The real estate market continues to improve in Mount Pleasant. The supply of homes is down compared to a year ago while the demand for homes has increased. From November 2008 to February 2009 177 homes sold, while 255 homes sold from November 2009 to February 2010 9a 45% increase).  There were 1077 homes for sale in February 2009 and that figure dropped to 951 homes in February 2010 (better than a 10% decrease).  The average price per square foot of sold homes is very close to the same for both periods, indicating price stabilization in the area.

Sullivan’s Island

Sullivan’s Island also saw a nice jump in home sales in 2009.  Twenty-one homes sold in 2009 as compared to just 12 in 24, and 24 in 2007.  It took about nine months for Sullivans Island homes to sell in both 2008 and 2009, up from six months in 2007.  The average price per square foot of the 21 homes that sold last year was $519, the lowest it has been in the past five years.  The median price on the island dropped from about $1.5 million in 2008 to just under $1 million in 2008. 

The number of homes that sold in Darrell Creek in 2009 was 8 as compared to 9 in 2008 and 10 in 2007. The largest changes in the Darrell Creek market in 2009 were the days on market and the average price per square foot. The average number of days Darrell Creek homes were on the market went from about 100 in 2008 to 358 in 2009. As days on market shot up, the price per square foot of the sold homes decreased to $141/sf (compared to $200/sf in 2008). The decrease in price per square foot was due to a number of duress sales in the neighborhood in 2009.

The number of homes sold in Charleston National in 2009 increased to 26 after a paltry 18 sales in 2008.  The average days a home was on the market in Charleston National in 2009 was 125, basically just one week longer than the 117 days on market for 2008. 

The average price per square foot of homes sold in Charleston National in 2009 was $135/sf down significantly from $149/sf in 2008 and $160/sf in 2007.  The drop reflects a number of short sales, foreclosure and REO sales in the neighborhood in 2009.

The median and average prices of homes sold in Charleston National have trended downward since their peak in 2006; however the actual rate of decline has slowed.

 The number of homes on the market in Charleston National at the beginning of 2010 was 22, a decrease from 30 homes on the market in early November.

The number of homes sold in Belle Hall in 2009 continued to trend downward at 50 compared to 58 homes sold in 2008 and 79 homes sold in 2007.

The average price per square foot of the homes that sold was at $179/sf in 2009 down slightly from $181/sf in 2008, and significantly down from its peak of $203/sf in 2006 when 72 homes sold in the neighborhood.

The greatest year over year change in Belle Hall was the number of days on market. In 2008, the average number of days a home was on the market was 126. That figure shot up to 192 days in 2009. On average, it took a home an additional 66 days or two months to sell in 2009.

The median price of sold homes in Belle Hall increased to $408,000 in 2009 and is at its highest level in the 2005 to 2009 period. After taking a dip in 2008, the average price of sold homes in Belle Hall made a good come back in 2009, rising to $452,000, on par with the average sold prices in 2005 and 2006. These increasing values may be due to the sale of several higher end homes in the neighborhood in 2009.

The number of homes for sale in Belle Hall decreased from 48 homes on the market in mid November 2009 to 36 homes for sale on January 3, 2010.