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Real Estate - Residential

Home Sales Jump 34% In July, Realtors Report

By Cece Nunn, posted Aug 10, 2020
Source: Cape Fear Realtors; N.C. Regional Multiple Listing Service
The number of homes sold in the Cape Fear region jumped by 34% in July compared to the same month last year, despite the ongoing coronavirus pandemic, according to a report released Monday.

That wasn't the only statistic that showed a strong increase over the previous year in the report, compiled from the N.C. Regional Multiple Listing Service for New Hanover, Brunswick and Pender counties.

"In July, showing activity remained substantially higher than last year and multiple offer situations are becoming commonplace," a Cape Fear Realtors news release stated.

Inventory continues to fall, with months' supply plunging 46.5%. But pending sales increased 54.3% over July 2019, and new listings showed a 10% gain over June and an 18% increase over last July.

“With mortgage rates remaining at record-low levels, we’re expecting high buyer demand to remain steady through the late summer and early fall,” said CFR President Tony Harrington in the release.

He said that the coronavirus “has driven the Cape Fear housing market into uncharted territory; however, we are seeing unwavering interest in real estate since the pandemic began.”

Single-family and townhome/condo prices combined rose 7.4% to $268,500, according to the release.

"Properties priced over $450,000 led the way among all housing segments, soaring 51.9% year-over-year," the release stated. "Single-family properties with four or more bedrooms are selling more quickly than last year."
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