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

Internal Auditors Can Serve A Key Role In Tough Times

Robert Burrus - Cameron School of Business - UNC-Wilmington
Carolinemontgomery4

Tax Notices In A Covid-19 World

Caroline Montgomery - Adam Shay CPA, PLLC
Jasonpathfinder3

Understanding Stock Compensation Plans | Part I: Restricted Stock Units

Jason Wheeler - Pathfinder Wealth Consulting

Trending News

Trask Land Plans Two Communities On More Than 500 Acres

Cece Nunn - Sep 17, 2020

Builder Buys Pender County Property For Single-family, Townhouse Neighborhood

Cece Nunn - Sep 18, 2020

PPD Prices Secondary Stock Offering

Christina Haley O'Neal - Sep 17, 2020

After City's Stay Motion Granted, Short-term Rental Owners Await Next Move

Cece Nunn - Sep 18, 2020

Survey Launches To Assess COVID-19 Impacts On Minority Businesses

Christina Haley O'Neal - Sep 17, 2020

In The Current Issue

How To Calculate A Career

Numbers have always held an allure for Tammika Brown, and eventually, they added up to a career for her....


Practice Launches In-office Cataract Surgery

Surgical Eye Care recently expanded its services to offer of­fice-based cataract surgery....


Building A Career Around Home

As a child in the Western North Carolina town of Black Mountain, Annah Norris didn’t really have a place to call home....

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`