Park West Subdivision 1st QT Home Sales Up 15 % for Single Family Detached Homes

Park West is one of the most prolific subdivisions for home sales over the past 10 years. It offers buyers a wide variety of styles and prices. The amenities are outstanding. Homeowners can find almost everything they need within a few miles of their home.


Mount Pleasant Map shows Park West Access from Hwy 17N and Hwy 41
10 Year History Single Family Detached Homes Sales Park West
Park West homes sales were first reported by CTAR MLS in 1999 with 11 homes. Over a 10 year period (1999-2008) single family detached home sales in Park West have averaged 131 units per year. The highest year home sales was 228 in 2005. In 2009 YTD through March there have been 26 homes sold.

Figure 1: Homes SalesThe first quarter single family home sales in Park West increased 15.4% from the first quarter of 2008.There were 26 homes sold in the first quarter 2009 compared to 22 in 2008.

Figure 2: Sales VolumeThe Park West sales volume at $9,735,651 was $436,349 below 2008 1ST QT or -4.5%. The decrease in volume dollars was attributed to decreased home prices as seen in Figure 3 below.

Figure 3: List, Avg. Sales and Median Sold PriceAverage sales price dropped $85,779 (-22.3%) from $470,474 in 2008 to $384,695 in 2009 1ST QT. The median sold price at $328,750 was down $44,417 (-13.5%).

Figure 4: Price / Sq. Ft.The average price $/Square Foot from $165 to $146 from 2008 to 2009. This was a $19.00 drop (-12.8%).

Figure 5: % Sold Price of List PriceHomes in 2009 sold for 94.5% of the list price which was up +1.7% from 2008. This is partially attributed to the drop -24.4% in average list price during the same period.

Figure 6: Average Days on Market It took less days to sell a home in 2009 at 126 compared to 136 in the first quarter of 2008.

Figure 7: Current Inventory of Homes For SaleThe home inventory decreased from 136 in 2008 to 123 in 2009 1st QT.

Figure 8: Months Supply of Inventory at Current SalesAt the end of the first quarter 2009 there was 16 months of inventory which was down from 20 months in 2008.

In summary the Park West subdivision in Mount Pleasant (Charleston County) sold 15% more homes in the first quarter of 2009. The total sales volume was down due to a drop in the average and median sales price. In 2009 the average days on market was less and the supply of homes for sale decreased by 11% and the months supply of inventory was reduced by 24.5%.

Overall the real estate market is adjusting and sellers have lowered their average listing prices. The 15% increase in homes sold is significant in the current economy. The second quarter will show if we are at a turning point. Park West is a good area to study because it offers 131 homes sold per year on average in all price ranges and styles. From small starter homes to water front properties 3000+ square feet.