First the facts about 4 bedroom, 4000 sq ft homes in Mt. Pleasant: In 2004 52 homes sold averaging $851K, $186/sq ft; In 2005 69 homes sold averaging $1076K, $235/sq ft; In 2006 67 homes sold averaging $1322, $279/sq ft; and In 2007 54 homes sold averaging $1266, $279/ sq ft.
On the positive side interest rates are at historical lows, but there are a lot of negative factors for this market - the stock market in 2007 didn't experience the past 3 year incease, the economy is running sluggish, and the media has been using the "R" word on a more increasing basis, and the housing market remain very much of a buyer's market.
Currently there are 123 homes on the market in this category in Mt. Pleasant. With only 52 homes sold last year, this gives us a 30 month inventory of homes. The real estate market becomes a Sellers market when the inventory of homes is about 5-6 month, so you can see we're a long was from that number. I don't have a crystal ball, but I would say that 2008 and some part of 2009 we will not see an increase in prices for this market. Hope this helps. My 2 cents worth.