Mount Pleasant CONDO & TOWNHOME Market: Still a Buyer's Market!
The real estate market for condominium and townhome (single family attached) properties in Mount Pleasant is slowly getting better, but is still very much a Buyer's market.
During the last 12 months inventory declined from 370 units to 288 units. While we are currently sitting at around 11 month's inventory (compared to 23 months' inventory 2 years ago), the basics of supply and demand dictate that property prices are still experiencing downward pressure (this trend will continue until we get to a 6-month inventory level, which is considered a "neutral market").
Many condominium and townhome communities have also been affected by litigation. If the HOA is involved in litigation (usually against the builder or developer due to of building defects), most lenders will not offer mortgage loans for these units. This has restricted demand further, causing a slower recovery for this segment of the market. The good news is that many of these lawsuits are being resolved (i.e. The Renaissance) and the communities are returning to normality.
The trick to selling your Mount Pleasant condo? Price it right! For a free, no-obligation consultation, click here.
Please contact us if you have any questions or comments.