January 2018 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region continued the trends we've seen since 2016 and throughout 2017 with pressure on closed sales, as inventory continued to decrease, while demand for homes exceeded supply.
The average sale price of Fort Mill area homes increased by 6.0% to just over $327,000 compared with January 2017, while average days on market for property listings were 52 days. Price per square foot also increased by 5.8% to $128/square foot in January 2018 versus the same period in 2017.
In Tega Cay, average home sale prices increased by 1.0% just over $343,500 versus January 2017, while days on market decreased by 9 days to 65 days, a 14.5% improvement. Price per square foot in Tega Cay increased by 7.3% to $133/square foot in January 2018.
Closed sales of homes in Fort Mill during January 2018 increased by 0.2% compared with the same period last year. In Tega Cay, closed sales decreased by 2.8% versus January 2017. Pending sales in January 2018 were also down -- down 4.4% in Fort Mill and down by 7.9% in Tega Cay versus January 2017. To some degree this can be attributed to the decrease in the months supply of homes for sale the lack of new listings coming on the market, especially in Tega Cay.
The average percent of original list price that sellers received for their homes was 96.9% in Fort Mill and 95.7% 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 2.7 months (down 6.9%) and 3.9 months (down 15.2%), respectively--indicating a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings marginally increased by 2.8% in Fort Mill and decreased by 1.3% in Tega Cay in January 2018.
As we begin 2018 and look forward to the spring selling season, it seems safe to assume that housing inventory in Fort Mill and Tega Cay will remain relatively tight and that housing will remain a seller's market with home prices continuing a steady increase.
Fort Mill/Tega Cay, SC Areas Local Market Update - January 2018
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This Charlotte, North Carolina real estate monthly update for Fort Mill and Tega Cay, SC 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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