Tega Cay, South Carolina Real Estate Report/Housing Market
At A Glance: April 2020
Latest news on how corona virus affected the Tega Cay real estate market in April and what it means for you...
Tega Cay, South Carolina housing market was definitely impacted by corona virus stay-at-home restrictions as evidenced by key indicators such as lower months supply of homes, less housing inventory, fewer new listings, lower days on market, 45% fewer home showings, and lower closed and pending sales in April 2020 compared with April 2019.
Tega Cay's months of housing inventory was 3.1 months, down 22.5% year-over-year from 4 months in April 2019; housing inventory was down 11.5% year-over-year and new listings were down 10.2% year-over-year.
Pending sales decreased 20.5% in Tega Cay in April 2020 compared with one year ago. Tega Cay's closed sales decreased 30.3% year-over-year. Home showings were down substantially (45%) in April 2020 compared with the same month one year ago. There were 385 home showings in Tega Cay in April 2020 versus 845 showings in April 2019.
On average, homes sold in 32 days, down 49 days compared with the same month one year ago and down 18 days from the month of March 2020. Median days on market were 7, down 24 days year-over-year and down 8 days month-over-month.
Average price of sold homes decreased 6.1% to $376,081, while the median sale price decreased 3.7% to $390,000 versus the same month one year ago (median price is up month-over-month, however). Price per square foot was $141, up $1/square foot year-over-year. As homes in Tega Cay sell in a very broad range of price points, the drop in home prices in April should not immediately be assumed to be a diminution of home values in Tega Cay. More likely, it's reflective of the price mix of homes sold in the month of April 2020, especially considering that median home sale prices increased month-over-month.
Sellers received 99.4% of listing price in final sale price (up 1.5% year-over-year), showing minimal opportunity for Tega Cay home buyers to negotiate.
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TEGA CAY HOUSING MARKET HIGHLIGHTS:
APRIL 2020 VERSUS APRIL 2019
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MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
Tega Cay on Lake Wylie is All About Location, Location, Location and Lifestyle, Lifestyle, Lifestyle!
This Charlotte, North Carolina real estate monthly update for Tega Cay, SC is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Charlotte metro area residential real estate experts and Tega Cay specialists. We've been opening doors for Tega Cay home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in the Tega Cay area or anywhere in the Charlotte metro region, 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