Real Estate - Residential

Home Sales In April Slumped 12% In Wilmington Area; Decline Blamed On Inventory

By Cece Nunn, posted May 22, 2019
Home sales in the region that includes New Hanover, Brunswick and Pender counties declined by 12% in April, according to the latest statistics from Cape Fear Realtors.

While more than 1,000 homes sold in April last year, 955 sold during the same month this year. Officials attributed the decrease to a lack of inventory, with year-to-date (YTD) sales also sliding 8%, a news release stated.

But CFR officials said other indicators are showing a thriving market in the organization's report, compiled from N.C. Regional Multiple Listing Service data.

"Demand across the three-county area is the strongest we have seen in 13 years, with homes selling after 22 days on market," according to the release. "The lower-end market (homes under $349,999) continues to remain the hottest sector, selling in only 18 days on market."

The average sales price in April for the tri-county region rose to its highest level since 2006, up 7 percent over last year to $308,851; year to date (YTD) the average sales price increased 6% over last year, the release stated.   

The release also broke the sales statistics down by county:

"In New Hanover County, the average home sales price for April 2019 rose to $331,271 or 6% higher than April 2018; YTD the average price increased 8.8% over last year.  In April, closed sales were 472 units sold, down 6% compared to April last year; YTD closed sales dropped to 1,519, down 5% over last year. The monthly supply level fell 24.3% to a low 2.8 months’ supply from the April 2018 supply of 3.7 months.  Median Days on Market in April 2019 dropped 2 days to only 16 days from April 2018.  
"In Pender County, the average home sales price for April 2019 rose to $267,059 or 1% higher than April 2018; YTD the average home price of $265,126 increased 2% over last year. Closed sales dropped 22% to 106 homes sold in April 2019 when compared to April 2018; YTD homes sales are 357 or down 11% over last year. The monthly supply level dropped 11% to a low 3.9 months’ supply from the April 2018 supply of 4.4 months. Median Cumulative Days on Market in April 2019 fell 16 days to 23 days from April 2018. 
"In Brunswick County closed sales units in April 2019 dropped 16% to 377 units sold when compared to April 2018; YTD sales are down 10% from last year. The average home sales price for April 2019 increased 9% to $292,533 than that in March 2018; YTD average price increased 2% to $278,047 over last year. The monthly supply level stayed level at 5.3 months’ supply from the April 2018 supply.  Median Days on Market in April 2019 decreased 16 days to 35 days from April 2018."

Tri-county Apr 18 Apr 19 % Change Jan 18 - Apr 18 Jan 19 - Apr 19 % Change
Closed Sales  1,086 955 -12.1% 3,454 3,194 -7.5%
Pending Sales 1,192 1,218 2.2% 4,216 4,200 -0.4%
Median Days on Market 26 22 - 4 Days 38 30 - 8 Days
Average Sales Price $289,392 $308,851 6.7% $283,777 $300,088 5.7%
Monthly Supply 4.4 4 -9.1%      
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