Welcome to my monthly real estate newsletter
Greetings! I put out this free emailed newsletter once a month to keep people up to date on the local real estate market. My data focuses on the sales and inventory of homes in New Hanover County, with additional numbers on the region our MLS covers.
To see the full review of real estate sales in the region for 2023, click here.
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The market appears to be changing. The last several years we have seen a dramatic seller's market, but higher interest rates and higher prices have pushed some buyers out of the market, making for less demand. Prices have not started falling yet, but they could! |
Last month sales New Hanover County
Sales in October were down 3% from last year, and the lowest since 2013.
Year to date, sales are down about 2%, also the lowest it has been since 2014.
Sales were down from the same month previous year every month from May 2021 - Dec. 2023, then there were four months of increasing sales, then it has been mostly down.
For the year in 2023 home sales finished 19% off compared to last year. Home sales in 2023 were the lowest since 2014.
For the year in 2022, sales were down 20% compared to 2021.
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Last month Prices New Hanover County--------
After reaching record heights last month, prices fell in October. In September the average price per square foot of a sold home hit a record high of $326, in October it fell back to $303. The average price of a sold home fell from $646k in September to just over $600k in October. Still way up from same time in 2023.
Year to date prices are up a staggering 11%, price per square foot is up 6%. Fewer sales and higher inventory should be affecting price, but so far it is not.
Days on market has increased quite a bit this year, year to date that number is up 39% to 46 days.
The average price for sold homes in New Hanover County in 2023 was around 542k and $284 per sq ft, which was up around 8% from 2022.
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Current Inventory ----------
Inventory is up for the eighth straight month, and is the highest it has been dating back to mid 2020. Inventory is up 2% from last month and up 27% from same time last year.
Inventory is steadily increasing, but still way below historic levels. Six years ago inventory was almost twice that number, twelve years ago inventory was about three times that number.
The average inventory for 2021 was 458.
The average inventory for 2020 was just over 1000.
The highest average inventory (since I started looking at it in 2008) was in 2008, when the average was over 3500 homes for sale.
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High Dollar Properties ----------
There were 28 homes sold for over a million last month, which is about average.
Year to date, high dollar sales are up 21%.
The top sale for the month was a $4.495 sale in Seapath Estates (not the condos, the houses nearby)
See the top listings in New Hanover County here
There have been over 40 sales of over $5 million in the history of the MLS. There have also been over 20 sales of over $6 million. Nearly all of those sales happened in the past few years.
See the top home sales in the HISTORY of New Hanover County here. |
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Highest listed
$16.9 million at Wrightsville
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Highest sale last month
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