Print
Real Estate - Residential

2017 Top Stories: No. 5 - Area Home Sales Reach All-time High

By Cece Nunn, posted Dec 15, 2017
Total number of homes sold in the Cape Fear Realtors market area, including New Hanover, Pender and northern Brunswick counties. (Source: Cape Fear Realtors)
By the end of November, the number of homes sold during the year in the Wilmington area had already eclipsed a prerecession level.
 
As of Nov. 30, 9,351 homes had been sold so far this year in the market measured from the N.C. Regional Multiple Listing Service by Cape Fear Realtors. The CFR market region includes New Hanover, Pender and northern Brunswick counties.
 
The next-highest total of that particular CFR statistic came at the end of 2005 – and that was for the full year – when 9,347 homes were sold, according to CFR records that go back to 1996.
 
“Obviously the market has been red hot, and we’ve seen it with the absorption rates. Five to six months’ [worth of] supply is considered a normal market, and in the price ranges that are around $350,000 and lower, the inventory is anywhere from one to three months, which makes it a major seller’s market,” said Lake Slacum, vice president of marketing for Wilmington- based Intracoastal Realty.
 
Tim Milam, president of Coldwell Banker Sea Coast Advantage, said overall economic confidence is boosting the local real estate market.
 
“The stock market’s up, unemployment’s down, interest rates are still low. You start factoring in all those things – the consumer confidence is up, and people are buying,” Milam said.
 
Inventory at most price points has been a concern this year because of the impact a low supply for potential homebuyers could have, Realtors have said. Still, despite the low inventory, particularly in New Hanover County where land is scarce, the activity continues.
 
“We still have a ton of people that want to move to our area,” Milam said.
 
The average sales price in November was up to about $261,000, still below the 2007 high for November of about $273,000.
 
The northeastern U.S. has remained a source of buyers, including many retirees and pre-retirees searching for warmer weather and lower home costs.
 
At the same time, “a lot of our incoming relocation traffic is really from within the state,” including the Raleigh, Charlotte and Triad areas, Slacum said.
 
The subprime mortgage lending that led to the Great Recession from around 2007 to 2010 is now just history, Realtors say.
 
In a report on the Cape Fear region’s third-quarter housing statistics produced for CFR, economist Woody Hall, a retired University of North Carolina Wilmington professor, said, “By most metrics, the local existing single-family real estate market and the market for residential lots remain strong. Although there was not much change between the second and third quarters of 2017 in either sales or prices of both existing single-family homes and residential lots, the third quarter 2017 figures were well above comparable year-earlier levels.”
Ico insights

INSIGHTS

SPONSORS' CONTENT
Jim ellis headshot 10311631058

Five Tips on Balancing Convenience and Privacy

Jim Ellis - Signal
Img 0801

End-of-Year Planning Strategies to Consider

Brett Tushingham - Tushingham Wealth Strategies
Geofflosee300x300 10221511305

Got Flood Insurance? Get That Proof of Loss Form in Quickly!

Geoffrey Losee - Rountree Losee LLP

Trending News

Pender County To Get Another Distribution Firm

Christina Haley O'Neal - Dec 13, 2018

Supplying This Year's Oyster Season

Jessica Maurer - Dec 14, 2018

Why This House Coming To Marsdon Avenue Is Unique

Cece Nunn - Dec 14, 2018

Top Stories No. 7: Vertex Railcar Reaches End Of The Line

Cece Nunn - Dec 14, 2018

Top Stories No. 9: GE Power Split Includes GE Hitachi

Christina Haley O'Neal - Dec 14, 2018

In The Current Issue

Top Stories No. 10: Changes In Local Retail Landscape

2018 Year in Review: Good times and bad times hit Wilmington’s retail scene this year....


Top Stories No. 2: Realtors: Housing Market Still Strong

2018 Year in Review: Out of the gate in 2018, home sale statistics in the Wilmington area – including New Hanover, Brunswick and Pender coun...


Supplying This Year's Oyster Season

Like many oyster farmers in the area, Conor MacNair had to contend with damage from Hurricane Florence as well as customer perceptions about...

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 - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes