February 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 and pending sales, as inventory continued to decrease, while demand for homes exceeded supply.
The average sale price of Fort Mill area homes increased by 4.8% to just under $327,000 compared with February 2017, while average days on market for property listings were down 4% to 52 days. Price per square foot also increased by 4.9% to $128/square foot in February 2018 versus the same period in 2017.
In Tega Cay, average home sale prices increased by 0.7% to just under $343,000 versus February 2017, while days on market decreased to 66 days, an 8.3% improvement. Price per square foot in Tega Cay increased by 76.4% to $133/square foot in February 2018.
Closed sales of homes in Fort Mill during February 2018 decreased by 3.7% compared with the same period last year. In Tega Cay, closed sales decreased by 4.4% versus February 2017. Pending sales in February 2018 were also down -- down 8.1% in Fort Mill and down by 11.3% in Tega Cay versus February 2017. To some degree this can be attributed to the lack of new listings coming on the market, especially in Tega Cay.
The median percent of original list price that sellers received for their homes was 97.9% in Fort Mill and 97.3% 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 decreased 1.4% in Fort Mill and decreased 5.6% in Tega Cay in February 2018.
As we enter the spring 2018 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 - February 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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