The November 2023 real estate market for the Wilmington Metropolitan Statistical Area (MSA) has experienced fluctuation over the course of the past year, but the overall trend shows an increase in active listings of 11.5 percent. The month of November 2023 ended with a total of 2,698 active listings. The combination of New Hanover, Pender, and Brunswick Counties indicates a stable median sales price over the course of the past few months. Compared to October 2023 and the same month last year, the median sales of $400,000 was relatively unchanged. This trend is an indication that property values are not experiencing significant fluctuations.
A year-over-year comparison indicates a slower sale rate with an increase in the Average Cumulative Days on Market (CDOM). However, as the year comes to an end, we are experiencing the seasonal trend of a slower market. The key factors that have decreased compared to October 2023 are new listings, pending sales, and closed sales. This decrease is not of significant concern for our seasonal market and these declines follow similar trends as November 2022. Because of this decrease, the month’s supply of inventory of homes on the market increased from 2.7 months to 3.4 months. Year-over-year, the only decline the local market experienced was a 10.6 percent decrease in the number of closed sales, totaling 787 for November 2023. The number of new listings increased 14.92 percent, rising to 1,009 new listings for November 2023. Pending sales have increased 9.1 percent, with a total of 759 properties under contract.
Steve Mitchell, 2023 President of Cape Fear REALTORS® states, “While the current market is far from being a “Balanced Market,” the steady increase in the month’s supply of inventory and the decline in Closed Sales bears monitoring.” While the market is indicative of an expected seasonal cooldown, the Wilmington MSA has a few key takeaways for Buyers and Sellers. For buyers, take advantage of the increased inventory of available homes for sale. This increase in properties available for purchase provides a range of choices. For sellers, the price stability over the past year suggests that if sellers reasonably price their properties based on the current market, there is still a good probability without facing significant market volatility.