September Stats For Homes For Sale In Park West Mount
I am continuing to look at the stats from the Charleston MLS, and today I am looking at homes for sale in Park West Mount Pleasant SC. First, let’s look at closed sales for September.
There were 27 homes sold in Park West, this includes single family homes, townhomes, and condos. This was up from August, which saw 23 sales total. September is the peak month for number of sales so far in 2014, but it is still below the peak of 2013. In July of 2013, Park West peaked with 39 sales.
Pending Sales are often an indicator of future sales, and for September there were 23 homes for sale in Park West Mount Pleasant SC that went under contract. That number is down from August, which saw 27 homes go under contract. That was the peak so far for 2014, and higher than last year’s peak of 26 in July.
The Average Days On the Market (DOM) creeped up slightly in September, up from 33 in August, to 37. However, that is down from 53 DOM in July, and below the lowest point last year–January 2013 saw an average DOM of 42.
Average Price Per Square Foot changed slightly in September–$151/sq ft from $152/sq ft in August. That number peaked back in April at $161/sq ft.
The Months Supply for Park West dropped in September, to 4.2 months. August saw a 4.7 month supply of homes. The lowest was in January this year, which saw a 2.6 month supply!
Another interesting stat I checked was average sales price. The peak for 2014 was $375,000 in March. It then took a dip, but climbed back up to peak in July at $360,500. It dipped again, to $260,000 in August–the lowest in nearly 2 years. However, September sales averaged $282,000, making a nice rebound.
Homes For Sale In Park West Mount Pleasant SC: What Does This Mean?
So, what does all this mean for homes for sale in Park West Mount Pleasant SC? Park West has been and continues to be a very popular neighborhood in Mt Pleasant. Over the last couple years, it is either Park West or Dunes West that have the most sales. All signs indicate a healthy real estate market. This looks like a good time to buy or sell. Prices are heading up, and the next months data will let us know if that trend continues. It will also be interesting to see what happens to the Average Price Per Square Foot–if it holds steady, or increases with the Average Price.
For buyers, you might want to take advantage of the homes for sale in Park West Mount Pleasant SC available before prices go up, as well as interest rates. With the Months Supply dipping, it is worth keeping an eye on how much supply of homes there are–currently, there are 80 homes for sale in Park West. If that number stays on a downward trajectory, then prices will be driven up more rapidly. Which means buyers will be buying less house.
For sellers, while now is a good time to sell, it may not hurt to see what the October numbers tell us. Are these positive signs a trend? The key metric for sellers is to also watch the Months Supply and Active Listings–how will 80 currently listed homes affect the numbers? So far, August was the peak month for listings, with 87. In January this year, that number was a low 50. Will those numbers drop in October?
Homes For Sale In Park West Mount Pleasant SC: Will The Numbers Continue To Trend Higher?
Of course, not all the listings are alike–Park West is a diverse neighborhood made up of condos, townhomes, starter single family homes, up to waterfront mansions. So, you aren’t necessarily competing against all 80 homes on the market.
Sellers probably can afford to wait a little–depending on the next batch of numbers. Buyers, maybe not so much. Of course, at the end of the day it comes down to what works best or your personal situation.
If you are thinking of buying or selling in Park West, then a Realtor can help you decide if the time is right for you–bee sure to visit my website for up to date market stats for homes for sale in Park West Mount Pleasant SC.