Carolina Park Mt Pleasant SC: Home Values Down, But Still Above 2014 Average

Today I am looking at the Charleston MLS to see the January stats for Carolina Park Mt Pleasant SC real estate. First up are the Closed Sales:

Sales dropped from December, although that was the peak month for 2014 with 22 Closed Sales. January saw 8 sales. January of 2014 saw 4 Closed Sales.

In an infographic I posted yesterday, I compared the 2015 YTD numbers for Carolina Park to the 2014 averages. So far, there have been the same number of sales in Carolina Park as there were in the same time period in 2014:

Let’s take a further look into the numbers and see how things are comparing to 2014.

The next stat to look at is Pending Sales. These are homes under contract set to close, and they are often a good indicator of future sales.

Pending Sales in Carolina Park Mt Pleasant SC are up–both from December and January 2014. In December, there were 11 Pending Sales, and in January 2014 there were 4.

For January 2015, there were 19. That is a good sign, as the peak month for 2014 was April which also had 19 Pending Sales.

From the looks of things, we could see more Sales in Carolina Park in 2015 than there were in 2014.

Next, a look at home values–the Average Sales Price:

Unfortunately, that number is down from both December and January 2014. For January 2015, the Average Sales Price is $491,550.

In December it was $514,545 and January 2015 it was $544,369. As you can see, that number has been trending down the last few months.

However, the Average Sales Price so far in 2015 is $548,727. That is up 5.35% over the 2014 Average Sales Price of $520,869.

Here is a look at the Average Days On The Market (DOM):

That number shot up from December, almost to the same level of January 2014. Currently, the Average DOM for Carolina Park is 115.

In December it was 35, and January 2014 was 116 DOM.

Next up is the Months Supply of Inventory:

That number continues to drop. In December it was 2.9 Months, in January 2014 it was 2.7 Months, and for January of this year it was 2.4 Months.

So, by that indication, Carolina Park Mt Pleasant SC is in a Sellers Market. However, in a Sellers Market home values increase.

More than likely the main explanation for this anomaly is the fact that the majority of homes sold in Carolina Park are new construction.

It looks like builders slashed prices to get homes sold by year’s end to get them off their books.

In looking at the sold homes in December and January, there were 29 Closed Sales–all were new construction. The Average Price Per Square Foot for December was $184/sq ft.

That is also the Average Price Per Square Foot for the entire 2014 year. Of those 29 homes, only 10 of them sold above that average.

This explanation is further bolstered by the fact that the Average Price Per Square Foot hasn’t seen the decline that Average Sales Price has:

Interestingly enough, that number is actually on the rise. From $184/sq ft in December up to $189/sq ft in January. For 2015 YTD the Average Price Per Square Foot is up to $201.20/sq ft.

Currently, there are 58 Pending Sales in Carolina Park. Those homes average $195.28/sq ft and a current Average List Price of $580,588.

Then there are 6 homes currently Contingent. They average $196/sq ft and a list price of $492,929.

Keep in mind these homes under contract only show the list price–we will not know the actual sales price until after they close. The halfway point between those Average List Prices is $536,759.

Not the most scientific way to break the numbers down, but it does look like the Average Sales Price will be on the upswing again as we move more into 2015.

Both numbers are above January’s Average Sales Price of $491,550. With 64 homes under contract, it looks like both sales numbers and home values should be back on the rise.

If you are thinking of buying or selling a home in Carolina Park, bee sure to visit my Pam Marshall Realtor website.

If you would like to keep up with the latest stats for Carolina Park Mt Pleasant SC, then visit my Carolina Park stats page with the most recent market numbers.