Cape Fear REALTORS® Associations posted 2017 homes data on January 20. No surprise we saw the highest number of homes sold since 2005. Total homes sold set a new ceiling with 10,169, up 14.05% over 2016 numbers. Average sold price of $262,550 up 5.55% and medium price of $219,564 up 5.49%
New Hanover County number of homes sold increased for the year 4.8% to 5215. Average home price increase 8.7% to $303,444. Days on market dropped 11 days to 73 average days on market.
Pender County number of homes sold increased 2.6% to 1394. Average home price increased 8.0% to $272,390. While days on market decrease 16 days at 108 average days on market.
Brunswick County saw the greatest increase. Number homes sold increased 22.1% to 4647. Average price increased 7.5% to $262,717. Average days on market fell 18 days to 121. (Numbers are from the North Carolina Regional MLS which includes the Cape Fear REALTORS® Association and the Brunswick County Association of REALTORS®)
So what’s in store for 2018, as I look into my cloudy crystal ball. The real estate market is the healthiest I’ve seen in years. I believe we will continue at a steady growth in the housing market for Southeastern North Carolina. The rental market is extremely strong, but I think we will see a strong number of renters becoming home buyers. Stats show that it has become more expensive to rent than buy. With the growing economy, experts are predicting interest rates will increase to 4.5% by the end of 2018 (Still below the historical average of 6%). Any concerns? Sure. 1) Can new home construction keep up with demand? 2) Over all housing inventory is low. 3) Affordable housing is in high demand.