June 2017 homes sales in the Indian Land, South Carolina area of the Charlotte metro region continued the strong market we saw throughout 2016 and in 2017 to-date. Home sale prices were up, days on market were down, as was the supply of homes for sale. Lack of affordable inventory is putting pressure on both closed and pending sales in the Indian Land area.
The average sale price of Indian Land area (29707 zip code area) homes increased 5.2% to just over $305,000, while average days on market for property listings dropped by 1 days to 50 days in June, a 2.0% improvement over the same period last year. Median days on market also dropped by 4 days to 22 days compared with one year ago, a 15.4% improvement.
Price per square foot also increased by 4.2% to an average of $125/square foot during June 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 and clearly gone for good.
Closed sales of homes in Indian Land were down 3.0% versus the same period last year. Meanwhile, pending sales in June 2017 were down 3.5% versus June 2016, more than likely due to the lack of inventory, especially in resale homes, whose average sale price increases month after month. The average percent of original list price that sellers received for their homes up slightly at 96.9%, showing minimal negotiating room for Indian Land homes.
The Indian Land area's months supply of homes in June 2017 decreased 3.1% to 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 were up minimally by 1.9%, putting pressure on pending and closed sales. It's worth pointing out that the average sale price of a resale home in Indian Land in June 2017 stood at $293,400 (up 7.9% versus June 2016), while the average sale price of a new construction home stood at $373,445(up 3.1% versus June 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 just over $80,000. If you're looking for new construction, you won't find bargains in Indian Land, South Carolina.
Indian Land, SC Area Local Market Update - June 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
Indian Land, SC Housing Market Update: June 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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