October 2017 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region had a solid performance continued the trends we've seen since 2016, with sales prices increasing and inventory continuing to decrease.
The average sale price of Fort Mill area homes increased by 5.2% to just under $323,000 compared with October 2016, while average days on market for property listings dropped by 1 day to 50 days, a 2.0% improvement over the same period last year. Price per square foot also increased by 5.8% to $127/square foot October 2017 versus the same period in 2016.
In Tega Cay, average home sale prices were essentially flat at just under $339,000 versus October 2016, while days on market decreased by 11 days to 66 days, a 14.3% improvement. Price per square foot in Tega Cay increased by 4.0% to $130/square foot in October 2017.
Closed sales of homes in Fort Mill during October 2017 improved by 2.7% compared with the same period last year. In Tega Cay, closed sales increased 8.0% versus October 2016. Pending sales in October 2017 did not do as well -- barely up by 0.1% in Fort Mill and down by 1.1% in Tega Cay versus October 2016.
The average percent of original list price that sellers received for their homes was 97.1% in Fort Mill and 95.8% 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 2.6 months (down 16.1%) and 4.0 months (down 18.4%), respectively--indicating a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings increased slightly by 0.8% in Fort Mill and decreased by 3.7% in Tega Cay in October 2017.
As we look forward to the remaining two months of 2017, it seems safe to assume that housing inventory in Fort Mill and Tega Cay will remain relatively tight and that homes will continue to sell quickly and close to asking price for the forseeable future.
Fort Mill/Tega Cay, SC Areas Local Market Update - October 2017
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Previous Fort Mill/Tega Cay, SC Housing Market Updates:
Fort Mill/Tega Cay Housing Market Update: Sepetember 2017
Fort Mill/Tega Cay Housing Market Update: August 2017
Fort Mill/Tega Cay Housing Market Update: July 2017
Fort Mill/Tega Cay Housing Market Update: June 2017
Fort Mill/Tega Cay Housing Market Update: May 2017
Fort Mill/Tega Cay Housing Market Update: April 2017
Fort Mill/Tega Cay Housing Market Update: March 2017
Fort Mill/Tega Cay Housing Market Update: February 2017
Fort Mill/Tega Cay, SC Housing Market Update: January 2017
Fort Mill/Tega Cay, SC Housing Market Update: December 2016
Fort Mill/Tega Cay, SC Housing Market Update: November 2016
Fort Mill/Tega Cay, SC Housing Market Update: October 2016
Fort Mill/Tega Cay, SC Housing Market Update: September 2016
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.
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