Housing Market Report - November 2017

As with most other cities across the country, Wilmington and the surrounding area is dealing with low inventory, high November 2017 Housing Market Report - Wilmington NCdemand and steady interest rates. Good news for 2018 at least initially points toward more home construction and an increase in building permits.

The new tax legislation will have a major impact on the housing market.  The National Association of Realtors has stated that doing away with the mortgage interest deduction will negatively impact housing ownership, as the double standard deduction will decrease mortgage demand. “Homeowners in all 50 states would be double-taxed on the money they pay for state and local taxes." The White House has stated that the bill could boost home ownership by lowering home prices by less than 4% in some cases.

New listings are up 4% from 2016. Closed sales are up 11% as well.

The days on market until a sale is down 13.4% (100 days in 2016 to the current 87 days until sale in 2017).

Median sales price is up 7% and is now at $215000 for the Cape Fear Area.

Foreclosure - Lender Mediated Report

While traditional closed sales are up 6.5% from 2016, foreclosure sales are down 23% (a drop from 43 foreclosure sales in 2016 to 33 total in 2017). That drop is spread evenly among all property types (single-family, condos/townhomes). as could be expected, with lower inventory, days on the market has decresed from 100 in 2016 to 57 in 2017.

Quick Facts

+31% | Price Range with the Strongest Sales | $450,001 or More

+41% | Bedroom Count with Strongest Sales | 1 Bedroom or Fewer

+21% | Property Type with Strongest Sales | Condo/Townhome

+5% | Year Over Year Change in Closed Sales

+8% | Year Over Year Change in Median Sales Price

-13% | Year Over Year Change in Homes for Sale

 

New Listings

Number of properties that are newly listed in a given month

November 2017 New Listings in New Hanover, Brunswick, Pender Counties - Wilmington NC

 

Closed Sales

The number of actual sales in a given month

November 2017 - Closed Sales in New Hanover, Brunswick, Pender Counties - Wilmington NC

 

Days on Market Until Sale

How long a home for sale has been on the market

November 2017 - Days on Market (New Hanover, Brunswick, Pender Counties - Wilmington NC)

 

Median Sales Price

Exactly half the homes sold are above this price and exactly half are below.

November 2017 - Median Sales Price in New Hanover, Brunswick, Pender Counties - Wilmington NC

 

Inventory of Homes for Sale

The number of available homes for sale at the end of the most recent month

November 2017 - Inventory of Homes in New Hanover, Brunswick, Pender Counties - Wilmington NC

 

Months Supply of Inventory

The number of months it would take for all the current homes for sale on the market to sell. Foe example, if there are 100 homes on the market and 20 homes sell each month, there is a 5 month supply of homes for sale.

Typically, a market that favors Sellers has less than 6 months of supply , and more than 6 months of supply favors the Buyer.

November 2017 - Months of Inventory in New Hanover, Brunswick, Pender Counties - Wilmington NC

 

 

 

Market Overview (All Properties)

Key Metrics Nov-16 Nov-17 % Change YTD 2016 YTD 2017 % Change
New Listings 791 896 +13.3 13,132 14,026 +6.8%
Pending Sales 708 871 +23.0% 9,718 11,077 +14.0%
Closed Sales 761 798 +4.9% 9,296 10,390 +11.8%
Days on Market Until Sale 95 81 -14.7% 97 87 -10.3%
Median Sales Price $222,000 $240,500 +8.3% $220,000 $234,000 +6.4%
Average Sales Price $265,224 $283,118 +6.7% $262,384 $283,176 +7.9
Percent of List Price Received 96.9% 97.0% +0.1% 96.9% 97.2 +0.3%
Housing Affordability Index 131 123 -6.1% 129 122 -5.4%
Inventory of Homes for Sale 4,642 4,037 -13.0% –– –– ––
Months Supply of Inventory 5.4 4.1 -24.1% –– –– ––