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Real Estate - Residential

Regional Home Sales Hit More Highs In September

By Cece Nunn, posted Oct 10, 2017
Home sales in the tri-county region were up again in September to an all-time high for the month, and homebuyers have been choosing pricier properties, according to the latest numbers from Cape Fear Realtors.

Market-wide, which includes New Hanover, Pender and northern Brunswick counties, 817 units sold in September, a nearly 14 percent increase over the total during the same month last year. 

“Robust home sales helped us climbed to new highs in September. This is the ninth consecutive month we have posted historic monthly sales and continue to see strong monthly numbers across all our key metrics," said Neal Johnson, president of Cape Fear Realtors, in a news release Tuesday. "We are seeing a trend of buyers purchasing more expensive homes this year compared to last year.”

For New Hanover County alone, the number of homes sold in September dropped a negligible amount -- .2 percent -- but rose by nearly 4 percent in a year-to-date comparison, the CFR numbers showed. The monthly supply of homes in New Hanover last month fell to 3.8 months.

For the whole CFR market, the average home sales price in September was $276,289, or about 1 percent higher than September 2016.

"From January to SEPT 2017 (YTD) numbers continue to be just as impressive when compared to the same period in 2016. Total sold units rose 13.79%; average sales price rose 4.18%, and total sales volume increased 18.44%," the CFR release stated. 

CFR also broke the numbers down by county for September this year compared to the same month last year:
 
NEW HANOVER COUNTY: The average home sale price for September was $319,320 or 19.65 percent higher than in August last year, up 9.5 percent YTD from 2016.
  • Homes under $300,000 represented 63 percent of the total sales. September sales in this price range were down 10 percent compared to last year and have a 2.7-month supply.
  • Homes $300,000-$499,000 represented 28 percent of the sales market. Sales were up 14 percent from September 2016, and have a 4.5-month supply.
  • Homes $500,000 to $749,000 represent 6 percent of the market. Sales were up 19 percent from September 2016 and have an 8.7-month supply.
  • Homes $750K+ represent 3 percent of all sales. Sales were up 29 percent from September 2016 and have an 18-month supply. 

PENDER COUNTY: The average home sale price was $266,175 or 6.19 percent higher, up 8.26 percent YTD from 2016. There were 98 units sold, down 10.9 percent. The monthly supply of homes declined to 4.8 months.
  • Homes under $300,000 represent a majority of sales or 69 percent of the total sales. Sales were down 10 percent. This group has a 4.5-month supply of homes.
  • Homes $300,000-$499,000 represent 22 percent of the sales market. Sales were down 41 percent for September 2016 and have a 9-month supply.
  • Homes $500,000-$749,000 represent 7 percent of the market. Sales were up 43 percent, and this range has a 10.1-month supply.
  • Homes $750,000 represent 1 percent of all sales. Sales were flat in this category, which has a 27-month supply. 

BRUNSWICK COUNTY: The average home sales price was $269,477 or 6.67 percent higher than it was in September 2016; this is up 7.44 percent YTD from 2016 YTD. There were 404 units sold in September 2017, this is up 16 percent from September 2016 and up 25.9 percent YTD. The monthly supply of homes in September 2017 has declined at 5.4 months.
  • Homes under $300,000 represent 70 percent of the total sales. September sales in this category were up 11 percent compared to the same month last year and the category has a 3.9-month supply of homes.
  • Homes $300,000-$499,000 represent 22 percent of the sales market. Sales were up 19 percent and have a 6.9-month supply.
  • Homes $500,000-$749,000 represent 5 percent of the market. Sales were up 33 percent and have a 14.2-month supply.
  • Homes $750,000 represent 2 percent of all sales. Sales were up 11 percent and have a 21-month supply.​
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