Housing Market Report - September 2017

Every housing market is unique, however the national opinion is that housing markets are stalling even though buyers September 2017 Housing Market Report - Wilmington NCand showings are still high because there remains a housing shortage. Mortgage rates are still low and buyer-friendly but housing prices have reached unaffordable levels for a lot of home buyers. To compound the problem, existing homeowners are less interested in moving.

Median Sales Price of Wilmington Area single family homes increased 9.8% to $268,906 and 15.8% to $176,000 for Condos/Townhomes. Days on Market (DOM) decreased 14.1% for Single Family homes and 5.3% for Condos/Townhomes. The condo/Townhome segment had the highest price gains. Monthly Inventory Supply was down 20.7% for Single-Family homes and 27.1% for Condos/Townhomes. The housing group that sold the fatsest at 76 days were homes under $150,000.

New Listings were up 6.3% for Single-Family homes but down 11% for Condos/Townhomes. Pending Sales were up 16.7% for Single-Family homes and 5.7% for Condos/Townhomes. Inventory was down 13.5% for Single-Family homes and 15.2% for Condos/Townhomes.

Quick Facts

+23.9% | Price Range with the Strongest Sales | $450,001 or More

+28.6% | Bedroom Count with Strongest Sales | 1 Bedroom or Fewer

+15.4% | Property Type with Strongest Sales | Condo/Townhome

+3.8% | Year Over Year Change in Closed Sales

+6.9% | Year Over Year Change in Median Sales Price

-14.8% | Year Over Year Change in Homes for Sale

 

New Listings

Number of properties that are newly listed in a given month

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

 

Closed Sales

The number of actual sales in a given month

September 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

September 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.

September 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

September 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.

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

 

 

Market Overview (All Properties)

Key Metrics Sep-16 Sep-17 % Change YTD 2016 YTD 2017 % Change
New Listings 1143 1167 2.1% 11,453 11989 4.7%
Pending Sales 851 989 16.2% 8322 9407 13%
Closed Sales 902 936 3.8% 7745 8613 11.2%
Days on Market Until Sale 88 77 -12.5% 97 88 -9.3%
Median Sales Price $225,000 $240.500 6.9% $218,500 $233,670 6.9%
Average Sales Price $259,692 $293,205 12.9% $261,598 $283,088 8.2%
Percent of List Price Received 97.3% 97.1% 0.2% 96.9% 97.2 0.3%
Housing Affordability Index 131 119 -9.2% 135 122 -9.6%
Inventory of Homes for Sale 5064 4312 -14.8% –– –– ––
Months Supply of Inventory 5.9 4.5 -23.7% –– –– ––