Latest news on the Indian Land real estate market in July 2021 and what it means for you...
The Indian Land, South Carolina (29707 zip code) housing market remained a seller's market in July with just barely more than a half months supply of homes at 0.6 months supply of inventory overall, down 53.8% from 1.3 months in July 2020 and down from 2.3 months in July 2019.
Housing inventory was down 46.6% in July year-over-year, despite a 25.3% increase in new listings year-over-year. New construction inventory, long a staple of Indian Land housing, was down 72.5% year-over-year. Resale home inventory dropped 46.6% year-over-year.
Both average and median sale prices increased in July 2021 to $424,203 and $382,500, respectively. Average home sale prices increased 15.2% year-over-year, while median sale prices increased 9.3% year-over-year. Average home sale prices also increased year-over-year by about $56,000 and by $119,000 over July 2019. Median sale prices also increased by $100,000 over July 2019. Lack of inventory continues to drive home prices up. New construction inventory was down to just 0.5 months in July 2020 (down 58.3% year-over-year), putting additional pressure on sales momentum.
Price per square foot also increased in July 2021 over the prior year to $177/square foot. This is a 26.4% increase from $140/square foot in July 2020.
Closed sales decreased in July by 19.3% year-over-year. Pending sales decreased 4.1% versus July 2020. It was just a matter of time before the extreme lack of inventory impacted closed and pending sales in Indian Land. You can't sell what you don't have to sell!
Average days on market were 7 days (down 44 days year-over-year). Average days on market were also 8 days lower month-over-month. Median days on market were 3 days (down 17 days year-over-year and down 18 days versus July 2019). Because of buyer demand and razor thin inventory, Indian Land homes continued to sell in about one weeks, on average.
The number of showings per listing is another indicator of how competitive the Indian Land housing market was in July 2021. On average, listed homes had 16.9 showings. This was an increase of 74.2% from 9.7 showings in July 202 and up from 7.1 showings per listing in July 2019.
With home sellers receiving a median 104.1% of asking price in sale price (up 5.7% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in July 2021.
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This Charlotte, North Carolina monthly real estate update for Indian Land, South Carolina is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Charlotte metro area residential real estate experts and Indian Land specialists. We've been opening doors for Indian Land home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in Indian Land or anywhere in the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:
"The Right Broker Makes All The Difference."
Read the original blog post at www.GreatHomesInCharlotte.com
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