Luxury Charleston Home Market

Posted By Joe Eddleman @ Apr 14th 2011 2:08pm In: Mount Pleasant SC Real Estate Market

 

The 2011 Luxury Charleston Home Market & Sales

Custom Charleston Home

Dunes West Luxury Home For Sale


The table below sets forth the past six months sales of homes in the town of Mt. Pleasant, SC in the $1,000,000+ price range. The next table sets for the sales & inventory of million dollar+ homes during the past two years. As you can see, the number of sales of such homes have decreased during the past 12 months compared to the prior year period. However, the medium sales price has been about the same as has been the inventory at the end of the 12 month periods.

 

Luxury Charleston Home Sales

 

Million dollar Charleston homes

 

The chart below sets for the sales and inventory records for the past two years for million dollar + property in downtown Charleston. As you can see from the figures, the luxury Charleston home market appears to have improved some during the past two 12 month periods.

Luxury Charleston Homes



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Comments (2)

Marilynn Durkee says...
on 05/24/11

Luxury homes in the Charleston area are finally starting to fly off the shelf with many of them cash sales. There is so much inventory to choose from that it makes it difficult for buyers to decide. I'On looks like it is continuing to sell well although I am seeing reduction in the prices of the higher end homes. What do you think?

Joe Eddleman says...
on 05/24/11

The upper end real estate market in the Charleston area appears to be "holding it's own". From my experience, you are correct in that many Charleston luxury home buyers are paying cash rather than holding a mortgage. Many of my buyers and potential buyers have commented that there appears to be some excellent buys in the upper end market from a historic perspective and they are getting such a low return on their cash holdings that it makes sense to purchase an asset that they can use and get enjoyment from. They feel that Charleston will always be a desirable area to which to relocate or in which to hold a second home. With the decline in the construction of new homes and a pent up demand for homes in the Charleston area that once the economy improved and buyers become optimistic about the future the demand pressure should spur home appreciation better than many other areas of the country. Homes continue to go under contract in the luxury and convenient I'on community although occasionally at an appreciable discount from list. Others more realistically price sell for close to asking price. I continue to feel that the Charleston area, particularly homes located in desirable and close in communities such as I'on and The Old Village of Mt. Pleasant will be two of the first communities to experience appreciation in the coming years. This is also my feeling for homes offering direct water access.

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