolina Park Mount Pleasant has increased from 2013 to 2014–that is an increase of 18.66%!!
October also saw an increase in the Average Price Per Square Foot, up to $190/sq ft from the $188/sq ft in September. June was the peak at $198/sq ft.
Average Days On The Market is something worth keeping an eye on. That number increased in October, up to 66 DOM, from the 38 DOM of September.
As you can see on the graph, there have been some sharp peaks for Average DOM in Carolina Park Mount Pleasant for 2014–January (116 DOM), March (131 DOM), April (125 DOM), and July (107 DOM). Interestingly enough, August was a very low 5 DOM.
The Months Supply of Inventory remains low, although that number rose slightly in October. It is up to 3.2 months, up from the 2.5months in September. April was the lowest supply in 2014 (so far) at 1.9 months.
October also saw 13 new listings, up from 9 in September. There are currently 30 homes for sale in Carolina Park Mount Pleasant. However, there are 58 homes under contract. So, it is possible that December could repeat from last year.
Carolina Park Mount Pleasant: A Newer Neighborhood Presents Challenges To Buyers And Sellers
One important thing to note–Carolina Park Mount Pleasant is a relatively new neighborhood. The majority of homes currently for sale and the majority of homes under contract are new construction. So what does this mean for buyers and sellers?
For buyers, if you are thinking of buying in Carolina Park Mount Pleasant, then now is a great time. You can get a brand new home built to your specifications. However, as you can see, prices are continuing to rise so the longer you wait, the more it will cost you to buy.
You will also have to be a little more patient as you will have to wait for construction to be completed–this explains the longer Days On The Market numbers. If you want to close sooner, then you have a limited selection of available homes.
It is important to note that if you are buying a new construction home, that you should still have your own Realtor representing you. The builder has their own agent that represents them, why shouldn’t you? Plus, it costs you nothing.
For sellers, it may be a little tougher. New construction is hard to compete against. However, the existing homes in Carolina Park Mount Pleasant are only a couple years old, so they are not at that much of a disadvantage. Sellers have the upper hand with buyers that do not want to wait for a new home to be completed.
However, sellers still need to keep in mind that if given a choice, many buyers prefer a new home to an existing home, and some are willing to pay a premium for the new home.
Therefore, when competing against new homes in a newer neighborhood, sellers of existing homes have to price their home accordingly–below the price points of the newer homes.
Carolina Park Mount Pleasant: Help For Buyers and Sellers
If you are thinking about buying a home in Carolina Park Mount Pleasant, then be sure to check out my Carolina Park Mount Pleasant page. You can have a free list of available homes emailed directly to you.
If you are thinking about selling, then check out my sellers page here.
And be sure to keep an eye on my Carolina Park Mount Pleasant page–it is continuously updated with the most recent market data from the Charleston MLS.