Wilmington, N.C.- Perhaps the most telling statistic to gauge the direction of the housing market is the number of days a home sits before going under contract ( the statistic is called DOM for days on the market.)
You don’t have to be in the real estate business to have heard the stories that were being told earlier this year. Maybe you know someone who listed their home and accepted an offer all within a few hours. Maybe you knew someone who was in the market, made an appointment to see something that was just listed, only to have it go under contract before they could even arrive at the home.
As the saying goes; “That was then, and this is now.”
The biggest confirmation that the housing market is slowing down is that the number of days on the market is increasing. As of this writing there are currently 2,399 home in the four counties served by Just For Buyers Realty (New Hanover, Brunswick, Pender and Onslow Counties.) The median number of days those active homes have been waiting for a buyer is 44 and counting.
The trend started this summer.
The JFB staff has conducted a thorough research project looking at every home that has closed from May 1 to August 31. What we discovered is in each county, and in all but one price point, the days on market have increased by an average of 5.5 days. The only exception is luxury homes in Onslow which have seen a day and a half decrease from sales in May to sales in August.
“We’re telling our clients that this is obviously good news, but it doesn’t mean they can move slowly,” said Scott Saxton of Just For Buyers Realty. “If they see something they like, they still need to submit an offer quickly. But as the days grow longer I think that could mean the end of homes going significantly above asking price. This is the start of a balanced market and if sellers become anxious, that means the more leverage you and your agent have to secure a good deal.”
| NEW HANOVER COUNTY | $250,000 AND UNDER | $250,001 to $500,000 | $500,001 50 $750,000
|
$750,001 to $ 1 Million
|
$1 Million plus
|
| May | Median # of DOM 5 | Median # of DOM 4 | Median # of DOM 3 | Median # of DOM 4 | Median # of DOM 12 |
| June | Median # of DOM 4 | Median # of DOM 4 | Median # of DOM 4 | Median # of DOM 3 | Median # of DOM 4 |
| July | Median # of DOM 3 | Median # of DOM 5 | Median # of DOM 4 | Median # of DOM 15 | Median # of DOM 9.5 |
| Aug | Median # of DOM 6 | Median # of DOM 5 | Median # of DOM 7.5 | Median # of DOM 8 | Median # of DOM 13 |
| Brunswick COUNTY | $250,000 AND UNDER | $250,001 to $500,000 | $500,001 50 $750,000
|
$750,001 to $ 1 Million
|
$1 Million plus
|
| May | Median # of DOM 4 | Median # of DOM 6 | Median # of DOM 7.5 | Median # of DOM 5 | Median # of DOM 8 |
| June | Median # of DOM 8 | Median # of DOM 5 | Median # of DOM 4.5 | Median # of DOM 6 | Median # of DOM 8 |
| July | Median # of DOM 6 | Median # of DOM 7 | Median # of DOM 12 | Median # of DOM 11 | Median # of DOM 13 |
| Aug | Median # of DOM 10 | Median # of DOM 8.5 | Median # of DOM 11 | Median # of DOM 10.5 | Median # of DOM 16 |
| Pender COUNTY | $250,000 AND UNDER | $250,001 to $500,000 | $500,001 50 $750,000
|
$750,001 to $ 1 Million
|
$1 Million plus
|
| May | Median # of DOM 5 | Median # of DOM 4 | Median # of DOM 2 | Median # of DOM 2.5 | Median # of DOM 18.5 |
| June | Median # of DOM 12 | Median # of DOM 4 | Median # of DOM 4 | Median # of DOM 3.5 | Median # of DOM 6 |
| July | Median # of DOM 5 | Median # of DOM 6 | Median # of DOM 7 | Median # of DOM 6.5 | Median # of DOM 9 |
| Aug | Median # of DOM 14 | Median # of DOM 5.5
|
Median # of DOM 20.5 | Median # of DOM 6.5 | Median # of DOM 40.5 |
| Onslow
COUNTY |
$250,000 AND UNDER | $250,001 to $500,000 | $500,001 50 $750,000
|
$750,001 to $ 1 Million
|
$1 Million plus
|
| May | Median # of DOM 3 | Median # of DOM 3 | Median # of DOM 5 | Median # of DOM 14 | Median # of DOM 10 |
| June | Median # of DOM 3 | Median # of DOM 4 | Median # of DOM 5 | Median # of DOM 30 | Median # of DOM 28 |
| July | Median # of DOM 4 | Median # of DOM 5 | Median # of DOM 2 | Median # of DOM 20 | Median # of DOM 10 |
| Aug | Median # of DOM 5 | Median # of DOM 6. | Median # of DOM 11.5 | Median # of DOM 22 | Median # of DOM 8.5 |