Mount Pleasant Market Update | Condos

Hyperlocal.

If you stick to the headlines, you’ll be trying to make a move when everyone else is. And competition is not desirable as a buyer or a seller. There are markets within markets within markets so keep a close eye on your area (or partner with someone who will) so you can evaluate the right market for YOU to make a move and ignore the click bait headlines telling you the broad strokes.

If you own a condo in Mt Pleasant or want to own a condo in Mt Pleasant; these are the numbers you need to be watching.

The Mount Pleasant condo market is proving to be resilient once again, making a small month to month jump (0.53% up) to a new record high benchmark price of $763,000, having surpassed the previous May 2022 peak in June of the year and continuing upwards. Although the trajectory is slowing and I expect it to stabilize rather than keep climbing.

This price stability despite high borrowing costs is (and will continue to be) fuelled by a lack of inventory. The August 2023 condo inventory in Mount Pleasant was 25% lower than the 10 year average. 

The median Days on Market jumped from 8 in July to 13 in August and were the highest since last October. This tells me less homes sold in their first week and sellers had to be more patient for summer buyers to make their move.

The sales to active ratio for August was 38%, still well in the seller's market range (defined by a market with an over 20% sales to active ratio).

If you are looking to sell; there is plenty of demand for well marketed, well priced, Mt Pleasant condos especially as fall brings buyers back to their routines and goals.

Reach out and let’s start strategizing how to present your home in it’s best light!

Kade