Mount Pleasant (SC) Residential Real Estate Market Update September 2011
Mount Pleasant (SC) real estate market continues its steady improvement and inventory reduction.
Although in September sales were a bit slower (123 sales compared to 147 sales in August) the same number of homes were sold this year than in September 2010 (122).
The slowing down in monthly sales is a "normal" seasonal slowdown that is experienced after the busy Summer season.
As the attached table shows, the "bottom" of the real estate market (under $500K) in Mount Pleasant shows a "balanced" market, where prices are now largely stable.
Higher priced homes (over $500,000) have seen a slight increased in activity, with 258 homes changing hands in the last 12 months (compared with 240 homes for the previous 12 months). However, these market segments are still oversupplied and prices are still falling.
Interest rates are at an all-time low and this will cause more buyers to come on stream, as rental rates are going up.
For the first time in many years, we are experiencing increased activity from move-up buyers and investors, to the point that we have seen several "multiple contract" situations in the last few months.
If you are interested in receiving future market updates, please contact us.