Print
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."
Ico insights

INSIGHTS

SPONSORS' CONTENT
Dallas headshot 300x300

Find Your Best Path To The Future

Dallas Romanowski - Cornerstone Business Advisors
Carolinemontgomery4

Tax Notices In A Covid-19 World

Caroline Montgomery - Adam Shay CPA, PLLC
Frankjolly liveoakprivatewealth

Roaring Market, Rocky Economy

Frank Jolley - Live Oak Private Wealth

Trending News

Cape Fear Sports Medicine Joining EmergeOrtho

Staff Reports - Sep 25, 2020

South College Road Property For Sale After Honda Dealership's Move

Cece Nunn - Sep 24, 2020

NHC Commissioners Look To Vote Oct. 5 On Hospital Sale

Vicky Janowski - Sep 25, 2020

Third ReStore In New Hanover County Helps Expand Habitat Capabilities

Jenny Callison - Sep 24, 2020

State's $40M Relief Program Could Help Local Businesses

Christina Haley O'Neal - Sep 24, 2020

In The Current Issue

Attractions Get Phase 2.5 Boost

Local museums were finally able to reopen after nearly six months of closure as a result of COVID-19 restrictions. The news couldn’t come so...


Connecting The Business Community Amid The Shutdowns

This year's WilmingtonBiz Conference & Expo is a little different, but still aims to help the area's business community make vital one-on-on...


Info Junkie: Michealle Gady

Michealle Gady, founder, president and CEO of Atrómitos, an SBA-certified woman-owned management consulting business, shares her tech and in...

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`