May 12 Mount Pleasant Market Update

May 12 Mount Pleasant Market Update

Mount Pleasant May 2016 Market Update

All of MLS:

  • Closed units were up 9.4% from 1 year ago.

  • 41% of the sales are non-traditional  (new construction, short sales or foreclosures)

  • Short Sales and Foreclosures were up 6.53% from last month.

  • New Construction was up 1% from last month.

  • 35.3% of the sales are new construction.

  • Closed volume is up 11.4% (Up 37.1% from 2 years ago)

  • New listings taken are up 6.5%

  • Median sales price is $239,000 (up 5.2% from this time last year and 8.6% from two years ago)

  • Days on market is 76.

  • Absorption rate is 3 months.

  • Average list price to sales price ratio is 97% *Compared to 96% a year ago

Mount Pleasant:

  • Closed units for all of Mt. Pleasant are up 14% (up  18% from 2 years ago)

  • Closed volume for all of Mt. Pleasant is up 18.6% YTD and 28.9% from 2 years ago.

  • Area 41 closed units are up 17%

  • 59% of the sales in Area 41 are new construction, compared to 36.3% at the end of 2015.

  • Area 41 median sales price is $407,500 and up 3% for attached and detached combined.

  • Area 41 median sales price is $455,625 and up 3.6% for detached single family.

  • Area 41 median sales price is $225,500 and up 3.7% for attached single family.

  • Area 42 closed units up 11%.

  • 28% of the sales in Area 42 are new construction

  • Area 42 median sales price is $430,500 and up 8% for attached and detached combined.

  • Area 42 median sales price is $508,380 and up 6.9% for detached single family.

  • Area 42 median sales price is $229,000 and up 14.1% for attached single family.

  • Days on market for all of Mt. Pleasant is 69 (Was 110 days in 2012).

  • Absorption rate for Area 41 is 3 months

  • Absorption rate for Area 42 is 3 months

  • Average list price to sales price ratio is 98% *Compared to 98% a year ago

Other Areas:

  • Daniel Island: 4 months of inventory (was 4 months at end of 2014)

  • Dorchester County: 4 months of inventory (was 5 months at end of 2014)

  • Downtown: 7 months of inventory (was 7 months at end of 2014)

  • Goose Creek: 3 months of inventory (was 5 months at end of 2014)

  • Isle of Palms: 9 months of inventory (was 13 months at end of 2014)

  • James Island: 2 months of inventory (was 4 months at end of 2014)

  • Sullivan’s Island: 9 months of inventory (was 11 months at end of 2014)

  • West Ashley: 3 months of inventory (Was 4 months at end of 2014)

What Buyers Need To Know:

  • In recent news, Janet Yellen stated that the Federal Reserve will raise interest rates when inflation increases.

  • Interest rates combined with affordability makes this one of the best opportunities we’ve seen for buyers entering the market or move-up buyers

  • Interest are predicted to go up.  As rates and prices increase, buying power goes down.

What Sellers Need To Know:

  • This is the strongest seller’s  market since 2007 and 2015 started as strong as 2006 (which was the best market in Charleston Real Estate history)

  • New construction in area 41 is the biggest competition for sellers

  • With lower inventory levels, it’s a great time for sellers who were waiting out the market to list.

We Are Out Performing:

  • We are #2 in MLS in Mt. Pleasant in volume.

  • We are #2 in all of MLS in volume.


Jerod Coulter Headshot
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Phone: 843-513-3741
Dated: June 12th 2016
Views: 177
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806 Johnnie Dodds Blvd
Mount Pleasant, SC
843-410-4348