What many people don’t realize about real estate market info is that relavent reality is very localized, almost to the street level. Certainly, in the case of the Charleston Tri-County area, the Mt. Pleasant market is very distinct. So here is some hard information. There are lots of ways to run the numbers…this is only one. I’ll even make this offer. If you’d like a different perspective, then just respond in the comments, and I’ll do the numbers the way you ask. Here’s what I did. First, I did a search for single family homes in the MLS, areas 41 and 42, that’s both Mt. Pleasant zones in the MLS. 2100-2600 square feet, $330,000 – $380,000. That’s very broad from a Market Analysis perspective, but much narrower than what you’re going to read about in the paper or the business journal. What I found was 66 active listings that fit that criteria. The next question is, how many homes fitting that same criteria have sold in January and February. NINE SALES. That’s 4.5 per month. That works out to 14.67 months of inventory.
I didn’t count the contingent listings, meaning homes under contract, and we hope that March sales will be much improved. But that’s a pretty stark reality for sellers. My theory is that there is a sell/buy choke point in the current local market where potential buyers are needing to sell their homes, leading to excessive sellers, who won’t become buyers until their homes are sold, and so on.
Jump in here anytime. It’d be great to hear some different perspectives.