Hard Facts on Distressed Home Sales in Mount Pleasant

With all the hype about short sales and REOs (lender-owned) homes, I thought that it was useful to put things in perspective (at least for Mt. Pleasant). Here are the numbers (as of 8/13/09) taken from the MLS:

• Total No. of Single Family, Detached listings (Active, Contingent and Pending) in Mt. Pleasant: 1,165
• Number of these listed as "Possible Short Sale": 120 (10.3%)
• Number of these listed as "Lender-Owned": 12 (1%)
• Number of these under Contract (Contingent and Pending): 167 (14.3%)

• Total No. of Condo & Townhome listings (Active, Contingent and Pending) in Mt. Pleasant: 525
• Number of these listed as "Possible Short Sale": 58 (11.04%)
• Number of these listed as "Lender-Owned": 2 (0.4%)
• Number of these under Contract (Contingent and Pending): 83 (15.8%)

As these numbers how, while there are many more short sales and lender-owned properties than two years ago, their numbers are not that significant for the market in general. This is good news, the Mount Pleasant market has proven a lot more resilient than some markets in FL, CA, NV, where distress sales represent more than 50% of the market.

However, these "distressed sales" are affecting appraisal values for "normal" sales, since many are sold at prices below current market levels.

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