Park West Mt Pleasant SC: A Look At The Numbers
Today I am looking at the numbers from the Charleston MLS to see how Park West Mt Pleasant SC is doing so far in 2015 compared to the averages of 2014.
First, let’s take a look at Closed Sales:
January saw 11 Closed Sales, and in February there were 10. Last year Sales peaked in Park West in September, with 28 Closed Sales.
Last January there were 12 Closed Sales, and 15 in February. So far for 2015 there have been 30 Closed Sales. For the same time period in 2014, there were 35.
Next is a look at the Average Price Per Square Foot:
That number dropped from January to February, from $159/sq ft to $147/sq ft. 2014 also saw a drop from January to February–from $149/sq ft to $146/sq ft.
For 2015, Park West homes for sale are averaging a sold price of $153.68/sq ft. For all of 2014 the Average Price Per Square Foot was $151.75/sq ft. For 2014 YTD it was $148.97/sq ft.
Here is a look at the Average Sales Price for Park West Mt Pleasant SC:
That number took a big drop from January to February–from $342,611 to $261,400. The 2014 Average Sales Price was $343,231.
So far for 2015, it is $327,683. For the same time period in 2014, it was $348,379.
Next is a look at the Average Days On The Market (DOM):
That number dropped from January to February, from 38 DOM to 28 DOM. The Average DOM for 2014 was 61, and that is the same DOM number for 2015 so far. For 2014 YTD, it was 88 DOM.
Finally, a look at Months Supply Of Inventory:
That number came down from January, from 5 Months to 4.2 Months in February. The Average Supply in 2014 was 4.01 Months. So far in 2015, it is 4.6 Months.
If you look closely at the trends in the above graphs you can see what is happening in Park West Mt Pleasant SC. In comparing 2015 (so far) to the averages of 2014, the numbers are down.
Closed Sales? 35 at this time last year, compared to 30 in 2015.
Average Sales Price? 2014 it was $343,231, 2015 it is down to $327,683.
Price Per Square Foot is up slightly, and Days On The Market is the same.
One thing you notice is the Months Supply graph–that number was on the rise in 2014, which is opposite of what happened in most of the Charleston area.
Although that number trended upward, it still remained below the 6 month threshold that would be a neutral market. In other words, Park West remains in a Sellers Market.
Another thing you notice is in the Average Sales Price graph–there was a huge plunge from the peak month of April ($483,930) to May ($288,344).
That is a much more dramatic drop than what we saw from January to February of this year, but just what is happening?
This can be partly explained by the fact that these numbers include all house types–condos, townhomes, and single family residences.
Why that matters is because the condos (The Madison) are currently under litigation. Because of this, banks won’t lend on them. Therefore, they are only available to all cash buyers.
This has lead to a number of foreclosure and short sales, and has affected prices. Of the 252 Closed Sales since the beginning of 2014, 103 are condos or townhomes. 11 of those are in The Madison.
The increase in Months Supply also had an affect. Even though Park West Mt Pleasant SC remains in a Sellers Market, the demand has decreased at times, and this has had an affect on values.
Park West continues to be the most popular neighborhood in Mt Pleasant–for the last few years either Park West or Dunes West have had the most sales. It is likely we will see a rebound for these numbers in 2015.
There are currently only 4 Madison homes for sale, so once those are off the market hopefully the numbers will start to come back.
Plus, the numbers are not that far off in 2015, so we have the rest of the year to catch up to the averages of 2014.
Stay tuned to my blog for updates on Park West homes for sale. You can visit my Pam Marshall Realtor website if you are looking to buy or sell in Park West.
For the latest numbers on Park West Mt Pleasant SC, then visit my Park West page.