The number of home sales in New Hanover County was up strongly again in 2017. There were over 5200 homes sold in 2017, compared to just over 4970 in 2016. The last time we cracked the 5000 mark was in 2005, when close to 6500 homes were sold. My prediction at the beginning of 2017 was for a 8-12% increase, I may have been overly optimistic based on the 10% increase from 2015.
My prediction for this year will be another solid increase in home sales, I will say 5%. The economy appears to be moving ahead strongly, and this area continues to be a popular place for people relocating or retiring.
In the region of southeast North Carolina, the number of homes sold was up 13% over 2016, that after a 22% increase the previous year. Prices were up roughly 5 - 6%.
At the beginning of 2017 I predicted prices would go up 4-6% compared to 2016. I've been guessing high in previous years, but I was low for 2017. The average home price and price per square foot was up a solid 8%. The average sales price for a home in New Hanover County was just over 302k. The price per square foot, which is probably a more accurate measure of home prices, was $155
Based on the steady demand and inventory not keeping up, I see prices moving up about the same, so my prediction for 2018 will be 7-9%.
Regionally prices were up 5 - 6%.
Days on the Market
The average number of days to sell in 2017 fell for the sixth straight year, by 14% to 69. More evidence that this is the best time for sellers in several years.
Inventory is always a driving factor for New Hanover County, because it is a small county with little space to build. I have been checking the inventory of homes for sale in New Hanover County every month since 2008, and the low numbers continue to shock. From 2008-2010, inventory hovered in the 3000s. In 2014-2015, the inventory was around 2000; in 2016 the inventory dropped to around 1700, and in 2017 the average was UNDER 1600.
I expect that inventory will begin to move back up this year, but will likely stay well below 2000.
Random numbers of a somewhat intriguing nature:
The biggest, the smallest, the priciest, the cheapest, the oldest, and much more,
go here to find the extremes of what sold in NH County in 2017
Click on the links at left to navigate the 2017 Year in Review