September 2017 homes sales in the Indian Land, South Carolina area of the Charlotte metro region continued the trends we've been seeing since 2016.
Home sale prices continue to increase, but lack of affordable inventory is putting pressure on both closed and pending sales in the Indian Land area. And for those looking for new construction, average home prices are beginning to push to the $400,000 price point with average sale prices in September 2017 for new construction at approximately $385,000.
The average sale price of Indian Land area (29707 zip code area) homes increased 3.8% to just over $307,000, while average days on market for property listings remained flat at 51 days in September compared with the same period last year. Nonetheless, median days on market dropped to 23 days compared with one year ago, a 4.2% improvement.
Price per square foot also increased by 3.3% to an average of $125/square foot during September. The days when homes in Indian Land in Lancaster County versus adjacent Fort Mill in York County were much less expensive are essentially gone for good.
Closed sales of homes in Indian Land were down 0.7% versus the same period last year. Meanwhile, pending sales in September 2017 were up 2.7% versus September 2016. Much of this anemic performance can be attributed to the lack of inventory in homes priced under $235,000 where there is just two months of inventory and where the number of homes in this price range available for sale was down 9.1% compared with one year ago.
The average percent of original list price that sellers received for their homes up slightly at 96.6%, showing minimal negotiating room for Indian Land homes.
The Indian Land area's months supply of homes in September 2017 increased 6.5% to 3.3 months versus one year ago--indicating a seller's market in Indian Land, South Carolina. Inventory of resale homes is lower at 2.8 months New listings were up 10.7%, but it's worth pointing out that new listings of affordable homes prices under $235,000 were down 27.3% compared with one year ago with only 0.8 months of inventory... clearly putting pressure on pending and closed sales despite the overall increase in new listings.
It's worth pointing out that the average sale price of a resale home in Indian Land in September 2017 stood at $295,128 (up 6.3% versus September 2016), while the average sale price of a new construction home stood at $384,438 (up 5.8% versus September 2016). No wonder it's so hard to find homes in Indian Land under $250,000 (new or resale). For those looking for new construction, the difference in average price for resale homes versus new homes is over $89,000. If you're looking for new construction, bargains in Indian Land, South Carolina are virtually non-existant.
Indian Land, SC Area Local Market Update - September 2017
Previous Indian Land, SC Housing Market Updates:
This Charlotte, North Carolina real estate monthly update for Indian Land, South Carolina is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive Realty, your Charlotte metro area real estate consultants.
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