Tight inventory has homes selling quickly; high-end market sets record
Homes sales remained brisk across the Cape Fear region as 2019 drew to a close, showing the region’s resilience from recent hurricanes and continuing attraction to both retirees and those in search of a little fun in the sun.
This November was the best on record as sales for the month increased by 11.7 percent from November 2018. The year to date sales jumped 3.2 percent, with the Wilmington-area seeing over 10,896 home sales. The average price also was up 10.2 percent from November 2018, rising to $322,857.
Pending sales rose as well, meaning the strength of the market is likely to continue heading into 2020.
Reflecting the high demand from buyers, homes spent an average of 25 days on the market this November compared to 47 days last year -- albeit last November many areas, especially along the coast, were still recovering from Florence.
High-end luxury homes also did well in 2019, with a record-breaking five $4 million-plus homes sold in New Hanover County. The record for the number of $3 million homes sold previously set in 2006 at the height of the market was also broken this year at 13.
Pender and Brunswick counties also saw an increase in the number of luxury homes sold, a result of increased prices of high-end homes closer to the coast.
In 2020, as more and more builders take advantage of the land opportunities in New Hanover’s neighboring counties, it is likely that there will be an increase in buyers looking to buy in Pender and Brunswick counties.
The strength of the market is likely to continue into the new year.