Home sale prices continue to increase, but lack of affordable inventory is putting pressure on both closed and pending sales in the Indian Land area. And for those looking for new construction, average home prices are beginning to push to the $400,000 price point.
The average sale price of Indian Land area (29707 zip code area) homes increased 3.6% to just under $306,000, while average days on market for property listings increased remained flat at 51 days in August compared with the same period last year. Nonetheless, median days on market dropped to 23 days compared with one year ago, a 4.2% improvement.
Price per square foot also increased by 3.3% to an average of $125/square foot during August 2017 versus the same period in 2016. No more "bargains" in Indian Land for home buyers. The days when homes in Indian Land in Lancaster County versus adjacent Fort Mill in York County were much less expensive are essentially gone for good.
Closed sales of homes in Indian Land were down 0.7% versus the same period last year. Meanwhile, pending sales in August 2017 were down 0.6% versus August 2016. Much of this anemic performance can be attributed to the lack of inventory in homes priced under $235,000 where there is less than 1 month of inventory and where the number of homes in this price range available for sale was down 28.6% compared with one year ago.
The average percent of original list price that sellers received for their homes up slightly at 96.7%, showing minimal negotiating room for Indian Land homes.
The Indian Land area's months supply of homes in July 2017 essentially remained flat at 3.2 months versus one year ago--indicating a seller's market in Indian Land, South Carolina. Inventory of resale homes is lower at 2.8 months New listings were up 9.9%, but it's worth pointing out that new listins of affordable homes prices under $235,000 were down 23.5% compared with one year ago... clearly putting pressure on pending and closed sales despite the overall increase in new listings.
It's worth pointing out that the average sale price of a resale home in Indian Land in August 2017 stood at $293,410 (up 5.8% versus August 2016), while the average sale price of a new construction home stood at $380,713 (up 4.5% versus August 2016). No wonder it's so hard to find homes in Indian Land under $250,000 (new or resale). For those looking for new construction, the difference in average price for resale homes versus new homes is almost $88,000. If you're looking for new construction, bargains in Indian Land, South Carolina are virtually non-existent.
Indian Land, SC Area Local Market Update - August 2017
Previous Indian Land, SC Housing Market Updates:
Indian Land, SC Housing Market Update: December 2016
Indian Land, SC Housing Market Update: November 2016
Indian Land, SC Housing Market Update: October 2016
Indian Land, SC Housing Market Update: September 2016
Indian Land, SC Housing Market Update: August 2016
This Charlotte, North Carolina real estate monthly update for Indian Land, South Carolina is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive Realty, your Charlotte metro area real estate consultants.
If you are considering selling or purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:
Originally posted at: http://activerain.com/blogsview/5108529/what-happened-in-the-indian-land--sc-housing-market-in-august-2017-