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I follow the prices of real estate in my old north Mount Pleasant neighborhood and I see asking prices rising 10-15% over this time last year. Is the same 10-15% increase being seen in actual selling prices.
Maybe its a Craigslist effect. Everyone knows they are going to get lowballed so they aim high, hope they get a sucker, or at least get a guy that feels good after the sale.
I got my house about $20k below the original asking price.
Mount Pleasant inventory is at an all time low, i.e. even less than 2 months inventory in some price ranges. When demand is up and supply is down, prices go up.
I did a search this morning to see what would be in my price range. We began looking in July 2007 and this is the lowest inventory I have ever seen. I'm glad I bought when I did at the price I did. OleTomCat says that there is a 'flood' of houses for sale in Summerville - not true in Mt. Pleasant -- or James Island or Daniel Island for that matter.
I know there is an extreme shortage of rentals of apts. and houses right now.
It largely depends what price range you are in. During my last month's analysis of the market on my blog I talked about this very thing...Here's a recap:
Good News in Charleston: (For Sellers)
Housing Inventory is going down in the Charleston Area:
Currently Active in the Charleston MLS: 5,011 houses on the market
Couple of Years ago we had 12,000 houses on the market
This translates into 9 months of inventory. A good number is 5-6 months so we are moving closer to that mark.
Keep in Mind-upper level homes (400-500K) are still looking at 24 months of inventory.
135-165K Range is HOT- only 4-5 months of inventory.
Length of time on the market is diminishing:
Annual average for 2012 thus far is 100 Days on the Market.
Not so Good News
Foreclosures are about to be released into the market. Two years ago the US Government put a hold on foreclosures, but that is going to be removed soon and 11 million foreclosures are going to start coming on the market nationwide. This will most likely cause another market saturation for the real estate market.
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