Print
Real Estate - Residential

2016 Top Stories: No. 5 - Some Home Sale Numbers Grew In 2016

By Cece Nunn, posted Dec 16, 2016
Source: Wilmington Regional Association of Realtors
In some price points, homebuyers faced fierce competition to own a piece of the Cape Fear region.

Realtors and sellers noticed a proliferation of multiple offers in some cases, especially the farther below $350,000 the price fell.

From January through October, the number of homes sold in New Hanover, Pender and northern Brunswick counties had jumped by 17 percent over the same period in 2015, according to Wilmington Regional Association of Realtors’ latest available statistics. A total of 7,412 units sold from January to October, the highest since 2006.

Total dollars were up by nearly the same percentage as units compared to last year, an increase of about $265 million, the data showed.

“We’re doing better in units and total dollars and the median price, but not the average price,” said Don Harris, president of WRAR and a broker with the Keith Beatty Team of Intracoastal Realty. “It’s been a year of recovery, I think, but not without its challenges of smaller inventories.”

Harris said the region had “multiple offers and many houses on the market for only a few days in that under-$350,000 price range.”

November and December statistics were due out after press time, but December is usually a little slower because of the holidays, Harris said.

The area has had a large supply of luxury homes, mainly in the $1 million- and-up category, and Realtors worked this year to close the gap.

A report on November luxury home sales, compiled from N.C. Regional MLS statistics by Just For Buyers Realty, showed better- than-average sales in New Hanover and Pender counties.

“The average number of luxury homes to sell in November over the past 10 years has been 4.4 in New Hanover County. This November, New Hanover recorded six sales,” the report said.

As a whole, though, Brunswick County’s residential real estate market continued to grow somewhat in 2016, according to Brunswick County Association of Realtors statistics.

“Brunswick County’s real estate market remains strong and steady,” said BCAR CEO Cynthia Walsh in a November news release. “Our sales prices and units sold are showing steady growth while inventory is selling faster than last year.”

From January through October, the number of units sold was less than 1 percent more than the number sold during the same period last year, from 3,075 to 3,097, according to BCAR statistics. But the median sales price, considered by Realtors to be a more important indicator, was more than 2 percent higher through October, from $205,000 to $209,500.
 
Ico insights

INSIGHTS

SPONSORS' CONTENT
Untitleddesign4

Paving the Way to Better City Streets

Tony Caudle - City of Wilmington
Mcwhorter 0005

The Coastal Corridor is Helping Wilmington Startups With Connected Devices for Life Sciences Industry

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship
Pfinder john zachary

What You Need to Know About SECURE 2.0 and Its Effect on Individual Retirement Accounts

John B Zachary - Pathfinder Wealth Consulting

Trending News

City Club, Event Center On The Market For $7.5 Million

Emma Dill - Apr 16, 2024

Wilmington Tech Company Tapped For Federal Forestry Contract

Audrey Elsberry - Apr 15, 2024

Commercial Real Estate Firm Promotes Adams, Mitchell To Vice President Roles

Staff Reports - Apr 16, 2024

New Hanover Industrial Park To Get $3.3M In Incentives For Expansion, New Jobs

Emma Dill - Apr 15, 2024

Gravette Named Executive Director Of Nir Family YMCA

Staff Reports - Apr 16, 2024

In The Current Issue

Area Attorneys Chosen For 2024 Legal Elite List

For the Business Journal's annual Law Issue, read about area attorney's who made this year's Legal Elite list....


Harjo Leads Indigent Defense

Since Jennifer Harjo opened New Hanover County’s Public Defender’s Office in 2008, she has strived to ensure her clients receive their Const...


Banking On West Bank’s Future

After more than two years of debate, New Hanover County leaders are working to establish the guard rails that will guide any future developm...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season