Mt Pleasant Real Estate: A Closer Look Into The Numbers

Here are the latest stats for Mt Pleasant real estate from the Charleston MLS. First, Closed Sales:

Closed Sales dropped in November, down to 159. In October, there were 195 Closed Sales. June was the peak for 2014, with 247 sales. At first glance it would appear that sales overall are down for 2014, but we will look at that again in a moment.

Next, we take a look at Pending Sales, as they are often an indicator of future sales:

That number is also down, from 172 in October to 150 in November. April was the peak month for 2014 with 263 Pending Sales.

Next up is the Average Sales Price:

Average Sales Price rose slightly in November, up to $435,444. That is up from the $414,249 in October. June was the peak for 2014, with an Average Sales Price of $446,140.

The next stat is the Average Price Per Square Foot:

That number is down slightly from October, from $179/sq ft to $178/sq ft. The peak was in May, at $187/sq ft.

Here is the Average Days On The Market for Mt Pleasant:

That number has been on the rise since it bottomed out in August at 47 DOM. In October it was 66 DOM and rose to 80 DOM in November.

Finally, here is the Months Supply Of Inventory for Mt Pleasant homes for sale:

That number is down to 3.4 Months Supply for November. June was the peak month for 2014 at 3.9 months. Keep in mind, anything less than 6 months inventory indicates a sellers market.

Back to the Closed Sales numbers. Although those have been coming down, how do they compare to last year? The following graph shows Closed Sales, year-to-year, for the past 2 Novembers:

As you can see, despite the decline in Closed Sales the last few months, the numbers are just about the same as last year. If you look at the first Closed Sales graph, you will see that Sales for both years dropped off going into the end of the year.

So, what does all this mean for Mt Pleasant homes for sale?

Currently there are 655 Mt Pleasant homes for sale. Looking at the closed numbers, it would appear that there is more supply than demand. However, the Months Supply numbers have been dropping and they indicate the opposite.

Could it be seasonal? Typically people will move to the area in the Summer months so their children can start their new school at the beginning of the year. One of the biggest attractions to Mt Pleasant is the schools.

Keep in mind that Mt Pleasant is the 9th fastest growing city in the United States. Average Sales Price is up 11.5% over last year, and this time last year was up 18.7% over 2012 (a normal real estate market sees 3%-4% appreciation in a year):

So, everything else indicates a hot market, other than sales numbers being down. However, you have to keep it in perspective–the number of Closed Sales has declined at the end of the year for the last 3 years. But, the overall number of sales has increased (2013) or stayed pretty close to the previous year (2014).

Mt Pleasant is too broad of a market to try and break the numbers down, but here is a quick overview. Of the 655 Mt Pleasant homes for sale, 257 are listed at or below $179/sq ft. 281 of the 655 have been listed longer than 80 days.

Of the 257 that are listed below the $179/sq ft, 138 have been on the market longer than 80 DOM.

I think it simply has to do with seasonal sales. I am sure there are homes that are overpriced and homes that aren’t being marketed effectively, but right now it looks like there might be too much inventory. Fortunately that number is coming down. There were 672 Mt Pleasant homes for sale in November, and that number has dropped to 655.

There are 176 homes listed on the Mt Pleasant real estate market that have been listed for 170 days or longer–almost 6 months. Many of those are close to expiring, and it isn’t unusual for sellers to take their home off the market at the year’s end. So, more house could be coming off the market.

Another factor is new construction. 207 homes listed for sale in Mt Pleasant are new construction listings. These are homes that are in various stages of construction. Some are finished, some just got started, and others haven’t even been started yet.

For buyers, now is a great time to buy in Mt Pleasant. There is obviously a wide selection of homes available, and with less buyers in the market, you should have a little leverage in negotiations. Of course, if you come across some sellers that are stubborn, that could be an issue. But again, there are plenty of opportunities out there.

For sellers, now isn’t a bad time to sell–remember, the demand is still there. Buyers will be coming out of the woodwork early next year. Right from the beginning of the year you see many more people getting active.

Many are getting a jump start on the new year because they know this is the year that they will move. Many are planning for a Summer move, and many others will be using their tax refund for moving and or down payment.

It might take a little patience for any new sellers–you probably won’t see much activity in the next couple weeks. However, any activity you see could mean a serious buyer. But, by getting your home out there now, you can be ready when the new wave of buyers comes to town.

As always, it is important that you price your home correctly, according to the market numbers.

Buyers, bee sure to check out my Mt Pleasant MLS page–you can search all Mt Pleasant homes for sale and sign up to have a free list of Mt Pleasant homes sent directly to your inbox.

Sellers, if you are thinking of selling then bee sure to check out my sellers page.

Keep up to date with the latest Mt Pleasant real estate market data on my Mt Pleasant Real Estate Stats page.

If you need a Realtor, then bee sure you choose the right agent–Your Busy Bee Agent! I will be happy to help you with all of your Mt Pleasant real estate needs.