Print
Real Estate - Residential

Home Sales Decline 17% In September

By Staff Reports, posted Oct 11, 2021
The latest Cape Fear Realtors statistics show a decline in home sales and an increase in the median sales price. (Courtesy of CFR)
The number of home sales in the tri-county area declined last month, according to a report by Cape Fear Realtors.

The number of units sold fell about 17% compared to September 2020, and pending home sales dropped by 12%, the report stated. September is typically a slower month for home sales in the region, Realtors say.

Inventory levels plummeted by 48% in New Hanover, Brunswick and Pender counties, according to the CFR report. Homes that did come on the market sold a lot faster than last September, with days on market (DOM) dropping from 69 to 40 days.

“We continue to see lower listing inventory in comparison to demand, with nearly every home going under contract as soon as it hits the market,” said Tom Gale, 2021 CFR president, in the report. “As long as this trend continues, there will be upward pressure on pricing.”

The overall median sales price increased by 14% to $315,000 in the tri-county region while the median national sales price grew by 8.6% to $380,000, according to the report.

Local and national housing trends are impacting first-time homebuyers, numbers show.

"According to the National Association of Realtors, the number of first-time homebuyers declined to 29%, the lowest level in years, as bidding wars, cash buyer competition and lack of affordable housing have significantly impacted homebuyers," the CFR report stated.
 
Ico insights

INSIGHTS

SPONSORS' CONTENT
Junegunter teachinghorse headshot 5721115557

What Is Next?

June Gunter - TeachingHorse
Burrus rob headshot 300x300

An International Residency Goes Virtual

Robert Burrus - Cameron School of Business - UNC-Wilmington
Capefearrealtors tomgale headshot

How REALTORS® Can Help With Home Safety Issues

Tom Gale - Cape Fear REALTORS®

In The Current Issue

Health Care Heroes: Volunteer

This category honors volunteers at a health care provider or other health-related organization who are considered exemplary by people within...


Health Care Heroes: Health Care Executive

The Health Care Executive category honors an individual whose job performance is considered exemplary by people within their organizations,...


Health Care Heroes: Physician

This category honors a physician whose performance is considered exemplary by patients, peers and other health care providers....

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100