Real estate activity in the active adult communities in Indian Land remained strong in 2021. Here is a recap of sales in Sun City Carolina Lakes, Carolina Orchards and The Preserve at Tree Tops.
Homes are selling more quickly
Just as we saw in the overall real estate market in 2021, homes in nearby active adult communities sold in fewer days on the market last year. In Sun City, homes were sold in an average of just 16 days compared to about 3 months in 2020. Homes sold faster in Tree Tops and Carolina Orchards, too – about 2.5 weeks faster than in previous years.
Price Adjustment Was Significant
Tree Tops had the lowest supply with only 60% of homes sold compared to last year. Price adjustment was greatest at 19% most likely because of low inventory.
Sun City sales were just a bit more year over year with price adjustment of 16%. Homes also sold at a full percentage over list price which shows the demand for properties in the community. Tree Tops and Carolina Orchards were not far behind with homes selling over list price as well.
Properties in Carolina Orchards sold at an average of $218 per square foot last year. The price per square foot in the last 90 days of 2021 increased to average of $237.16 and one home has been listed in 2022 at $268.79 per square foot. Carolina Orchards experienced the greatest increase in home sales in 2021 with closed transactions almost doubling those of 2020. No homes have sold in 2022 yet, but three houses have gone under contract; two are still under construction. The community is in its final phase of build out and new construction sales have been the focus. Low supply of readily available homes is one reason the prices may have been driven higher in Carolina Orchards.