Posted on Thursday, June 14th, 2007 at 12:32pm.
Mount Pleasant is one of Charleston, SC’s hottest real estate markets because it has the best public schools in Charleston County and some of the nicest all-inclusive neighborhoods in the Charleston area. The good school districts and the great home selection in Mt. Pleasant have created a high demand of buyers.
This high demand has always yielded higher-than-average prices for the Charleston area. However, in this new real estate market Mount Pleasant has become an even better value for home buyers. In this past year, inventory (meaning homes for sale) in Mt. Pleasant has exceeded demand. The demand is as strong as it’s ever been. But, with the large number of sellers, buyers are able to negotiate tens of thousands of dollars off the asking price. Negotiations like these have brought the market prices back to what they were two and a half or three years ago.
For buyers this is good news because they can negotiate better prices and have options that they couldn’t have had last year. For sellers, this has become somewhat of a problem if they’re moving out of the area. But, as long as they’re staying in the Charleston real estate market, there is little net effect.
At this time, there is around ten months’ worth of supply (home listings on the market). This number is more than the average of about two months of supply. The Mount Pleasant real estate market, like many other real estate markets around the country, is slowly correcting itself and coming back to a more neutral buyers’ and sellers’ market. So, buyers can benefit now by taking advantage of the low home prices with the expectation of the prices going up again once the inventory clears and gets back to normal.
Most of these good deals are going to be found around Highway 41 in Mount Pleasant in the prestigious communities like Dunes West, Park West, Rivertowne, Charleston National, and Brickyard Plantation. If you would like to talk with us more about these neighborhoods or about Mount Pleasant real estate in general, feel free to contact us!