Mt. Pleasant Market?? Is this a good time to buy?

 The answer is as usual, it depends??  If you’re a first time home buyer looking to buy in Mt. Pleasant, and you have control over your timing, you might benefit by waiting.  Prices are more likely to drop than they are to go up in my opinion.  But we’ll definately know more in six months.  And you have little to lose by waiting. 

If you’re moving to the area, or for some reason, don’t have this kind of control, I think the timing is good for you.  You should be able to get a better deal than two years ago when multiple contracts were very frequent occurences.  Prices might go a little lower by the end of the year, but so far, they’re holding fairly strong.  The reason why I’m saying to first time home buyers that they might be better off waiting, is more because we’ll know more in six months than we do know…not that prices are definately going down.  So, if you are buying right now, feel good about your situation.  Charleston is still a hot destination.  Every year can’t be as hot as 2005, and 2006 was an excellent year as well.  So still, things are more returing to normal in Charleston.  Make sure you have a good agent representing you, and you should be able to BOTH find the best choices and get a good deal.  It’s possible prices will drop slightly before going back up.  In 2005, if your home in Mt. Pleasant was in a so-so location, or didn’t have great curb appeal, you could still get close to asking price, because buyers didn’t have very much from which to choose. 

Almost everyone makes some sort of trade-offs when buying a home.  If you’re buying now, you have great selection and you have a much better chance of getting all or most of your “nice-to-haves” satisfied versus 2005, when buyers may have been compromising “must haves” both because of the scant selection, and because they had to act so fast to avoid having to compete with another buyer. 

Judge for yourself. 

Sales and Inventory History

Monday, June 25, 2007
Category – Residential / Area: 41, 42

Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
January 2004 123 $278,622 $272,218 97.70% 83.0 637 5.18
February 2004 134 $269,017 $265,136 98.56% 73.0 605 4.51
March 2004 202 $306,984 $301,695 98.28% 91.0 567 2.81
April 2004 174 $295,221 $289,983 98.23% 61.0 581 3.34
May 2004 201 $302,589 $299,346 98.93% 53.0 534 2.66
June 2004 246 $314,971 $312,444 99.20% 73.0 508 2.07
July 2004 236 $333,449 $328,154 98.41% 57.0 497 2.11
August 2004 187 $317,158 $314,685 99.22% 47.0 485 2.59
September 2004 157 $321,021 $315,561 98.30% 56.0 437 2.78
October 2004 156 $308,291 $305,020 98.94% 41.0 431 2.76
November 2004 158 $333,331 $326,958 98.09% 40.0 392 2.48
December 2004 194 $316,726 $312,637 98.71% 69.0 376 1.94
  
January 2005 169 $346,989 $338,094 97.44% 60.0 390 2.31
February 2005 187 $296,755 $293,329 98.85% 46.0 403 2.16
March 2005 214 $338,474 $333,567 98.55% 47.0 409 1.91
April 2005 240 $324,477 $320,567 98.79% 43.0 475 1.98
May 2005 241 $339,802 $335,452 98.72% 40.0 481 2.00
June 2005 324 $375,971 $371,017 98.68% 35.0 509 1.57
July 2005 257 $401,070 $395,249 98.55% 40.0 686 2.67
August 2005 279 $384,712 $378,539 98.40% 35.0 723 2.59
September 2005 228 $394,044 $386,245 98.02% 44.0 713 3.13
October 2005 220 $385,501 $379,188 98.36% 40.0 749 3.40
November 2005 247 $312,639 $308,014 98.52% 42.0 794 3.21
December 2005 322 $289,432 $284,302 98.23% 49.0 837 2.60
  
January 2006 198 $381,799 $371,678 97.35% 57.0 910 4.60
February 2006 146 $390,724 $385,140 98.57% 63.0 1172 8.03
March 2006 191 $434,460 $425,638 97.97% 67.0 1316 6.89
April 2006 170 $416,010 $406,886 97.81% 61.0 1382 8.13
May 2006 230 $412,126 $403,485 97.90% 58.0 1509 6.56
June 2006 193 $419,513 $409,645 97.65% 61.0 1557 8.07
July 2006 244 $416,162 $406,240 97.62% 68.0 1666 6.83
August 2006 204 $421,141 $410,018 97.36% 76.0 1666 8.17
September 2006 212 $411,933 $400,191 97.15% 77.0 1704 8.04
October 2006 172 $454,935 $433,791 95.35% 91.0 1756 10.21
November 2006 136 $415,439 $397,467 95.67% 93.0 1720 12.65
December 2006 157 $374,422 $357,116 95.38% 112.0 1588 10.11
  
January 2007 127 $438,884 $422,646 96.30% 98.0 1538 12.11
February 2007 119 $461,424 $442,102 95.81% 130.0 1572 13.21
March 2007 165 $496,216 $480,843 96.90% 126.0 1656 10.04
April 2007 155 $447,657 $431,443 96.38% 104.0 1716 11.07
May 2007 169 $394,783 $380,454 96.37% 96.0 1829 10.82

Advertisements

One response to “Mt. Pleasant Market?? Is this a good time to buy?

  1. Hi. Are you actually a real estate agent? We’re looking to move in the next year and I’d be interested in talking with you.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s