Real Estate - Residential

Home Sales Decline 17% In September

By Staff Reports, posted Oct 11, 2021
The latest Cape Fear Realtors statistics show a decline in home sales and an increase in the median sales price. (Courtesy of CFR)
The number of home sales in the tri-county area declined last month, according to a report by Cape Fear Realtors.

The number of units sold fell about 17% compared to September 2020, and pending home sales dropped by 12%, the report stated. September is typically a slower month for home sales in the region, Realtors say.

Inventory levels plummeted by 48% in New Hanover, Brunswick and Pender counties, according to the CFR report. Homes that did come on the market sold a lot faster than last September, with days on market (DOM) dropping from 69 to 40 days.

“We continue to see lower listing inventory in comparison to demand, with nearly every home going under contract as soon as it hits the market,” said Tom Gale, 2021 CFR president, in the report. “As long as this trend continues, there will be upward pressure on pricing.”

The overall median sales price increased by 14% to $315,000 in the tri-county region while the median national sales price grew by 8.6% to $380,000, according to the report.

Local and national housing trends are impacting first-time homebuyers, numbers show.

"According to the National Association of Realtors, the number of first-time homebuyers declined to 29%, the lowest level in years, as bidding wars, cash buyer competition and lack of affordable housing have significantly impacted homebuyers," the CFR report stated.
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