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Real Estate - Residential

Seller's Market Continues, According To Cape Fear Realtors

By Staff Reports, posted May 19, 2023

The latest housing report for the region encompassing New Hanover, Brunswick and Pender counties showed drops in the number of homes sold and new listings in April compared to the same month last year.

But the median price jumped 13%, according to the report by Cape Fear Realtors.

“Like March’s results, the tri-county market is still considered a seller’s market and is far from being a balanced market in view of the current month’s supply of residential inventory still being slightly less than two months,” said 2023 CFR President Steve Mitchell in the release. “The fact that pending listings, or homes under contract, increased by 1.5% versus the same month a year ago is encouraging. However, as in March, the continued increases in available inventory versus the same month a year ago bears monitoring but should offer more selection choices for buyers."

According to the report, the number of new listings was 19.48% less than in April 2022, but the inventory of homes available for sale increased by nearly 31%.

And then there were prices.

"The average home sold at almost asking price versus selling at slightly higher than asking price the same month a year ago, reinforcing that properly priced properties still sold at near asking price," the CFR report stated.

Mitchell also said in the release that "average and median sold prices are still experiencing year-on-year double-digit increases, coupled with recent interest rate increases by the Federal Reserve, which may be pricing many potential home buyers out of the market.” 

Compared to March 2023, new listings decreased by 5.5%, pending sales decreased by 3% and closed sales decreased by nearly 9% in the region. Month-over-month, the median sales price remained the same at $390,000.

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