April 2018 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region continued the trends we've seen in the first three months of the year and since 2016 with downward pressure on closed and pending sales, as inventory continued to decrease or barely increase and as "affordable" homes are harder to find.
The average sale price of Fort Mill area homes increased by 2.9% to just under $326,000 compared with April 2017, while average days on market for property listings were 51 days. Price per square foot also increased by 4.9% to $129/square foot in April 2018 versus the same period in 2017.
In Tega Cay, average home sale prices decreaased slightly by 1.2% to just over $340,000 versus April 2017, while days on market decreased by 6 days to 63 days, an 18.2% improvement. Price per square foot in Tega Cay increased by 5.6% to $133/square foot in April 2018.
Closed sales of homes in Fort Mill during April 2018 decreased by 9.7% compared with the same period last year. In Tega Cay, closed sales decreased by 5.3% versus April 2017. Pending sales in April 2018 were also down ~ 4.4% in Fort Mill and 7.7% in Tega Cay versus April 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 in Tega Cay and to some degree due to the increasing lack of "affordable homes" priced under $300,000 and especially under $250,000.
The median percent of original list price that sellers received for their homes was 97.9% in Fort Mill and 97.0% in Tega Cay, showing relatively little negotiating room for 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 2.9 months and 3.8 months (down 15.6%), respectively--indicating a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings marginally increased by 3.2% in Fort Mill and decreased by 2.6% in Tega Cay in April 2018.
As we enter the last two months of 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.
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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 residential real estate experts and Fort Mill/Tega Cay specialists.
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