Real Estate and Homes for Sale

Coldwell Banker Sea Coast Advantage Blog

Local Home Sales Buck National Trends


Posted: August 22, 2018 by Honor Rudd

Have you been reading about the national real estate market? Don’t! It has nothing to do with the Cape Fear Region!

As we continue to point out, real estate is ultra-local and all of us at Coldwell Banker Sea Coast Advantage work hard to make certain our clients and potential buyers and sellers, are well versed in local housing market conditions.

You may be hearing about the West Coast where prices have really skyrocketed and created affordability challenges. In a nutshell, the lack of homes for sale allows sellers to command higher prices and buyers are forced to choose from limited supply and compete aggressively against each other.

But several economists are pointing out that such frenzied markets are always unsustainable and do eventually calm down. This may be starting to occur at a national level now as one CBS Money Watch article pointed out that about 14% of sellers in June cut their listing prices at a median rate of 3%. The West Coast, in places like San Diego, saw 20% or more of listings reducing prices in June.
But we are a long way from San Diego!

Here in Southeast North Carolina, we are not seeing any sign of a slowdown.  

  • New Hanover, Brunswick, Pender and Onslow counties combined for 1,610 July homes sales with a median price of $219,900, up 13.8% and 7.3%, respectively, from last July.  
  • These homes sold briskly at an average of 71 days, down 15.5% from last year.
  • New Hanover County saw 545 homes sold in July, up 20% from a year ago, with a median price of $260,000, up 6.5%.  
  • Onslow County was the second most active with 477 homes sold, a 23.9% increase, with prices rising 12.2% to $175,088.
  • Brunswick County saw nearly a 14% increase in prices to $234,800 with sales jumping in July over last year by 6.2%.
  • Pender County was the only one in the region to show a sales and price decrease. The county saw only 123 homes sold in July with a median price of $249,900, down 10.9% and 1.8%, respectively.

And since none of us are completely satisfied with knowing what is occurring at the county level, we wanted to zoom in even closer to some of the larger communities in our region.

  • Wilmington had almost double the amount of July homes sold compared with Jacksonville, the region’s next most active city.  
  • There were 455 homes sold in our Port City, which was 17.9% higher than a year ago, and prices rose 7.2% to $249,500.  
  • Jacksonville saw 228 homes sold, 13.4% higher than last July, with a median price of $157,000, a 16.4% increase, while remaining the most affordable large community in our market.
  • Interestingly Leland, which has seen its population rise 17.1% since 2014 according to the U.S. Census, mimicked national trends.  Fewer buyers brought sales down 1.7% to 116 homes sold in July. These homes sold quickly – 55 days on average – as the seller’s market saw prices rise 7.7% year-over-year to $231.637. The National Association of Realtors reported that July national sales dropped 1.5% over a year ago while prices increased by 4.5%.
  • Much of Pender County’s slowdown was caused by only 61 Hampstead homes selling in July, a decrease of 28.2%. The median price of these homes also came down 3.1% to $263,000.

The following is a detailed look at home sales activity in July according to North Carolina Regional MLS: 

County

Homes Sold/% + or -

Days on Market/% + or -

Median Sold Price/% + or -

NEW HANOVER (Total)

545/20%

57/-5.0%

$260,000/+6.5%

Wilmington

455/17.9%

51/-8.9%

$249,500/+7.2%

BRUNSWICK (Total)

465/+6.2%

87/-20%

$234,800/+13.8%

Leland

116/-1.7%

55/-17.9%

$237,637/+7.7%

Southport

60/+1.7%

100/-6.5%

$230,000/+2.2%

PENDER (Total)

123/-10.9%

64/-14.7%

$249,900/-1.8%

Hampstead

61/-28.2%

49/-31%

$263,000/-3.1%

Burgaw

14/+27.3%

90/+3.5%

$184,450/+31.6%

ONSLOW (Total)

477/+23.9%

71/-17.4%

$175,088/+12.2%

Jacksonville

228/+13.4%

64/-22.9%

$157,000/+16.4%



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