November 2017 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region had a solid performance continued the trends we've seen since 2016, with sales prices increasing and inventory continuing to decrease.
The average sale price of Fort Mill area homes increased by 5.9% to just under $324,000 compared with November 2016, while average days on market for property listings were flat at 50 days compared with the same period last year. Price per square foot also increased by 6.7% to $128/square foot in November 2017 versus the same period in 2016.
In Tega Cay, average home sale prices increased by just under 1.0% just under $342,000 versus November 2016, while days on market decreased by 7 days to 67 days, a 9.7% improvement. Price per square foot in Tega Cay increased by 4.8% to $130/square foot in November 2017.
Closed sales of homes in Fort Mill during November 2017 improved by 1.5% compared with the same period last year. In Tega Cay, closed sales increased 4.7% versus November 2016. Pending sales in November 2017 did not fare as well -- down 2.8% in Fort Mill and down by 10.1% in Tega Cay versus November 2016. To some degree this can be attributed to the decrease in the months supply of homes for sale and the drop in new listings coming on the market.
The average percent of original list price that sellers received for their homes was 97.0% in Fort Mill and 95.7% 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 16.1%) and 4.0 months (down 16.7%), respectively--indicating a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings decreased by 1.2% in Fort Mill and by 6.7% in Tega Cay in November 2017.
As we close out 2017 and look forward to 2018, 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 - November 2017
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Previous Fort Mill/Tega Cay, SC Housing Market Updates:
Fort Mill/Tega Cay Housing Market Update: October 2017
Fort Mill/Tega Cay Housing Market Update: Sepetember 2017
Fort Mill/Tega Cay Housing Market Update: August 2017
Fort Mill/Tega Cay Housing Market Update: July 2017
Fort Mill/Tega Cay Housing Market Update: June 2017
Fort Mill/Tega Cay Housing Market Update: May 2017
Fort Mill/Tega Cay Housing Market Update: April 2017
Fort Mill/Tega Cay Housing Market Update: March 2017
Fort Mill/Tega Cay Housing Market Update: February 2017
Fort Mill/Tega Cay, SC Housing Market Update: January 2017
Fort Mill/Tega Cay, SC Housing Market Update: December 2016
Fort Mill/Tega Cay, SC Housing Market Update: November 2016
Fort Mill/Tega Cay, SC Housing Market Update: October 2016
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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