April 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 (28707 zip code area) homes increased 2.8% to just over $275,000, while days on market for property listings dropped to 63 days, a 19.2% improvement over the same period last year.
Price per square foot also increased by 4.6% to $114/square foot during April 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 0.7% versus the same period last year (which represented six fewer homes closed). It's hard to say if some if this was caused by the fact that new listings were down almost 1% and there is just over three months of inventory available in Indian Land. Hard to sell what isn't there. Meanwhile, pending sales in Arpril 2015 were up 6.1% versus April 2014.
The average percent of original list price that sellers received for their homes was essentially flat compared with last year, but at a 96.9% figure (down 0.2%) it shows how little negotiating room there is on Indian Land homes.
The Indian Land area's April months supply of homes continues to hover around 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.
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