Mount Pleasant Real Estate - Sold Terms and Market Stats

Mount Pleasant Real Estate-Sold Terms and Market Stats

A Chinese proverbs states, "Tell me and I'll forget; Show me and I may remember; involve me and I'll understand." To this end I have made it my mission in life to not simply sell real estate, but to educate buyers and sellers on real estate, and in particularly, their local market.

The graphs below are specific to the Mount Pleasant, SC area. As you can see in the first graph most of the homes sold this year in Mount Pleasant have been with conventional loans. A conventional loan is a private sector loan not guaranteed or insured by the government. Such a high rate of conventional loans is not the norm nation wide. Usually government backed loans, particularly FHA loans outpace conventional loans. The next two graphs show why this does not occur in Mount Pleasant.

The average list price in Mount Pleasant this year is around $384,000 and the average sold price is around $362,000 (around 96% list price to sold price ). The graph breaks each loan type up per category. Currently FHA loan limits in Charleston county are $335,000 and VA loan limits are $417,000. This is the biggest reason most people are forced into a conventional loan in Charleston county. Conventional loans can often yeild better rates for the buyer, but more down payment is asked for up front. VA loan limits are $417,000

This year in Mount Pleasant the average list price for conventional homes is near $412,000, while the average sold price for conventional loans is $389,000. That is a list price to sold price of around 94%.

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