July 2016 homes sales in the Indian Land, South Carolina area of the Charlotte metro region experienced another excellent month as we entered the third quarter of the year.
The average sale price of Indian Land area (29707 zip code area) homes increased 6.6% to just under $293,000, while average days on market for property listings dropped by 7 days to 50 days in July, a 12.3% improvement over the same period last year.
Price per square foot also increased by 5.3% to $120/square foot during July 2016 versus the same period in 2015. Home buyers can no longer expect to find "bargains" in Indian Land, as the days when homes in Lancaster County versus adjacent York County are much less expensive are essentially gone and mostly likely gone for good.
Closed sales of homes in Indian Land were up 8.3% versus the same period last year. Meanwhile, pending sales in July 2016 were up 9.5% versus July 2015. Clearly, no slowdown of homes sales in the spring/summer selling season 2016 and in the first month of the year's third quarter. The average percent of original list price that sellers received for their homes holds steady at 97%, showing minimal negotiating room for Indian Land homes.
The Indian Land area's months supply of homes in July decreased 8.1% to 3.1 months--indicating more of a seller's than a balanced or buyer's market in Indian Land, South Carolina. New listings were up 5.1%, which will hopefully begin to relieve some of the pressure of inventory shortage in Indian Land.
Indian Land Area Local Market Update - July 2016
Previous Indian Land Housing Market Updates:
- June 2016: http://activerain.com/blogsview/4910383/what-happened-in-indian-land--sc-s-housing-market-in-june-2016-
May 2016: http://activerain.com/blogsview/4896751/what-happened-in-the-indian-land--sc-housing-market-in-may-2016-
April 2016: http://activerain.com/blogsview/4877355/what-happened-in-the-indian-land--sc-housing-market-in-april-2016-
- March 2016: http://activerain.com/blogsview/4860243/what-happened-in-the-indian-land--sc-housing-market-in-march-2016-
- February 2016: http://activerain.com/blogsview/4848063/what-happened-in-the-indian-land--sc-housing-market-in-february-2016-
- 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-