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Real Estate - Residential

Home Sales Continue Breaking Records, May Stats Show

By Cece Nunn, posted Jun 12, 2017

Local home sales statistics broke records again in May, reaching an all-time high in the number of units sold for the month.

In an announcement Monday, Cape Fear Realtors said home sales in the CFR market, which involves CFR members mainly in New Hanover, Pender and Brunswick counties, were up nearly 19 percent, from 814 homes in May 2016 to 968 in May this year. The May 2017 total was the highest recorded for the month since CFR began keeping track in 1998, according to the CFR database. 

The average sale price in May hit a nine-year high of $274,150 last month, 5.6 percent higher than May last year, the CFR release said.   

Year to date, the number of units sold increased by 19.7 percent compared to the same period last year, the average sales price was up 4.4 percent, the total sales volume was up 25.21 percent, and average days on the market dropped 13 percent to 89 days.

The rise in sales also means record-breaking numbers for some local residential real estate firms.

"Right now contracts and sales are way up. We did $49 million in contracts last week," said Tim Milam, president of Coldwell Banker Sea Coast Advantage, on Monday.

He said that contract total was a record high for a single week for the company, which in addition to the tri-county region also operates in Onslow County.

"We typically this time of year would be doing $30 million a week" in contracts, Milam said.

Keeping up with the demand remains an issue, he said.

"Inventory is becoming a challenge," Milam said. "We need some more inventory. That’s been our biggest challenge."

Also on Monday, Cape Fear Realtors released sales figures by county from the N.C. Regional Multiple Listing Service:
 

NEW HANOVER COUNTY:  The average home sales price was $317,241, or 7.5 percent higher than that of May 2016, up 8.7 percent year-to-date. The number of homes sold was up 10.4 percent to 508, from 460 units sold in May 2016, a 9.5 percent increase YTD. "The monthly supply dropped to a 3.99-month supply level from the May 2016 supply of 4.95 months; supply levels have stabilized and increased a little when we compare it to the April 2017 level of 3.65 months. These trends suggest that New Hanover County remains in a strong seller’s market," according to the CFR release.

PENDER COUNTY:  The average home sales price was $273,994, or 7.5 percent higher than that in May 2016, up more than 5.1 percent YTD. The number of units sold was flat compared to May 2016. "The monthly supply level dropped 23.6 percent to a 5.2 month supply from the May 2016 supply level of 6.9 months; supply levels are still decreasing when compared to the April 2017 level of 5.5 month supply. These trends suggest that Pender County is on the edge of a balanced market that is moving into a seller’s market," the release said.

BRUNSWICK COUNTY: The average home sales price was $287,343, or 13.5 percent higher than in May 2016, up 9.2 percent YTD. The number of units sold was up 23.5 percent, from 345 to 426, compared to last May. That's an increase of more than 26 percent YTD. "The month supply dropped 22.3 percent to 7.2 months, down from the May 2016 supply of 9.3 months; supply levels have stabilized when compared to the April 2017 level of 7.3 month supply. These trends suggest that Brunswick County is in a balanced real estate market with a good supply of homes," according to the release.

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