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Real Estate - Residential

Realtors: Home Sales Dip, But Median Sales Price 'steady'

By Staff Reports, posted Oct 17, 2023
The number of homes sold in September fell about 12% compared to the same month last year, according to a recent report by Cape Fear Realtors.

The report highlighted what it characterized as "a steady median sales price over the course of the past few months" for the Wilmington Metropolitan Statistical area, which now includes New Hanover, Brunswick and Pender counties after Brunswick was added back to the Wilmington MSA this year.

Compared to August 2023, the median sales price in September decreased by 3.4%, falling to $401,000, a 6.2% increase from September 2022's median price of $377,500.

"This stability in the median sales price is a good sign for sellers, indicating that property values have held up well," according to the CFR release. "As we look toward the continued growth of the Wilmington MSA, the key factors that demonstrate this growth are new listings, pending sales and month’s supply of inventory."

The number of new listings in September increased by 9% compared to September 2022, but September 2023 rose to the highest number of new listings for a single month in 2023, the release stated. A year-over-year increase of 13% in pending sales "indicates strong buyer activity as we turn the corner to autumn," CFR officials said in the report.

The month’s supply of inventory increased by about 11%. "This higher supply can provide buyers with more options and potentially reduce competition," the report stated.

Along with the September-to-September decline of 12%, the closed home sales total of 863 also represented a 20% decrease compared to August 2023.

According to the report, "This decrease is one of the factors that contributed to the increase in active listings."

Steve Mitchell, president of Cape Fear Realtors, said September’s sales numbers have shown "encouraging results in the areas of new listings available for purchase and sales under contract versus the same month in the prior year. As there is still less than three months' supply of inventory, the market is still viewed as a seller’s market; however, the average days on market has increased by 19 days, and the median sales price shows a decline versus the last three months of 2023.”
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