Print
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%      
 
Ico insights

INSIGHTS

SPONSORS' CONTENT
Dave sweyer 300 x 300

Have You Done Your Hurricane Homework?

Dave Sweyer - Sweyer Property Management
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

Growing the Spirit of Entrepreneurship

Diane Durance - UNCW Center for Innovation and Entrepreneurship
Natalieenglish 3301715113

Advocacy: The Heart of the Chamber

Natalie English - Wilmington Chamber of Commerce

Trending News

Firm's Expansion Expected To Lead To New CRO Jobs In Wilmington

Cece Nunn - Aug 22, 2019

Brewery Owners Share Economic Impact, Hurdles Of Their Industry In Wilmington

Johanna Cano - Aug 23, 2019

Wilmington Boat Show To Bring Economic Activity, Visitors To The Region

Christina Haley O'Neal - Aug 23, 2019

Potential Remains For Third Office Building At Barclay Center

Cece Nunn - Aug 23, 2019

In The Current Issue

Measuring Coral Health

Researchers at UNCW have developed an instrument that measures the health of coral reefs, a tool that could be useful for other universities...


ILM Passenger Numbers Trending Up

The number of travelers using the growing Wilmington International Airport has soared each month in 2019 compared to the same month the prev...


Info Junkie: Girard Newkirk

CEO & Founder of KWHCoin, Girard Newkirk shares his top tech and informational tools....

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

WILMA's Leadership Accelerator
Power Breakfast - The H Word (June 13, 2019)
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`