Wilmington Housing Market Report: December 2023 Recap
The December 2023 housing market in the Wilmington Metropolitan Statistical Area (MSA) follows similar trends to the previous year. As the year ends, the market typically cools down. December 2023 saw the highest number of active listings in the past year, totaling 2,723 listings. However, the median sales price for New Hanover, Pender, and Brunswick Counties decreased to $389,200, down 2.7 percent from November 2023 but up 2.42 percent from the previous year.
Market Stability and Trends for 2024
The increase in active listings and decrease in median sales price indicate a stable market for the first quarter of 2024. However, there's been a slower sale rate compared to last year, with an increase in the Average Cumulative Days on Market (CDOM), typical of the seasonal trend of a slower market at year-end. Key factors like new listings, pending sales, and closed sales decreased compared to November 2023, resulting in a 5.5 percent increase in the month’s supply of inventory.
Year-Over-Year Sales Comparison
Closed sales declined by 13.4 percent year-over-year, totaling 753 closed sales for December 2023. Conversely, new listings increased by 12.2 percent to 719, and pending sales increased by 6.8 percent to 645.
Toward a Balanced Market
Although the current market isn't yet balanced, the steady increase in the month’s supply of inventory suggests movement in that direction.
Implications for Buyers and Sellers
Buyers can benefit from more choices in listings due to consistent growth, while sellers must stay informed about local market dynamics to impact the price of their listings. Regardless of whether you're buying or selling, working with a REALTOR® equipped with effective marketing strategies is crucial for success in the current market.
"With more inventory on the market at the end of the year, buyers are able to take more time than they have previously been allowed to shop," says 2024 CFR President Amanda Parmer. "We wait to see what interest rates will be in 2024, as well as insurance rates, and how that will affect affordability in our area."