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How Much Did Corona Virus Impact Fort Mill, SC Home Sales In May 2020?

By Nina Hollander, Broker

Real Estate Agent with Coldwell Banker Realty 179530

June 23, 2020 05:53 AM

Fort Mill, South Carolina Real Estate Report/Housing Market Snapshot: May 2020

Latest news on how corona virus affected the Fort Mill real estate market in May 2020 and what it means for you...

The Fort Mill housing market (29715 and 29708 zip codes) definitely felt the impact of COVID-19 restrictions in May 2020, characterized by much lower inventory, fewer new listings, lower months supply of housing, and fewer closed and pending sales, while home prices increased compared with May 2019.

Pending sales decreased 5% and closed sales decreased 34.2% year-over-year in May. Home showings increased considerably in the month of May compared with April 2020. Fort Mill had just 569 home showings in April 2020 but saw an increase to 2,748 showings in May 2020 -- an 84.1% increase. Year-over-year home showings were still down 23% compared with May 2020. Homes priced under $100,000 saw a 300% increase in showings year-over-year and a 700% increase month-over-month.

New listings decreased 34% in Fort Mill year-over-year. Housing inventory dropped 43.1% year-over-year. The months supply of homes dropped 40% to 1.8 months from 3 months one year ago.

Average days on market decreased 11 days to 29 days versus the same month one year ago and decreased 14 days month-over-month. Median days on market were 9, decreasing 4 days versus the same month one year ago and decreasing 2 days month-over-month.

Sellers received 100% of list price, up from 98.4% one year ago.

Average home sale prices increased 6.1% in May 2020 versus May 2019, while median home sale prices increased 1.9%. Average sale price was $361,799 and median sale price was $321,000.

Want to know what this would mean for your family if you decide to buy or sell a Fort Mill home?

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MORE DETAILS ON HOW THE FORT MILL HOUSING MARKET PERFORMED IN MAY 2020

FORT MILL HOUSING MARKET HIGHLIGHTS:

MAY 2020 VERSUS MAY 2019

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Fort Mill has been ranked as the #6 best Charlotte suburb to live in and #7 in the North Carolina region/area as a best suburb to live in?

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THE 10 HOTTEST FORT MILL/TEGA CAY, SC NEIGHBORHOODS

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MEDIAN HOME PRICE TRENDS IN FORT MILL, SC

This Charlotte, North Carolina real estate monthly update for Fort Mill, SC is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Charlotte metro area residential real estate experts and Fort Mill specialists. We've been opening doors for Fort Mill home buyers and sellers for 20+ years.

If you're considering selling or purchasing a home in the Fort Mill area or anywhere in the Charlotte metro region, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:

"The Right Broker Makes All The Difference."

Previous Fort Mill, SC Housing Market Updates:

Fort Mill Housing Market Update: April 2020

Fort Mill Housing Market Update: March 2020

Fort Mill Housing Market Update: February 2020

Fort Mill Housing Market Update: Janaury 2020

Fort Mill Housing Market Update: December 2019

Fort Mill Housing Market Update: November 2019

Fort Mill Housing Market Update: October 2019

Fort Mill Housing Market Update: September 2019

Fort Mill Housing Market Update: August 2019

Fort Mill Housing Market Update: July 2019

Fort Mill Housing Market Update: June 2019

Fort Mill Housing Market Update: May 2019

Original blog post can be read at: https://www.greathomesincharlotte.com

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Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Brian England hi Brian... you're going to have me scratching my head for the rest of the day with your comment! :)

Jun 23, 2020 07:27 AM

Grant Schneider

Performance Development Strategies - Armonk, NY

Your Coach Helping You Create Successful Outcomes

Hi Nina - those DOM and selling price certainly reflect low inventory.

Jun 23, 2020 07:27 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Grant Schneider hi Grant... I think we need to find another term for "low inventory." It's gone beyond low at this stage.

Jun 23, 2020 07:29 AM

Sharon Lee

Sharon Lee's Virtual Assistance - Jonesborough, TN

Retired and loving life

Nina- Quite an impressive jump in showings in May vs. April. Nice for sellers getting full or above asking price. A feeding frenzy.

Jun 23, 2020 08:09 AM

Roy Kelley

Retired - Gaithersburg, MD

Thank you very much, Nina, for sharing your outstanding local real estate reports.

Jun 23, 2020 08:25 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Nina,

Interesting report, it seems like a lot of areas are seeing this same effect, and the low inventory woes persist. A

Jun 23, 2020 09:20 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Sharon Lee hi Sharon... that is a apt description of much of our market these days... a feeding frenzy.

Jun 23, 2020 09:55 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Roy Kelley hi Roy... as always, I appreciate your stopping by. Trust your week has gotten off to a great start.

Jun 23, 2020 09:56 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Ron and Alexandra Seigel hi Alexandra... buyers are out there in droves wanting to move out of multi-family living and to lock in interest rates. Sellers not cooperating too much in listing their homes to meet the demand. Of course, part of their hesitation stems from the fear that they won't find the next house if they sell... so it's become a truly vicious cycle. I suppose this too shall pass... but not soon.

Jun 23, 2020 09:59 AM

Debb Janes

Nature As Neighbors - Camas, WA

Put My Love of Nature At Work for You

It was bound to impact things for a bit. However, as you mention, so many buyers are out there hoping to make a move.

Jun 23, 2020 10:27 AM

Myrl Jeffcoat

Sacramento, CA

Greater Sacramento Realtor - Retired

Fort Mill home buyers and sellers are sure to value your real estate market report, Nina.

Jun 23, 2020 01:50 PM

Paul S. Henderson, REALTOR®, CRS

Fathom Realty Washington LLC - Tacoma, WA

South Puget Sound Washington Agent/Broker!

I have decided to focus on the future rather than looking at the dismal second corner.

on a brighter note; I hope you have a grand Tuesday evening Nina Hollander

Jun 23, 2020 09:36 PM

James Dray

Fathom Realty - Bentonville, AR

Morning Nina.

Can't look back on what happened yesterday, I concentrate on what will happen today, tomorrow and next week

Jun 24, 2020 12:22 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

James Dray good morning, James... I get that as a philosophical approach to life. However, my clients ask questions about the market and lots of them. And they expect that I understand what's happening in the market that might impact their home values, sale, purchase. At the end of the day, if I do monthly market reports to keep people apprised of what's happening, I can't stop in a particular month or two just because the numbers aren't great.

Jun 24, 2020 05:23 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Debb Janes EcoBroker and Bernie Stea JD good morning, Debb... of course, there was bound to be impact, but I think it's important for us to understand what that impact was and how it might affect the near term. My clients are asking lots of questions about what this means for them.

Jun 24, 2020 05:25 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®, CRS good morning, Paul... I too look forward to a better third quarter, but that being said I've had all sorts of questions from prospective sellers and buyers who have opinions about the market that are way off base and I don't want them making decisions based on mis-information.

Jun 24, 2020 05:27 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Myrl Jeffcoat good Wednesday morning, Myrl... thanks for stopping by. Trust your week thus far has been outstanding.

Jun 24, 2020 05:29 AM

Lise Howe

Keller Williams Capital Properties - Washington, DC

Assoc. Broker in DC, MD, VA and attorney in DC

Fort Mill SC is mirroring what we are going through here in Bethesda

Jun 25, 2020 05:40 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Lise Howe hi Lise... not surprised at all... a lot of the areas around Charlotte are mirroring each other right now.

Jun 25, 2020 05:53 AM

Sally Crane

WMS - Unity, WI

Woodland appraisal support.

Thanks for the update Nina, all the best to you as you get many of these properties listed and sold.

Sally

Jul 02, 2020 11:07 PM

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How Much Did Corona Virus Impact Fort Mill, SC Home Sales In May 2020?

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