June 2017 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region had a solid performance in the last month of the second quarter as compared with the same period one year ago, continuing the trends we saw all year in 2016 and through the first half of 2017 with sales prices increasing, closed and pending sales up and inventory continuing to decrease.
The average sale price of Fort Mill area homes increased by 5.3% to just over $315,000 compared with June 2016, while average days on market for property listings dropped by 4 days to 49 days, a 7.5% improvement over the same period last year. Price per square foot also increased by 6.0% to $124/square foot during June 2017 versus the same period in 2016.
In Tega Cay, average home sale prices were up 2.8% to just under $338,000 versus June 2016, while days on market decreased by 6 days to 67 days. Price per square foot in Tega Cay increased by 4.1% to $127/square foot in June 2017.
Closed sales of homes in Fort Mill during June 2017 improved by double digits by 13.3% compared with the same period last year. In Tega Cay, closed sales also increased by double digits by 11.7% versus June 2016. Pending sales in June 2017 were up as well -- by 9.1% in Fort Mill and up by 6.8% in Tega Cay versus June 2016.
The average percent of original list price that sellers received for their homes was 97.1% in Fort Mill and 96.0% 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 2.6 months (down 18.8%) and 4.2 months (down 17.6%), respectively--indicating a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings increased 3.9% in Fort Mill and by 1.1% in Tega Cay in June 2017.
As we enter the third quarter of 2017, it seems safe to assume that housing inventory in Fort Mill and Tega Cay will remain relatively tight and that homes will continue to sell quickly and close to asking price for the forseeable future.
Fort Mill/Tega Cay, SC Areas Local Market Update - June 2017
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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, your Charlotte metro area real estate consultants.
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