December 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 lots of pressure on closed sales, as inventory continued to decrease.
The average sale price of Fort Mill area homes increased by 6.0% to just under $327,000 compared with December 2016, while average days on market for property listings were increased by two day to 51 days compared with the same period last year, more than likely due to a holiday seasonality. Price per square foot also increased by 5.8% to $128/square foot in December 2017 versus the same period in 2016.
In Tega Cay, average home sale prices dropped by 1.0% just over $339,000 versus December 2016, while days on market decreased by 9 days to 65 days, a 14.5% improvement. Price per square foot in Tega Cay increased by 6.5% to $132/square foot in December 2017.
Closed sales of homes in Fort Mill during December 2017 decreased by 1.7% compared with the same period last year. In Tega Cay, closed sales decreased by 1.4% versus December 2016. Pending sales in December 2017 were also down -- down 1.0% in Fort Mill and down by 9.1% in Tega Cay versus December 2016. To some degree this can be attributed to the decrease in the months supply of homes for sale, the drop in new listings coming on the market especially in Tega Cay, and holiday seasonality.
The average percent of original list price that sellers received for their homes was 97.0% in Fort Mill and 95.8% 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 13.3%) and 4.0 months (down 14.9%), respectively--indicating a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings marginally increased by 1.4% in Fort Mill and decreased by 5.1% in Tega Cay in December 2017.
As we closed 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 housing will remain a seller's market.
Fort Mill/Tega Cay, SC Areas Local Market Update - December 2017
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This Charlotte, North Carolina real estate monthly update for Fort Mill and Tega Cay, SC 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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