July 2017 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region had a solid performance in the first month of the third quarter as compared with the same period one year ago, continuing the trends we saw all year in 2016 and through the first half of 2017 with sales prices increasing, closed and pending sales up and inventory continuing to decrease.
The average sale price of Fort Mill area homes increased by 7.3% to just over $319,000 compared with July 2016, while average days on market for property listings dropped by 3 days to 50 days, a 5.7% improvement over the same period last year. Price per square foot also increased by 6.8% to $125/square foot during July 2017 versus the same period in 2016.
In Tega Cay, average home sale prices were up 2.8% to just under $339,000 versus July 2016, while days on market decreased by 8 days to 65 days. Price per square foot in Tega Cay increased by 3.3% to $127/square foot in July 2017.
Closed sales of homes in Fort Mill during July 2017 improved by double digits by 13.7% compared with the same period last year. In Tega Cay, closed sales increased by double 9.0% versus July 2016. Pending sales in July 2017 were up as well -- by 10.4% in Fort Mill and up by 3.2% in Tega Cay versus July 2016.
The average percent of original list price that sellers received for their homes was 97.1% in Fort Mill and 95.9% in Tega Cay, showing relatively little negotiating room on both Fort Mill and Tega Cay homes.
The Fort Mill/Tega Cay area's months supply of homes as compared with one year ago is 2.6 months (down 18.8%) and 4.2 months (down 17.6%), respectively--indicating a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings increased 4.4% in Fort Mill and by 0.5% in Tega Cay in July 2017.
As we enter the second month of the third quarter of 2017, it seems safe to assume that housing inventory in Fort Mill and Tega Cay will remain relatively tight and that homes will continue to sell quickly and close to asking price for the forseeable future.
Fort Mill/Tega Cay, SC Areas Local Market Update - July 2017
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This Charlotte, North Carolina real estate monthly update for Fort Mill and Tega Cay is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants.
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