Real Estate Mount Pleasant: How’s The Market?
Today I am using data from the Charleston MLS to see the latest housing numbers for real estate Mount Pleasant. First, a look at Closed Sales:
Home Sales continue to rise in 2015. In January, there were 119 Closed Sales. In April, there were 216 and that number increased in May to 237.
That’s not too far off of the peak of 2014, which occurred in June with 247 Closed Sales.
Nationally, home sales dipped in April by 3.3%, although they were still 6.1% over last April.
The biggest reason we saw a decline in home sales was because of tight inventories across the nation.
Pending Home Sales were the highest in 9 years nationally. Let’s see how Pending Home Sales are in Mount Pleasant:
This number has also been on the upward trend in 2015.
So far for 2015 Pending Home Sales for real estate Mount Pleasant peaked in April, with 320 Pending Home Sales.
In May that number declined to 288.
That number is still above the peak month last year, which was April with 263 Pending Home Sales.
April was the highest number of Pending Home Sales in Mount Pleasant since March 2005, which saw 386 Pending Home Sales.
Next up, a look at home values. First, here is the Average Sales Price for real estate Mount Pleasant:
As you can see, the Average Sales Price took a big dip in February, but managed to recover.
In April, the Average Sales Price was $449,487. In May it increased to $455,891.
January is still the peak month for Mount Pleasant in 2015, with an Average Sales Price of $482,013.
Both January and May are above the peak month for 2014, which was June at $446,140.
January was also the highest Average Sales Price in Mount Pleasant since September 2007 at $505,261.
Here is a look at the Average Price Per Square Foot:
The Average Price Per Square Foot dropped slightly from March to April, from $194/sq ft to $193/sq ft.
In May it was back up to $196/sq ft.
The peak for 2014 came in May at $187/sq ft.
May 2015 is also the highest Average Price Per Square Foot in Mount Pleasant since March 2008 at $197/sq ft.
Here is a look at the Average Days On The Market (DOM):
That number has been on the decline since March. April saw an Average of 64 DOM and May saw an Average of 60 DOM.
The lowest DOM in 2014 was August, at 47 DOM.
Finally, here is a look at the Months Supply of Inventory for real estate Mount Pleasant:
The Months Supply of Inventory in Mount Pleasant actually ticked upward in May. In April, there was a 3.2 Month Supply, and in May it was 3.3 Months.
This is a good sign. April was the lowest Months Supply since July 2005, also with a 3.2 Months Supply.
Right now, inventory–or the lack of inventory–is the biggest obstacle facing the housing market.
Strong buyer demand is a good thing, but there simply is not enough inventory to meet the demand.
This is causing home values to accelerate at a faster pace than what we would like to see.
Here are the current numbers for real estate Mount Pleasant.
There are 649 homes for sale, with another 195 Pending Home Sales. Additionally, there are another 463 homes under contract.
It looks like we will see the number of Closed Sales continue to rise, especially given that we are entering the peak of the sales season–end of Spring and Summer.
Home values should continue to rise simply because of the short supply. That number is the one we need to keep an eye on.
Getting back towards a 6 month supply would help stabilize the market for the long term.
In the short term, rising home values is a definite advantage for sellers. Sellers on the fence will be more likely to jump in with values increasing.
This in turn might help us meet the strong buyer demand that is out there.
Will the selling season bring out enough listings to help meet the demand? Here is a look at New Listings so far in 2015:
Perhaps home owners are understanding that now is a good time to sell. May saw 378 homes for sale added to the market.
That is the highest amount since January 2008 with 401 New Listings.
However, the Months Supply remains low. And that can be attributed to a short inventory so far over 2015:
The above graph shows us two things. Inventory has been on the decline in 2015, although it increased in May from 656 Mount Pleasant homes for sale to 680 in May.
It also shows that inventory peaked last year from June through September.
Over the years, we see the most homes for sale in Mount Pleasant during the Summer months. Hopefully that continues this year.
Nationally, 2015 has started off hot. Buyers were out from the beginning of the year.
Home sellers typically wait until the Spring or Summer to list their homes, and typically buyers don’t come out in full force until about the same time.
This year the buyers caught the market off guard, and it has been playing catch up.
This is not necessarily a bad thing. It looks like the same is happening in Mount Pleasant.
If you are thinking about buying a home in Mount Pleasant, it is important to have an understanding of the market numbers and what is happening in the market.
You need an agent that can educate you on how to handle a hot sellers market.
This market can be tough enough on buyers–strong competition for homes, bidding wars, and just understanding the market dynamics.
It is important you have the right agent. Visit my Pam Marshall Realtor website for more helpful information, and you can search the Mount Pleasant MLS.
If you are thinking about selling your Mount Pleasant home, it is also important to have the right agent with a solid marketing plan to get your home sold.
Visit my Pam Marshall Realtor sellers page and learn more.
If you want to keep up with the latest numbers for real estate Mount Pleasant, then visit my Mount Pleasant SC Real Estate stats page.