Home sale prices continued to increase, but lack of affordable inventory put pressure on closed sales in the Indian Land area. For those looking for new construction, average home prices are still pushing to the $400,000 price point with average sale prices in November 2017 for new construction at approximately $385,000, an increase of 4.9% versus the same period of time last year.
The average sale price of Indian Land area (29707 zip code area) homes increased 5.0% to just under $312,000, while average days on market for property listings were up by two days to 50 days in November compared with the same period last year. Median days on market were flat at 23 days compared with one year ago.
Price per square foot also increased by 3.3% to an average of $126/square foot during November. 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 1.5% versus the same period last year. Meanwhile, pending sales in November 2017 were up 4.5% versus November 2016. Much of this somewhat 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 were down 30.8% 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 November 2017 increased 9.7% to 3.4 months versus one year ago -- continuing to indicate a seller's market in Indian Land, South Carolina. Inventory of resale homes is lower at 2.9 months. New listings were up 9.6%, but it's worth pointing out that new listings of affordable homes prices under $235,000 were down 30.8% compared with one year ago with only 0.9 months of inventory... clearly putting pressure on 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 November 2017 stood at $298,834 (up 6.5% versus November 2016), while the average sale price of a new construction home stood at $384,663 (up 4.9% versus November 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 $85,000. Any one looking for new construction bargains in Indian Land, South Carolina will be disappointed.
Indian Land, SC Area Local Market Update - November 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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