March 2017 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region had a solid performance in the third month of the new year as compared with the same period one year ago, continuing the trends we saw all year in 2016 and in the first two months of the new year with sales prices increasing, closed and pending sales up by double-digits.
The average sale price of Fort Mill area homes increased by 7.7% to just over $314,000 compared with March 2016, while average days on market for property listings dropped by 3 days to 51 days, a 5.6% improvement over the same period last year. Price per square foot also increased by 7.9% to $123/square foot during March 2017 versus the same period in 2016.
In Tega Cay, average home sale prices were up 5.6% to just over $337,000 versus March 2016, while days on market increased by 5 days to 74 days. Because Tega Cay sits on Lake Wylie, this may well be seasonal, as boating season is has not quite begun. Price per square foot in Tega Cay increased by 5.9% to $125/square foot in March 2017.
Closed sales of homes in Fort Mill during March 2017 improved by double digits at 22.0% compared with the same period last year. In Tega Cay, closed sales also increased by double digits at 15.0% versus March 2016. Pending sales in March 2017 were up double digits, as well -- by 22.4% in Fort Mill and up by 21.3% in Tega Cay versus March 2016.
The average percent of original list price that sellers received for their homes was 97.2% in Fort Mill and 96.4% in Tega Cay, showing relatively little negotiating room on 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 2.7 months (down 15.6%) and 4.3 months (down 17.3%), respectively--indicating a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings increased 10.5% in Fort Mill and 13.5% in Tega Cay in March 2017. This will hopefully reduce some of the issues related to thin inventory.
As we finish out the first quarter of 2017 and head into the second, it seems safe to assume that housing inventory in Fort Mill and Tega Cay will remain relatively tight as we enter the spring selling season and that homes will continue to sell quickly and close to asking price for the forseeable future.
Fort Mill & Tega Cay, SC Local Market Update - March 2017
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Previous Fort Mill/Tega Cay, SC Housing Market Updates:
Fort Mill/Tega Cay, SC Housing Market Update: December 2016
Fort Mill/Tega Cay, SC Housing Market Update: November 2016
Fort Mill/Tega Cay, SC Housing Market Update: October 2016
Fort Mill/Tega Cay, SC Housing Market Update: September 2016
Fort Mill/Tega Cay, SC Housing Market Update: August 2016
Fort Mill/Tega Cay, SC Housing Market Update: July 2016
Fort Mill/Tega Cay, SC Housing Market Update: June 2016
Fort Mill/Tega Cay, SC Housing Market Update: May 2016
Fort Mill/Tega Cay, SC Housing Market Update: April 2016
Fort Mill/Tega Cay, SC Housing Market Update: March 2016
This Charlotte, North Carolina real estate monthly update for Fort Mill and Tega Cay is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive Realty, your Charlotte metro area real estate consultants.
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