February 2017 homes sales in the Indian Land, South Carolina area of the Charlotte metro region experienced another excellent month, continuing the strong market we saw throughout 2016 and in the first month of the new year. Home sale prices were up, closed and pending sales were up, days on market were down, as was the supply of homes for sale.
The average sale price of Indian Land area (29707 zip code area) homes increased 5.8% to just under $298,000, while average days on market for property listings dropped by 7 days to 48 days in February, a 12.7% improvement over the same period last year. Median days on market also dropped by 9 days to 21 days compared with one year ago, a 30% improvement.
Price per square foot also increased by 5.1% to an average of $123/square foot during February 2017 versus the same period in 2016. Home buyers can no longer expect to find "bargains" in Indian Land, as 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 up double digits by 12.0% versus the same period last year. Meanwhile, pending sales in February 2017 were also up by 4.2% versus February 2016. The average percent of original list price that sellers received for their homes up slightly at 97.0%, showing minimal negotiating room for Indian Land homes.
The Indian Land area's months supply of homes in February decreased 9.1% to 3.0 months versus one year ago--indicating a seller's market in Indian Land, South Carolina. New listings were only 4.2%, which will minimally relieve some of the pressure of inventory shortage in Indian Land, especially in the under $250,000 price point. It's worth pointing out that the average price of a resale home in Indian Land in February 2017 stood at $281,199 (up 6.3% versus February 2016), while the average price of a new construction home stood at $366,015 (up 5.6% versus February 2016). No wonder it's so hard to find homes in Indian Land under $250,000 and for those looking for new construction, the difference in average price for resale versus new homes is just under $85,000. If you're looking for new construction, you won't find bargains in Indian Land.
Indian Land Area Local Market Update - February 2017
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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
Indian Land, SC Housing Market Update: May 2016
Indian Land, SC Housing Market Update: April 2016
Indian Land, SC Housing Market Update: March 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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