January 2018 homes sales in the Indian Land, South Carolina area of the Charlotte metro region continued the trends we've seen since 2016 with strong demand for homes resulting in continued increases in home prices, coupled with significant decreases in availability of affordable homes priced under $250,000.
The average sale price of homes in the Indian Land area (29707 zip code) increased 8.3% to just over $321,000, while average days on market for property listings remained flat at 49 days compared with January 2017. Median days on market were just 22 days in January 2018.
Price per square foot also increased by 2.4% to an average of $126/square foot during January. 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 up 0.4% versus the same period last year. Meanwhile, pending sales in January 2018 were up 6.9% versus January 2017. Much of this somewhat anemic performance in closed sales can be attributed to the lack of inventory in homes priced under $235,000 where there is just one month of inventory and where the number of homes in this price range available for sale were down 35.7% compared with one year ago.
The average percent of original list price that sellers received for their homes was 97.2%, showing minimal negotiating room for Indian Land homes.
The Indian Land area's months supply of homes in January 2018 increased 16.7% to 3.5 months versus one year ago -- but with less than four months, still continuing to indicate a seller's market in Indian Land, South Carolina. Inventory of resale homes is lower at 3 months. New listings were up 9.4%, but it's worth pointing out that new listings of affordable homes prices under $235,000 were down 23.1% compared with one year ago with only 1 month 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 January 2018 stood at $308,047 (up 10.2% versus January 2017), while the average sale price of a new construction home stood at $395,920 (up 7.7% versus January 2017). 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 almost $88,000. Anyone looking for new construction bargains in Indian Land, South Carolina will be disappointed.
Indian Land, SC Area Local Market Update - January 2018
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, your Charlotte metro area real estate consultants.
If you are considering selling or purchasing a home in Indian Land or anywhere in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that:
Discover Indian Land image credited to DiscoverIndianLand.com