Indian Land, SC Housing Market Update & Video: May 2018
May 2018 homes sales in the Indian Land, South Carolina area (29707 zip code) 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 6.2% to just under $325,000.
Average days on market for property listings were 51. Median days on market were just 22 days in May 2018. It's worth pointing out that average days on market for resale homes were 45, while for new construction they were 60 days, which is what skews that number due to all the new construction sales in Indian Land. Meantime, "affordable" and much in demand homes priced under $235,000 saw only 17 days on market. And days on market for new construction affordable homes stood at 27 days, considerably lower than for new construction homes as a whole.
Price per square foot also increased by 2.4% to an average of $127/square foot during May. The days when homes in Indian Land in Lancaster County versus adjacent Fort Mill in York County were much less expensive are now a thing of the past.
Closed sales of homes in Indian Land were up 13.5% versus the same period last year. Meanwhile, pending sales in May 2018 were up 24.6% versus May 2017. Increases in both pending and closed sales can be attributed to the increases in new listings and inventory as compared with the same period last year.
The median percent of original list price that sellers received for their homes was 98.2%, indicating minimal negotiating room for Indian Land homes.
The Indian Land area's months supply of homes in May 2018 increased 17.8% to 3.4 months versus one year ago -- but with less than four months, still continuing to indicate a seller's market in Indian Land, South Carolina.
New listings were up 21.3%, but it's worth pointing out that new listings of affordable homes priced under $235,000 were down 5.4% compared with one year ago with less than one month of inventory available.
Also worth pointing out is that the average sale price of a resale home in Indian Land in May 2018 stood at just over $308,000 (up 5.8% versus May 2017), while the average sale price of a new construction home stood at $395,732 (up 5.2% versus May 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 just over $87,000. Anyone looking for new construction bargains in Indian Land, South Carolina will be disappointed.
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 residential real estate experts and Indian Land specialists.
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: