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Real Estate - Residential

Home Sales Jump 15 Percent In June

By Vicky Janowski, posted Jul 11, 2016
Editor's note: WRAR on Friday revised its numbers for June home sales information released earlier in the week. This version corrects the average sales price for January through June 2016.

The summer continues to show gains for Wilmington-area home sales.
 
The number of homes sold in New Hanover, Pender and northern Brunswick counties in June increased by 15 percent over a year ago, the Wilmington Regional Association of Realtors reported Monday.
 
That follows a 21 percent jump in year-over-year sales in May, according to updated numbers.
 
With 934 units sold in June, WRAR’s statistics showed, last month was the strongest June for the area in more than a decade when about 1,000 homes sold in June 2005.
 
The first half of 2016 marks a continued rebound in the local housing market.

“Looking at historical statistics from Jan-Jun 2015 vs Jan-Jun 2016, the Wilmington real estate market can only be considered as very robust. We are seeing an increase of almost 19% in total units sold,” WRAR President Don Harris said in a news release.
 
Total sales dollars and the averages sales price also are up so far this year over last, while at the same time the average number of days a house is staying on the market has dropped.
 
“It is a Seller’s Market in home prices $300k and below, with many sellers receiving multiple offers and higher than asking price,” Harris said in the release.
 
One reason, he pointed out, was low mortgage rates.
 
Rates fell again Monday, with the average on 30-year fixed mortgages at 3.44 percent.
 
  Jan-June 2015 Jan-June 2016 % Change
Total Units Sold 3,551 4,215   18.7 %
Avg. Sales Price $246,041 $246,458  .17 %
Median Sales Price $197,775 $203,917    3.1 %
Days on Market 119 103 -13.1 %
New Listings 6,058 6,233    2.9 %
Source: WRAR
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