July 2017 homes sales in the Indian Land, South Carolina area of the Charlotte metro region continued the trends we saw throughout 2016 and the first half of 2017. 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 5.8% to just over $308,000, while average days on market for property listings increased by 1 days to 51 days in July compared with the same period last year. Nonetheless, median days on market dropped by 2 days to 22 days compared with one year ago, an 8.3% improvement.
Price per square foot also increased by 4.2% to an average of $125/square foot during July 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 2.6% versus the same period last year. Meanwhile, pending sales in July 2017 were up 1.1% versus July 2016. Much of this anemic performance can be attributed to the lack of inventory in homes priced under $235,000 where there is only 1 month of inventory. The average percent of original list price that sellers received for their homes up slightly at 96.1%, showing minimal negotiating room for Indian Land homes.
The Indian Land area's months supply of homes in July 2017 remained flat at 3.1 months versus one year ago--indicating a seller's market in Indian Land, South Carolina. Inventory of resale homes is lower at 2.7 months New listings down 3.6%, putting pressure on pending and closed sales. For resale homes priced under $235,000 we see only 1 month of inventory available, down 16.7% compared with last year.
It's worth pointing out that the average sale price of a resale home in Indian Land in July 2017 stood at $295,626 (up 8.3% versus July 2016), while the average sale price of a new construction home stood at $393,581 (up 5.5% versus July 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, you won't find bargains in Indian Land, South Carolina.
Indian Land, SC Area Local Market Update - July 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
Indian Land,SC Housing Market Update: July 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.
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