October’s real estate market for the Wilmington Metropolitan Area ended with trends similar to the past few months. Sales in New Hanover, Pender, and Brunswick Counties indicates a stable median sales price over the course of the past few months. Compared to September 2023, the median sales price increased by .25 percent, coming in at $402,000. October’s median sales price is just slightly above the average for the 2023 year. Year-over-year, the median sales price increased by .5 percent. This stability in the median sales price is a positive sign for sellers, indicating that property values have not experienced significant fluctuations.
Year-over-year comparison indicates a slower sale rate with an increase in the Average Cumulative Days on Market (CDOM). However, for 2023, October indicates the lowest Average CDOM since January. The improvement in pending sales and the uptick of new listings is a positive sign. Year-over-year, the number of new listings increased 12.82 percent, rising to 1,135 new listings for October 2023. This was an increase of 4.3 percent when compared to September 2023.
“While the current market is far from being a ‘Balanced Market,’ an increase in CDOM bears monitoring,” commented current CFR President Steve Mitchell. “Increases in closed sales versus September of 2023 and pending sales versus October of 2022 coupled with New Listings are encouraging.” A consistent level of inventory is a positive sign for our local market. Month’s Supply of Inventory for October 2023 is at 2.68. This is year-over-year increase of 2.68 percent and a month-over month increase of 1.52 percent.