October 2016 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region had a solid performance in the first month of the fourth quarter, continuing the trends we've seen all year to-date with sales prices increasing and inventory remaining tight.
The average sale price of Fort Mill area homes increased by 5.5% to just over $305,000 compared with October 2015, while average days on market for property listings dropped by 8 days to 51 days, a 13.6% improvement over the same period last year. Price per square foot also increased by 6.2% to $120/square foot during October 2016 versus the same period in 2015.
In Tega Cay, average home sale prices were up 7.9% to just under $342,000 versus October 2015, while days on market increased by 16 days to 78 days. Price per square foot in Tega Cay increased by 8.7% to $125/square foot in October 2016.
Closed sales of homes in Fort Mill during October 2016 improved by double digits at 16.8% compared with the same period last year. In Tega Cay, closed sales also increased by double digits at 14.3% versus October 2015. Pending sales in October 2016 were up double digits, as well, by 19.3% in Fort Mill and up by 23% in Tega Cay versus October 2015.
The average percent of original list price that sellers received for their homes was 97.2% in Fort Mill and 96.2% 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 3 months (down 6.3%) and 4.8 months (down 11.1%), respectively--indicating a strong seller's market in the Fort Mill/Tega Cay areas of South Carolina. Thankfully, new listings increased 14.4% in Fort Mill and 8.5% in Tega Cay in October 2016.
Based on sales through the third quarter and first month of the fourth quarter of 2016, it seems safe to assume that housing inventory in Fort Mill/Tega Cay will remain relatively tight and homes will continue to sell quickly and close to asking price for the remainder of the year.
Fort Mill/Tega Cay Areas Local Market Update - October 2016
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Previous Fort Mill/Tega Cay Housing Market Updates
- September 2016: http://activerain.com/blogsview/4958526/what-happened-in-the-fort-mill--tega-cay--sc-housing-market--sept-2016
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August 2016: http://activerain.com/blogsview/4942867/what-happened-in-the-fort-mill--tega-cay--sc-housing-market--aug-2016
- July 2016: http://activerain.com/blogsview/4927226/what-happened-in-the-fort-mill--tega-cay--sc-housing-market--july-2016
- June 2016: http://activerain.com/blogsview/4910406/what-happened-in-the-fort-mill--tega-cay--sc-housing-market--june-2016
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May 2016: http://activerain.com/blogsview/4897865/what-happened-in-the-fort-mill-tega-cay--sc-housing-market-in-may-2016
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April 2016: http://activerain.com/blogsview/4877837/what-happened-in-fort-mill-tega-cay--sc- housing-market-in-april-2016-
- March 2016: http://activerain.com/blogsview/4860252/what-happened-in-fort-mill-tega-cay-s-housing-market-in-march-2016-
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February 2016: http://activerain.com/blogsview/4848619/what-happened-in-fort-mill-tega-cay-s-housing-market-in-february-2016-
- January 2016: http://activerain.com/blogsview/4826831/what-happened-in-fort-mill-tega-cay-s-housing-market-in-january-2016-
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December 2015: http://activerain.com/blogsview/4810653/what-happened-in-fort-mill-tega-cay-housing-market-in-december-2015
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November 2015: http://activerain.com/blogsview/4792674/what-happened-in-fort-mill-tega-cay-sc-housing-market-in-november-2015
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October 2015: http://activerain.com/blogsview/4776821/what-happened-in-fort-mill-tega-cay-sc-housing-market-in-october-2015
This Charlotte, North Carolina real estate monthly update for Fort Mill and Tega Cay is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants.
If you are considering selling or purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:
"The Right Broker Makes All The Difference."
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