The State Of The Charleston Real Estate Market (Mount Pleasant, Ladson: for sale, 2011)

[USCJoe]

There have been many comments on this forum with regards to the real estate market in the Charleston area. Sellers certainly have been affected by the slow down in the housing market and the economy. With so many Realtors contributing to this forum, I thought it might be informative that each Realtor identify those areas/communities and subdivisions which have seen good sales activity the past 6 months. Even in this downturn of market activity there are always pockets of strength. In Mt. Pleasant, I have seen strength in the $500,000 to $1,000,000 range in the I'On community that I have profiled in the past. Although there are currently 37 homes on the market in I'On in this price range, 19 homes have sold during the last 6 months. It seems that those with the financial resources to do so are still purchasing luxury homes in this Charleston area community. The Charleston tri-county area has a lot to offer and continues to be a desirable area to which to relocate, even in this challenging real estate market. I was out today taking some additional photographs of I'On which I would like to share with forum members. I have a link to a slide show of all the photographs at the end of this post. I would love to see other Realtors post photographs of local communities to give out of town members a feel for why locals love the Charleston area.



East Lake in I'On













A Link To A Slide Show Off All The Photos Taken At I'On Today Can Be Found At :

Picasa Web Albums - Joe Eddleman of A... - I'On Communit...

[todseyah]

Very pretty, thanks for sharing. We couldn't give our house in Ladson away....

[Condorll]

USCJoe,

Please tell us about the current state of the Mount Pleasant market in the 275-400 range.

[DJShymansky]

Single Family Homes listed in the MLS in that price range (not counting new construction homes that are also for sale but not in the MLS) = 275.
131 have sold since Jan. 1 in that price range according to the MLS.

[USCJoe]

There are currently 356 homes on the market in Mt. Pleasant in the $275,000 to $400,000 range. Over the past 6 months, 173 homes have sold and there are currently 58 homes under contract. The market for single family homes in the under $350,000 range is fairly strong. However, this can not be said for condos in this price range where the market is saturated. The market in the $375,000 + price range is slow in most of the communities. Keep in mind that pure numbers are a little misleading. In almost every price range one will find just a few homes that seem to stand out from the competition in terms of a fair price, privacy,view, cleanliness, upgrades and livable floor plan. I have been showing homes in Mt. Pleasant from $260,000 to over $1,000,000 and only a few seem "to have it all." As I have mentioned before, with so many homes on the market and so few buyers, it is imperative that the listing agent market their client's home on multiple web sites with a large number of interior and exterior photos that do justice to the home, lot and community. Buyers in today's market will eliminate any home from consideration unless it appears "on paper" to have the appeal that they are looking for. I continue to be amazed at how many home owners fail to prepare their home for sale in terms of de-cluttering, turning lights on for showings, opening shades and maybe a fresh coat of paint here and there. Homes continue to sell in the area. However, it takes more than just putting it in the mls with a photo or two and a sign in the yard.

[USCJoe]

I think the difference in figures between mine and DJShymansy is I included all types of homes both new and pre-owned.

[DJShymansky]

Yep, I just focused on the MLS-listed single family.

[Condorll]

Thanks for the stats, but the real question is are you back to 2004 selling prices yet ? Not Listing prices, actual selling prices and not based on the market stats, rather your experience in the field. You know what the 2000 sq ft home sold for new in 2000 or 2001 and you know what it sold for at the top in 2006 maybe early 2007. So whats it selling for now?

[DJShymansky]

Oh, that's easy. Depending on the specific area/neighborhood/home the answer is yes. The market only fell off from the 2006/2007 market about 10-20%, depending on the area. That still puts us above what homes were selling for in 2004. In 2004 the avg. sales price was $253k in the Charleston Tri-County area. In 2006 that price jumped up to $291k and higher in early 2007. So far in 2008, the avg. sales price of homes in the area is still $291k. The days on the market is longer (55 days in 2006 vs 108 days in 2008) but all areas across the lowcountry show higher sales prices than in 2004.

[USCJoe]

It is difficult to come up with statistics that give an accurate description of the real estate market the past few years due to the difference in price per square foot in different neighborhoods and other factors. However, if we look at the average sales price from the first of the year to June 8 for 2008, 2007, 2006, 2005 and 2006 of single family homes between 1800 sqft. and 2200 sqft. in Park West(Average tract homes) we get the following average sales prices:

1/1/2008-6/8/2008 $282,500

1/1/2007-6/8/2007 $299,867

1/1/2006-6/8/2006 $332,600

1/1/2005-6/8/2005 $292,667

1/1/2004-6/8/2004 $228,207

These figures certainly show that at least in one small segment of the market,if you bought a home in Park West in the $330,000 range in the first half of 2006 and need to sell it today you may take a substantial loss. However, most sellers don't necessarily need to sell at these low prices and if they have been in their homes prior to 2005 they have made a descent profit on their home in spite of the drop the past two years.