Print
Real Estate - Residential

Realtors Spring Into Selling Season With 27 Percent Jump In Homes Sold

By Cece Nunn, posted Apr 11, 2017
The number of homes sold in the Wilmington area jumped by more than 27 percent last month compared to March 2016, according to the latest statistics from the Cape Fear Realtors.

CFR's numbers show 893 homes sold in New Hanover, Pender and northern Brunswick counties in March this year, compared to 700 last year. March 2017's total was the highest ever recorded for March in the CFR statistics, which go back to 1998. The second-highest number of units sold in March, according to CFR records, was 842 in March 2005.

The median sales price also increased in March, by nearly 5 percent, rising from about $205,000 to $215,000, CFR's database says. 

Quarterly comparisons track with the monthly gains -- the number of units sold during the first quarter of this year rose nearly 24 percent -- 1,663 to 2,062, compared to Q1 last year, the CFR statistics show.

Lisa Mathews, a Realtor and broker with RE/MAX Essential in Wilmington, said home sales in the region typically peak between March and June although August and December can also be busy months.

Looking at her own numbers for the year so far, Mathews said, "It's amazing the difference from the first quarter of 2016 compared to 2017. It was quite the difference, and certainly across the board, I'm seeing at least a 25 percent increase and in some areas even more just because of the demand."

She said while retirees and baby boomers have been coming for years, another demographic has increasingly joined the mix.

"I'm seeing more and more young people who are still in the workforce moving here because more and more people are able to live anywhere they want and work from home," Mathews said. "So they're moving here because they want to be on the coast, and they want to raise their children in the South."

Inventory remains tight at certain price points, particularly in the under $300,000 and under $250,000 ranges. The number of new listings in March barely budged from the same month a year ago, up by just 5, according to CFR's statistics. Meanwhile, the days on market (DOM) figure fell nearly 16 percent in a month-to-month comparison.
 
Cape Fear Realtors regional statistics for March
  March 2016 March 2017 % change
Total units sold 700 893 27.6
Avg. sales price $245,357 $255,375 4.1
Median sales price $204,950 $215,000 4.9
Days on market 107 90 -15.9
New listings 1,200 1,205 0.4
Total dollars $171,750,524 $228,050,532 32.8
Ico insights

INSIGHTS

SPONSORS' CONTENT
Cityclub

City Club Membership: Good For Business (And Pleasure)

Jonathan Weiss - City Club of Wilmington, LLC
Corey61

What is the Real Unemployment Rate?

Corey Lewis - Cape Fear Jobs
Jim ellis headshot 10311631058

Facebook Ads: What’s Changing

Jim Ellis - Signal

Trending News

New Firm Chooses Dutch Square Industrial Park Space For Headquarters

Cece Nunn - May 23, 2018

Live Oak Bank Launches Franchise Restaurant Lending Vertical

Jenny Callison - May 23, 2018

COO Of Wilmington Realtors' Group Hired As CEO Of San Antonio Association

Cece Nunn - May 23, 2018

Work To Begin Soon On Permanent Campus For Girls Leadership Academy Of Wilmington

Cece Nunn - May 24, 2018

Marina Grill Launches Riverfront Music Series

Jessica Maurer - May 23, 2018

In The Current Issue

A Ruff Day At The Office: Dogs On The Job

“Having the dog in the office reduces a little bit of stress and brings people together,” said Jennifer Manocchio, president of Sweeney, a p...


Novant Health Facilities Now Carry Naloxone

Novant Health Brunswick Medical Center now carries naloxone, a medication used to temporarily reverse opioid overdose....


Aquesta Bank Earnings Sharply On The Rise

“Our asset quality is good. What we have is a lot of growth,” said Jim Engel, Aquesta’s CEO and president, noting that the bank has seen “tr...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast: The Main Event
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes