Mt Pleasant SC Realtor: 2017 Home Sales
The other day I updated the latest stats from the entire Charleston MLS, so today I am going to start breaking down the numbers by area. Up today is the latest housing stats from the Mount Pleasant MLS.
Here is a look at where home values are currently in Mt Pleasant:
The average sales price for Mt Pleasant homes dropped over the tail end of 2016, and we started the year with an average sales price of $456,619. February saw the average sales price increase to $476,690, but it then took a dip in March to $463,877.
Since April, home values in Mt Pleasant have taken off. April had an average of $488,954 and May it was $542,421. May is the highest Average Sales Price there has been in Mt Pleasant.
The next highest point came in September of 2016, at $518,297. So, the fact that the peak point of 2016 (and the peak overall up to that point) happened in September, it helps explain why you see the average numbers dropping during the end of 2016.
Here is a look at the number of homes sold so far in 2016 (Closed Sales):
January kicked off the new year with 132 sold homes. That has since been on the upswing, with 219 Closed Sales in February. In March there were 234 more sold homes, and April added 221 more. In May there were 287 homes sold.
Next is a look at Pending Home Sales:
This number has skyrocketed so far in 2017. January saw 236 homes go under contract, February it dipped to 221. In March there were 296 homes under contract, and that dipped in April to 279. In May, there were 330 Pending Sales.
May was the most Pending Sales in Mt Pleasant ever, and the most since the previous high of 324 in March of last year.
Mt Pleasant SC Realtor: Selling Side Of The Mount Pleasant MLS:
Next up is a look at the Average Days On the Market (DOM) for Mt Pleasant homes for sale:
2017 started off with an Average DOM of 72 days. In February it increased to 81 DOM. In March it dropped to 65, remained the same in April, and in May it is down to 63 DOM.
With the Average DOM stats, we also look at the Months Supply of Homes in the Mt Pleasant SC real estate market:
January saw us at a 3.3 months supply of homes, that increased in February to 3.5 months.March and April were at a 3.7 months supply, and in May it is back to 3.5 months.
In a normal real estate market, there is a 6 month supply of homes. Mt Pleasant is nowhere near that.
In fact, the highest months of inventory we have seen in the last 5 years was August of last year at 4.4 months. Prior to that, you have to go back to October 2012 for a month that saw Months Supply at 5 months.
June 2012 was the last time Mt Pleasant was at a 6 month supply of inventory (6.3 months). Of course, the 2012 Mt Pleasant market was a completely different market than what we are seeing today.
Mt Pleasant SC Realtor: Current Mount Pleasant MLS Numbers
Next is a look at the number of homes currently for sale in Mt Pleasant:
January saw 778 homes for sale in Mt Pleasant SC. In February that increased to 811, and in March it increased to 846. April saw the peak of 2017 (so far) at 852 homes for sale. In May that number dropped to 807.
Finally, a look at new home listings to hit the Mt Pleasant SC real estate market so far in 2017:
January saw 295 new homes hit the market, in February we had 310. March peaked at 402 new listings. April dipped to 363 and in May we saw 367 new homes listed on the Mount Pleasant MLS.
Mt Pleasant SC Realtor: How Is The Market?
So, what does all of this mean?
The Mt Pleasant SC real estate market is very similar to the national real estate trends: home values are rising rapidly, as are home sales and pending sales.This despite a lack of inventory. We are in a seller’s market.
Months Supply and the number of homes for sale are down and that is especially troubling considering we are entering what is traditionally the busy selling season. New homes to hit the market for sale is on the upswing, so hopefully supply will narrow the gap of the strong buyer demand.
Because there is not enough homes to meet the demand, prices will continue to increase.
This demand is most likely why the Months Supply and number of homes on the market are remaining down. This is reflected by the sharp increase in Pending Sales-despite the low inventory, homes are still being snapped up.
The new listings numbers are worth watching over the next few months. Summer is the traditional busiest time of the year for all of the Charleston SC real estate market, as well as Mt Pleasant.
This number is on the upswing and will have a big impact on the market–will there be enough homes to meet the demand this summer?
The national market has seen home values increase in their year-over-year numbers in the 5%+ range. Here is a year-over-year look at home values in the Mt Pleasant real estate market:
While Mt Pleasant hasn’t seen that consistent level of growth, the numbers are up from last year (other than March).
But like the national numbers, we are seeing a big spike in May.
In May of 2016 the Average Sales Price for Mt Pleasant homes was $485,042. This May it was $541,421 which was an increase of 11.6%.
The entire Charleston market (Mount Pleasant MLS included) typically sees the numbers spike during the summer months.
Mt Pleasant SC Realtor Buyer and Seller Advice
There was a quote earlier this year from Realtor.com’s Chief Economist Jonathan Smoke about the national outlook for buyers, and it applies to buyers of Mt Pleasant SC homes for sale:
For sellers, it is a seller’s market. Not only is it a good time to sell, but a great opportunity to move to the next house and still see a continued build up in equity.
Whether you are buying or selling in the Mt Pleasant real estate market, make sure you work with the right Mt Pleasant SC realtor. Check out my Pam Marshall Realtor website, and you can keep up with the latest real estate news at this blog or this blog.