Email Jeff Email
Residential Real Estate
Apr 13, 2023

Spring Brings an Improving Housing Market

Sponsored Content provided by Jeff Lesley - Broker, Partner, Century 21 Vanguard

The first quarter of 2023 was a pleasant surprise of the real estate market shifting positively again after seeing things slow a bit in the last half of 2022. As many of you remember, in April of 2022 we saw the Federal Reserve begin to increase interest rates at alarmingly fast rates to try and get a grip on the inflationary numbers that we have seen nationwide for the past couple of years. Buyers who were used to seeing 3% interest rates quickly became caught off guard by rates that seemed to be climbing each time that the Fed met.

In our market, we always see a bit of a softening around the holidays, but last year in our tri-county area, we saw single family contracts per week fall as low as 73 one week, hovering around the 150+/- range for most of November and December. These contracts are often in the 250+/- range. It could be that families decided to stay home to spend time with loved ones after an unusual couple of years instead of listing their home. It could have been buyers waiting on a sign of rates slowing. Our inventory continued to drop during that time. In mid-January, we saw rates drop into the high 5%range in mid-January for the first time in months. Consumer confidence in real estate resurfaced, causing buyers to flood back into the market and sellers rushed to list their properties. Pending home sales increased 8.1%. Multiple offers were not back as crazy as January-March 2022, but they are back, which is excellent news for sellers.

We have continued to see the stronger demand side throughout the 1st Quarter. Many have accepted the new norm of rates fluctuating from the low to high 6% range and contracts are back to floating between 200 to 250 per week again through most of March. We anticipate another strong 2nd Quarter, so if you are considering selling, then now is the time! If you are thinking of buying, then take advantage now before inventory drops to even lower levels. I’d love to help you get top dollar for your home or help you find your perfect new home or investment property.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Web awstaffpic2020 1 132245438

The 2024 Luncheon for Literacy featuring Special Guest Jason Mott

Alesha Edison Westbrook - Cape Fear Literacy Council
Gretchen roberts 2021

5 Finance Topics Every Small Business Owner Should Master

Gretchen Roberts - Red Bike Advisors
Pfinder john zachary

What You Need to Know About SECURE 2.0 and Its Effect on Individual Retirement Accounts

John B Zachary - Pathfinder Wealth Consulting

Trending News

Riverlights Could Add 73 More Townhomes To Mix, Site Plans Show

Staff Reports - Apr 18, 2024

Game Over For Michael Jordan Museum At Project Grace

Audrey Elsberry - Apr 19, 2024

City Approvals Push Forward Plans For Former Wilmington Fire Stations

Emma Dill - Apr 17, 2024

Surf City Embarks On Park’s Construction

Cece Nunn - Apr 19, 2024

Taking Marine Science On The Road

Lynda Van Kuren - Apr 19, 2024

In The Current Issue

MADE: Makers Of Important Papers

W.R. Rayson is a family-owned manufacturer and converter of disposable paper products used in the dental, medical laboratory and beauty indu...


Info Junkie: Lydia Thomas

Lydia Thomas, program manager for the Center for Innovation and Entrepreneurship at UNCW, shares her top info and tech picks....


Funding A Food Oasis: Long-awaited Grocery Store Gains Momentum

With millions in committed funding from New Hanover County and the New Hanover Community Endowment, along with a land donation from the city...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season