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Today, we'll discuss the state of the Mount Pleasant real estate market. We know that the world economy has been difficult, so the Fed has decided to hold rates steady through October. However, we are hearing that rates will go up next year.
In September, we saw the normal market slow down. That is usual for this time of year. We've seen homes under contract hit 331 for the week and then hit 255 for the next week. We will continue to see homes under contract slowly decline, but things will pick up again in the spring.
Right now, North Mount Pleasant is in a strong seller's market with approximately 3.6 months of inventory on the market. What that means is that if no new homes came on the market, it would take about 3.6 months to sell all the homes currently listed. When we get to 6 months of inventory on the market, it's considered a balanced market. Anything under 6 months is a strong seller's market.
We're seeing just about the same thing in Mount Pleasant South, only with 2.9 months of inventory on the market. That's an even stronger seller's market. Due to the strong demand for homes, we have seen prices increase slightly in both Mount Pleasant North and Mount Pleasant South. Both have a median price point around $400k.
In Mount Pleasant, we have seen distinct increases in the actual sales price of a home. If we compare January through August of 2014 to that same time period this year, we see that Mount Pleasant North median sales prices increased by almost 10%, while they increased just under 4% in Mount Pleasant South.
The short sale and foreclosure market was a huge segment of the market during the economic recovery. Today, however, short sales and foreclosures have all but dried up. In Mount Pleasant, short sales and foreclosures make up less than 3% of monthly sales.
The new construction market in Charleston is booming! In Mount Pleasant North, 64% of home sales each month are new construction. In Mount Pleasant South, only 29% of the market is new construction. That's because Mount Pleasant North has not been developed as much, and has more land for builders to build on.
If you have any questions about our current market, please give me a call or send me an email. I look forward to hearing from you!
