Mt Pleasant SC Real Estate: How Do We Compare To The National Numbers?
Yesterday I looked a little deeper into the Charleston SC real estate market stats to look at home values as compared to the national numbers. Today, I want to look at the Mt Pleasant SC real estate market.
For 2013, there were 2789 sales total–this includes single family homes, townhomes, and condos. The median price for 2013 was $315,000. For 2014 (year-to-date), there have been 1663 sales with a median price of $352,000.
Based on the current rate of sales, we are looking at 1036 more sales this year, which would total 2699. It’s worth noting that there are currently 668 homes listed for sale in Mt Pleasant, with another 165 pending. I went back to see the numbers for 2012 so I could get an overview of what is happening in the Mt Pleasant SC real estate market.
For 2012 there were 2174 sales, with the median price of $276,186. Looking at the increase in values, we saw a 14% increase from ’12 to ’13, and from ’13 to ’14 we have seen values increase 11.75%
While there is a slight decrease so far this year, the year is not yet over, so it wouldn’t be surprising if that number catches up to last year.
One factor affecting the rates is inventory. Simply put, there is more demand than supply, which will continue to drive prices up. As I mentioned yesterday, a normal real estate market has right at 6 months supply.
These stats help explain the appreciation values in Mt Pleasant. For 2012, the average DOM was 124 days, 2013 it dropped to 105, and so far this year it is 89.
As I previously covered in another post, Mt Pleasant is one of the fastest growing cities in the nation. The fastest in South Carolina, the fastest in the South and the 9th fastest in the United States! So, it is not surprising that Mt Pleasant’s numbers are ahead of not just Charleston, but the national average as well.
With interest rates still low and looking to creep higher by this time next year, now is a good time to buy Mt Pleasant SC real estate. And, based on these appreciation rates, the longer you wait, the more it will cost you–you will likely not be able to buy as much house this time next year–at least not at the current values.
If you are thinking of making a move, this could be a good time, depending on your circumstance. If you are looking at either moving up or downsizing and staying in Mt Pleasant, then you want to take advantage of the seller’s market. However, keep in mind you will then have to turn around and buy in that same seller’s market. If you are thinking of moving out of Mt Pleasant in the near future, perhaps waiting isn’t a bad idea to see if you can’t net a little more.
Whether you are buying or selling Mt Pleasant SC real estate, the decision can be made more difficult depending on who you listen to. Local and national media tend to throw out sensational headlines that can confuse the average person. Instead, you should talk with a professional real estate agent that knows the current market, understands the numbers and trends and can explain to you what is really happening. Feel free to contact me today.
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