Homes For Sale Mt Pleasant SC: Looking Deeper Into The Numbers
In my last post I showed that while existing homes sales were up, the numbers for year-to-year comparisons weren’t better than last year. Some would look at our increasing numbers each month as a good sign, while many point to the year-to-year numbers and say the market isn’t where it should be.
But when you take a closer look at the sales, you can see why the numbers aren’t where they could be and why. When you break the sales down by price range, you can see sales for homes under $250,000 are down, while sales for higher priced homes have increased. So the big question, why are home sales down in homes under $250,000? The reason for the lower numbers is because there are fewer distress sale–short sales and foreclosures.
The inventory of distress sales is down, and has dropped drastically since last year. According to the National Association of Realtors, distress sales only currently make up 11% of all home sales, down from 35% at the beginning of last year.
It is also reflective of the fact that the inventory of homes available in the lower price range is shrinking due to rising home values.
All of his is a good sign for sellers, or anyone thinking of selling. Especially anyone with a home that is worth $250,000 or less–there is less competition. Plus, this is a good sign for the housing market and economy. So, if you look at homes sales month-to-month, you will see that existing home sales are increasing, and according to the most recent NAR report, are really surging upward.
Another NAR report shows pending home sales–homes that are under contract. According to that report, the number of pending sales have dramatically increased.
It typically takes 30-60 days for a pending sale to become an actual sale, so it will likely reflect on the Existing Home Sales Report in about 60 days. However, as you can see, that report will likely show a sharp increase in sales and continue trending upward.
So, while we haven’t caught last years numbers, we are heading in the right direction. Plus, the number of distress sales are decreasing, and sales of regular homes are increasing. Overall, we are in good shape despite what some naysayers think. You just simply have to dig in and examine the numbers.
So, what does this mean to buyers and sellers of homes for sale Mt Pleasant SC? Right now it is a sellers market. It isn’t unusual for a property to receive multiple offers. Last year there were 2,341 sales. So far this year there have been 1.387 sales, and another 531 homes under contract. So it looks like Mt Pleasant is reflecting the national numbers and we look like we will better our sales last year.
In my next post I will examine if this is a good time to buy or sell Mt Pleasant real estate, and some factors and misconceptions that are keeping us from reaching our full potential. In the meantime, be sure to check out my website for more info about homes for sale Mt Pleasant SC.