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Real Estate - Residential

Home Sales Rise By More Than 30 Percent In October

By Cece Nunn, posted Nov 13, 2017
The number of home sales jumped more than 30 percent in October in the Cape Fear region, according to the latest statistics from Cape Fear Realtors.

The Realtor association's October report showed that 886 homes sold last month, compared to 665 in October 2016, a 33 percent spike. It was the highest number of homes sold, in an area that includes New Hanover, Pender and northern Brunswick counties, during October since CFR began keeping track in 1998. 

“October became the tenth month this year to post an increase in home sales across the Cape Fear Region," a feat that was "fueled by the increasing demand and combined with the low supply levels of available homes," said Neal Johnson, president of CFR, in a news release.  

The sales volume year-over-year for the month of October grew by more than 40 percent, increasing from nearly $168 million to almost $236 million.

CFR also reported that the days on market number for October dwindled to 77, down from 88 in October 2016, a 12.5 percent decrease.

The average sales price last month was $266,325 compared to $252,379 during the same month last year. The median sales price difference year-over-year was negligible, increasing from $215,000 in October 2016 to $216,304 this year.

New listings grew by 17 percent, from 798 to 936.

In New Hanover County alone, the average home sales price for October was $313,428 or 8 percent higher than the dame month last year, according to the release.

"This is up 9.46% YTD from 2016. There were 444 units sold in Oct 2017; this is up 20% from Oct 2016 and up 5.2% YTD. The monthly supply of homes in Sept 2017 has decreased to 4 months or down 18.8% from Oct 2016. Median Days on Market (DOM) was 31 days, down 2 days or 6% from a year ago," according to the New Hanover County portion of the release.

Homes under $300,000 represented majority, or 64 percent, of the total sales.

Editor's Note: This story has been updated from the original version with more detail from the CFR statistics for October.
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