February 2015 showed a solid performance in home sales in the Indian Land, South Carolina area of the Charlotte metro region.
The average sale price of Indian Land area homes increased 3.5% to just over $265,000, while days on market for property listings dropped to 62 days, a 19.5% improvement over the same period last year.
Price per square foot also increased by 3.7% to $111/square foot during February versus the same period in 2014 (much of this having to do with the large amount of new construction in Indian Land). Gone are the days when buyers could look in Indian Land for a "bargain" in Lancaster County versus York County.
Closed sales of homes in Indian Land were down slightly by 1% versus the same period last year with just 6 fewer homes closing in the month of February 2015. However, pending sales in February 2015 were up 6.1% versus February 2014.
The average percent of original list price that sellers received for their homes was essentially flat compared with last year, but at a 96.5% figure (down 0.4%) it shows how little negotiating room there is on Indian Land homes.
The Indian Land area's months supply of homes is just over 3 months for two years now--indicating more of a seller's than buyer's market in Indian Land, South Carolina. It would appear we can expect continued low inventory levels of homes for sale, pressure on prices, and minimal negotiating room.
Indian Land Area Local Market Update - February 2015
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