Indian Land, SC Real Estate Report & Housing Market Snapshot: April 2020
Latest news on how corona virus affected the Indian Land real estate market in April and what it means for you...
Corona virus restrictions significantly impacted home showings (down 40% compared with April 2019). As a result closed sales, inventory of homes, days on market, months supply of homes were all down and home prices were up. The bright spot was an increase in pending sales despite pandemic restrictions.
Indian Land, SC (29707 zip code) real estate report for April 2020. The Indian Land housing market remains a seller's market with just 2.5 months supply of inventory overall, down 28.6% from 3.5 months in April 2019. Housing inventory was down 15.9% in April, overall, with resale inventory down 19.7%. The months supply of resale homes was 1.9 months in April 2020 compared with 2.3 months in April 2019. New construction saw a decrease of almost 60% in the months supply of homes at 2.4 months in April 2020 compared with 5.8 months the year prior.
Both average and median sale prices increased in April to $350,177 and $325,000, respectively. Average sale prices increased 0.2% year-over-year and median sale prices increased 0.7% year-over-year. Average sale prices also increased month-over-month, while median sale prices were flat month-over-month. New construction prices were about $57,000 higher, on average, than resale home prices, increasing 8.2% year-over-year.
Closed sales decreased in April by 12.2% year-over-year. Pending sales increased 13.0% versus April 2019. With home showings significantly down in April 2020, it's not a surprise that closed sales were down. The increase in pending sales, however, is a good "surprise," given the fact that April 2020 saw just 566 home showings compared with 1,418 in April 2020.
Average days on market dropped to 46 days (down 8 days year-over-year) and were down 3 days month-over-month. Median days on market were 12 days (down 6 days year-over-year) and down 8 days month-over-month.
With home sellers receiving 99.0% of asking price in sale price (up 0.9% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in April.
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Indian Land Housing Market Highlights
April 2020 Versus April 2019
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MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
This Charlotte, North Carolina monthly real estate update for Indian Land, South Carolina is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Charlotte metro area residential real estate experts and Indian Land specialists. We've been opening doors for Indian Land home buyers and sellers for 20+ years.
If you're 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, to exceed your expectations, and to show you how:
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Original blog post can be read at: www.GreatHomesInCharlotte.com