Fort Mill & Tega Cay, South Carolina Housing Market Update: May 2018
May 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 four months of the year and since 2016 with downward pressure on closed and pending sales, as inventory continued to decrease and as "affordable" homes become increasingly harder to find.
The average sale price of Fort Mill area homes increased by 3.7% to just under $329,000 compared with May 2017, while average days on market for property listings were 51 days. Price per square foot also increased by 4.8% to $130/square foot in May 2018 versus the same period in 2017.
In Tega Cay, average home sale prices increased 2.7% to just over $343,000 versus May 2017, while days on market decreased by 10 days to 64 days, an 13.5% improvement. Price per square foot in Tega Cay increased by 6.3% to $134/square foot in May 2018.
Closed sales of homes in Fort Mill during May 2018 decreased by 8.0% compared with the same period last year. In Tega Cay, closed sales decreased by 11.8% versus May 2017. Pending sales in May 2018 were also down ~ 1.5% in Fort Mill and 8.5% in Tega Cay versus May 2017. To some degree this can be attributed to the decrease in overall inventory and to some degree 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 3.9 months, respectively--indicating a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings increased by 2.7% in Fort Mill and decreased by 8.6% in Tega Cay in May 2018.
As we enter the final month 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.
Previous Fort Mill/Tega Cay, SC Housing Market Updates:
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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