Wilmington-area house sale costs fueled by tight stock


Rate this post

House gross sales within the Wilmington, N.C., space completed the summer season robust and regular, in keeping with August figures from the Cape Concern Realtors.

And whereas September’s numbers are skewed as a result of final September’s Hurricane Florence, which principally shut down the native housing marketplace for weeks, officers anticipate gross sales figures to remain strong for the remainder of 2019.

Sherry Pridgen, president of the native Realtors group, mentioned she was “very optimistic” that the market ought to keep bullish via the remainder of 2019 and into 2020, particularly as a result of low rates of interest, which might presumably even drop extra if President Trump has his want, and shopper confidence nonetheless robust.

“You mix these two and that is only a win-win scenario for everybody,” she mentioned.

In August, house gross sales within the Wilmington space’s three counties — New Hanover, Brunswick and Pender counties — had been up practically 4% over August 2018’s ranges.

In New Hanover County, it was 6%, and the typical sale worth additionally surged 7.4% to $315,667.

Pender County noticed the largest worth leap, with the typical sale worth rising 12.3% to $306,194.

The Brunswick housing market in August was up barely in comparison with August 2018, with gross sales up 1% and costs up 3.4%, in keeping with the affiliation’s figures.

One issue that is driving house costs upward is a scarcity of provide. In New Hanover, the month-to-month provide in August fell 20% from August 2018. That additionally might have contributed to houses promoting sooner, with the median days on market dropping three days to 17 days in August.

Wilmington, N.C.

Adobe Inventory

Pridgen, a Realtor with Coastwalk Actual Property in Carolina Seashore, mentioned that lack of stock is sweet information for sellers.

“Lots of people assume the spring market is the one time to promote, however the fall/winter markets are additionally excellent for sellers as a result of lots of people are nonetheless prepared to maneuver, prepared to purchase, particularly in the event that they’re retired or coming from up North.”

That sentiment was echoed by Cynthia Walsh, chief govt officer of the Brunswick County Affiliation of Realtors.

“Costs are up, the stock stays tight, and houses are promoting at a very good clip, all pointing to a aggressive sellers’ market as fall approaches,” she mentioned in a press launch about August’s gross sales numbers.

Properties beneath $300,000 are particularly sizzling proper now.

“These simply fly off the charts as quickly as they arrive up,” Pridgen mentioned, noting the impression rising land costs — particularly in New Hanover County — is impacting that section of the market.

That tight property market can also be mirrored in Wilmington’s condominium market, the place rents had been up 5.6% in September in comparison with September 2018. That compares to a 2.7% improve for North Carolina and a 1.4% improve nationally, in keeping with Residence Record.

Whereas Hurricane Florence clearly performed a job within the worth spike, rising demand from of us who both do not wish to purchase or are delaying a house buy additionally has helped gas that market.

12 months-over-year, house gross sales within the Cape Concern area via August had been roughly on tempo with 2018’s numbers. Whereas the variety of gross sales had been down 3%, costs had been up 5.2% and the median days on market was down eight days.

For the remainder of the 12 months, officers expect a robust displaying, particularly because the market shakes off any lingering hangover from Florence and August’s Hurricane Dorian.

“We’re in an important place in comparison with final 12 months,” Pridgen mentioned.

Tribune Content material Company