We are still firmly entrenched in a sellers market with low inventory in the Cape Fear region, but we do see a couple indicators of a market that could be moving toward more balance.
Let’s start with the good news. Checking out the market statistics for single family residences in the tri-county (New Hanover, Brunswick and Pender) area for May 2023, we see that homes are staying on the market a little while longer compared to May 2022. Last year at this time, homes were sitting for 22 days until a sale and this year that number increased to 55 for the month of May.
Another nice sign to see is that not everything is selling at or above list price currently. While sellers are still getting a large portion of the initial list price, the current percentage of list price received in a sale has now dipped (slightly) to 99%. This time last year, inventory for single family residences was above full price.
The big thing keeping us in a sellers market currently is the lack of inventory. Only 950 homes were listed for sale in the month of May in our three county area, which is down compared to May 2022. With so many buyers and fewer homes to consider, we’re still often seeing multiple offer situations.
Overall home values continue to increase in our region — up more than 5% year over year. The average sales price last month increased to nearly $558,000.
The Exclusive Buyer Agents at Just For Buyers Realty keep a close eye on market statistics and are ready to help prepare a strategy to help you find your perfect home. Give us a call at (910) 202-4813 to speak with one of our agents about your needs.