October 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. For those looking for new construction, average home prices are beginning to push to the $400,000 price point with average sale prices in October 2017 for new construction at approximately $387,000, and increase of 6.2% versus the same period of time last year.
The average sale price of Indian Land area (29707 zip code area) homes increased 4.4% to just over $309,000, while average days on market for property listings was down by one day to 50 days in October 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 2.5% to an average of $125/square foot during October. 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 2.7% versus the same period last year. Meanwhile, pending sales in October 2017 were up a scant 0.1% versus October 2016. Much of this anemic performance can be attributed to the lack of inventory in homes priced under $235,000 where there is less than one month of inventory and where the number of homes in this price range available for sale was down 27.3% compared with one year ago.
The average percent of original list price that sellers received for their homes was 96.6%, showing minimal negotiating room for Indian Land homes.
The Indian Land area's months supply of homes in October 2017 increased 9.7% to 3.4 months versus one year ago -- still indicating a seller's market in Indian Land, South Carolina. Inventory of resale homes is lower at 2.8 months New listings were up 7.1%, but it's worth pointing out that new listings of affordable homes prices under $235,000 were down 23.5% 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 October 2017 stood at $296,145 (up 6.1% versus October 2016), while the average sale price of a new construction home stood at $387,392 (up 6.2% versus October 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 $91,000. Any one looking for new construction bargains in Indian Land, South Carolina will be disappointed.
Indian Land, SC Area Local Market Update - October 2017
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Previous Indian Land, SC Housing Market Updates:
Indian Land Housing Market Update: September 2017
Indian Land Housing Market Update: August 2017
Indian Land Housing Market Update: July 2017
Indian Land Housing Market Update: June 2017
Indian Land Housing Market Update: May 2017
Indian Land, SC Housing Market Update: April 2017
Indian Land, SC Housing Market Update: March 2017
Indian Land, SC Housing Market Update: February 2017
Indian Land, SC Housing Market Update: January 2017
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.
If you are considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that:
"The Right Broker Makes All The Difference."
Discover Indian Land image credited to DiscoverIndianLand.com
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