February 2016 homes sales had another excellent performance in the Indian Land, South Carolina area of the Charlotte metro region.
The average sale price of Indian Land area (29707 zip code area) homes increased 2.7% to just over $280,000, while average days on market for property listings dropped by 11 days to 55 days, a 16.7% improvement over the same period last year. Meantime, median days on market dropped by 37.5% to 30 days in February 2016 as compared with February 2015.
Price per square foot also increased by 3.5% to $117/square foot during February versus the same period in 2015. Buyers should no longer look in Indian Land for a "bargain" as the days when homes in Lancaster County versus York County are much less expensive are essentially gone.
Closed sales of homes in Indian Land were up 5.6% versus the same period last year. Meanwhile, pending sales in February 2016 were up 10.4% versus February 2015. Clearly, no slowdown of homes sales in the first two months of 2016 The average percent of original list price that sellers received for their homes was 96.7%, showing how little negotiating room there is for Indian Land homes.
The Indian Land area's February months supply of homes continues to hover around 3.3 months for a third year now--indicating more of a seller's than buyer's market in Indian Land, South Carolina. New listings were up 8.4%, which will hopefully relieve some of the pressure of inventory shortage in Indian Land.
Indian Land Area Local Market Update - February 2016
Previous Indian Land, SC Housing Market Updates:
- January 2016: http://activerain.com/blogsview/4826571/what-happened-in-the-indian-land--sc-housing-market-in-january-2016-
December 2015: http://activerain.com/blogsview/4809423/what-happened-in-indian-land--sc-s-housing-market-in-december-2015-
- November 2015: http://activerain.com/blogsview/4792284/what-happened-in-indian-land--sc-s-housing-market-in-november-2015-