Print
Real Estate - Residential

Realtors Describe Thriving Market, Concerns For Future

By Cece Nunn, posted Jul 13, 2018
Realtors described current market conditions and future expectations during the Broker Breakfast Roundtable, presented by the Wilmington-Cape Fear Home Builders Association's Sales & Marketing Council. (Photo by Cece Nunn)
The home sales industry in Wilmington is thriving and expected to continue to grow in the near future, but challenges include rising building costs and a dwindling inventory of homes in the price points buyers want the most, Realtors said during a panel discussion Thursday.

In some cases outside the area, homebuilders are merging, said Audie Barefoot, president and CEO of Fonville Morisey Barefoot, a new home sales and marketing agency. Barefoot was speaking Thursday morning during the Wilmington-Cape Fear Home Builders Association's Broker Breakfast Roundtable, presented by the HBA's Cape Fear Sales & Marketing Council. 

Barefoot, speaking during the event at The Terraces on Sir Tyler, cited the merger of CalAtlantic and Lennar, which he said will be building 1,200 new homes in the Triangle. 

"One reason they're merging is to obviously capture market share," he said. "The other reason is that the price of lots are getting high, here as well. . . . they're seeing their profit margins are getting squeezed. So I think you'll continue to see some consolidation in the market."

In the Cape Fear region, homes under $250,000 are in scarce supply.

"We've got some areas of the market in zip codes and neighborhoods and price points where we've got less than two months, less than three months of inventory. And that's a very low amount of inventory," said Ladd Gasparovic, operating principal of the Wilmington-based Keller Williams office.

Prices continue to rise in some parts of the region. In New Hanover County, for example, the median sale price of homes increased 15 percent in June to $293,000 compared to $255,000 in June last year, according to statistics released Thursday by Cape Fear Realtors.

Brad Hunter of Coldwell Banker Sea Coast Advantage said surrounding counties, including Pender, Brunswick and Onslow, are seeing more growth because of the affordability of those areas.

"It's pushing to these other markets," Hunter said.

Commercial real estate is also feeling some of the same effects as residential, said another speaker, Don Harley of Coldwell Banker Commercial Sun Coast Partners.
 
"We're seeing low inventories pretty much across the board -- office, industrial, retail," Harley said.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Burrus rob headshot 300x300

Six Things Wilmington Professionals Should Know

Robert Burrus - Cameron School of Business - UNC-Wilmington
Dallas headshot 300x300

What’s So Important About Planning?

Dallas Romanowski - Cornerstone Business Advisors
20180514 104209 51418120638

What is SOLA?

Steve Adams - School of Learning Arts

Trending News

NHRMC Launches Innovation Center At TekMountain

Christina Haley O'Neal - Aug 13, 2018

RiverLights Submits Plans For Additional Homes

Christina Haley O'Neal - Aug 14, 2018

Three People Join Live Oak Bank’s SBA Lending Team

Christina Haley O'Neal - Aug 14, 2018

Wilmington Eye Merges With Coastal Carolina Eye Clinic

Johanna Cano - Aug 14, 2018

Friends Of Fort Fisher Announces New Executive Director

Christina Haley O'Neal - Aug 14, 2018

In The Current Issue

Hitting The Right Note On Music Careers

For those in music, hitting the road full time can take a mix of talent and business know how....


Report: Most Affordable Beach Housing

Brunswick County’s most populated beach town is also the most affordable, home sale statistics show....


Low Impact Building With High Rewards

Pam Fasse, president and licensed general contractor for Fasse bldgs., says that she always gravitated toward project management and design...

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