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Real Estate - Residential

Home Sales Fall In New Hanover, Pender In July; Up For Region

By Cece Nunn, posted Aug 11, 2017

July was another record-setting month for home sales in the Wilmington area as a whole, according to Cape Fear Realtors.

The 940 units sold last month, up nearly 8 percent from the same month last year, represent the best July for the number of homes sold in New Hanover, Pender and northern Brunswick counties since 1998, showed CFR statistics released Thursday.

“Growth continues for our housing market across the Cape Fear Region, fueled by the low supply levels of homes and the increasing demand," said Neal Johnson, president of CFR, in a news release.

But Brunswick County's home sales statistics by themselves outpaced those of New Hanover and Pender, rising 19.5 percent in the number of units sold from last July, while New Hanover alone saw a 6.2 percent drop and Pender an 8 percent decline, the release said.

In the entire CFR region, the average price in July was $258,758, nearly 5 percent higher than July 2016's average.

From January to July 2017, the overall numbers "continue to be just as strong when compared to the same period in 2016," the CFR release said.

The year-to-date data showed that the total sold units rose by 17 percent, the average sales price rose by 4 percent, and total sales volume increased nearly 22 percent.

The CFR included a breakdown by county in Thursday's release.

NEW HANOVER COUNTY: The average home sales price in New Hanover only for July 2017 was $293,602 or 9.13 percent higher than July 2016, up 7.4 percent year-to-date (YTD) from 2016. In July 2017, 456 units sold, down 6.2 percent from July 2016 but up 5.6 percent YTD. The monthly supply level of homes in July 2017 has shrunk to 4.22 months.

Homes under $300,000 represent a majority of sales or 66 percent of the total sales.

"This group has a 2.57 months supply of homes, making this a strong Seller’s Market. Homes $300K to $499K represent 24.8% of the sales market and have a 5.99 months supply, making this a Balanced Market," the release said. "Homes $500K to $749K represent 5.48% of the market and have 15.05 months supply. Homes $750K and above represent 3.07% of all sales and have a 12.33 months supply. Both these groups are in a Buyer’s Market."

PENDER COUNTY: The average home sales price for July 2017 rose 8 percent to $274,657, up 8 percent YTD from 2016. In July 2017, 138 units sold, down 8 percent from July 2016. The monthly supply for July 2017 in Pender is 5.4 months.

"Homes under $300K represent 73% of the total sales in Pender County and have a 3.57 months supply, making it a Seller’s Market. Homes $300K to $499K represent 23.2% of the sales market and have an 8.1 months supply, making it a Balanced/Buyer’s Market," the release said.

BRUNSWICK COUNTY:  The average home sales price for July 2017 rose 3.5 percent to $249,711, up 8 percent YTD from 2016. In July 2017, 435 units sold, up 19.5 percent compared to last year, YTD unit sales are up 26.3 percent over last year. The supply level for July 2017 was 6.4 months in Brunswick County.

Homes under $300,000 are 74 percent of the total sales and have a 3.2 months supply, making it a strong seller's market, the CFR release said.

 

Cape Fear Realtors regional statistics, January through July
  2016 2017 % change
Total units sold 5,100 5,964 16.94
Average sales price $246,337 $256,589 4.16
Median sales price $205,296 $216,686 5.55
Average days on market 99 86 -13.65
New listings 7,479 8,063 7.81
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