Real Estate Market Analysis

Mount Pleasant, South Carolina has seen ups and downs with respect to real estate market conditions both during the peak of the economic slowdown and in the recovery phases. Before the recession hit, the market was bustling with real estate activity. However, it took a pretty bad hit during the recession period. The recovery is now in progress in the Mount Pleasant area and the recent facts and figures leave a very interesting picture.

The first thing to consider is the inventory. The inventory in the Mount Pleasant area is quite large. Recently, there were over 1700 properties are listed in the area. This high inventory is not exactly great news for sellers in the area. Hence, the market can safely be classified as a buyer's market at present. The high inventory also means that most property listings in the area have a long gestation period on the market. Therefore, from a seller's point of view, it is important to price properties right so that a sale can occur in the shortest possible time.

The good news about the inventory in Mount Pleasant real estate is the fact that only about 60 listings are due to foreclosure or short sales. This drop in numbers signals a recovery from the economic volatility that the region had experienced. The stimulus packages in place by the government and the reduction in interest rates have meant that buyer activity has seen a spurt in the recent months.

The average listing price for properties in the Mount Pleasant area is around $500,000. This price points toward the fact that market activity is presently in the middle range and not in the very low end of the sector as was the case a few months ago. Year to year comparisons with the price is unfair as there has been a sharp correction from the highs that the prices reached during the peak of the real estate boom in mid 2008. However, it may be a little concerning to note the relatively low number of closed sales in the Mount Pleasant area over the past couple of months. It points at very targeted and restricted buyer activity.