The Wilmington Metropolitan Statistical Area (MSA) real estate market continues to evolve, with June 2024 bringing noteworthy changes in several key metrics compared to the same month last year. Here’s an in-depth look at the latest statistics and their implications for buyers, sellers, and real estate professionals in the region.
Active Listings
- 2024: 3,195
- 2023: 2,114
- % Change: +51.14%
Active listings have risen by 51.14% compared to June 2023. This significant increase indicates a larger inventory available for potential buyers, suggesting a trend towards a more balanced market where supply is catching up with demand.
New Listings
- 2024: 1,378
- 2023: 1,222
- % Change: +12.77%
New listings have increased by 12.77% year-over-year. This growth continues to add to the active inventory, giving buyers more options and potentially leading to a more competitive market for sellers.
Pending Sales
- 2024: 1,137
- 2023: 975
- % Change: +16.62%
Pending sales have seen a notable 16.62% increase. This uptick indicates strong buyer interest and a healthy demand for homes in the Wilmington MSA, even with the growing inventory.
Closed Sales
- 2024: 1,025
- 2023: 1,116
- % Change: -8.15%
Closed sales have decreased by 8.15%. This decline might be attributed to the time it takes for new listings to go under contract and close, or it could reflect buyer hesitation amidst the larger inventory and potentially higher prices.
Median Sales Price
- 2024: $419,975
- 2023: $397,450
- % Change: +5.67%
The median sales price has risen by 5.67%, reaching $419,975. This increase in property values is a positive sign for sellers, indicating that demand remains strong enough to support higher prices.
Average Cumulative Days on Market (DOM)
- 2024: 55 days
- 2023: 49 days
- % Change: +12.24%
Homes are staying on the market for an average of 55 days, an increase of 12.24% from the previous year. The longer duration suggests buyers are taking more time to make purchasing decisions, likely due to the increased inventory and options available.
Month’s Supply of Inventory
- 2024: 3.12 months
- 2023: 1.89 months
- % Change: +65.08%
The month’s supply of inventory has surged by 65.08% to 3.12 months. This metric indicates how long it would take to sell all current listings at the current sales pace. The higher supply suggests a shift towards a more balanced market, providing a broader range of choices for buyers and reducing the pressure on prices.
Summary of the Last 3 Months
Over the past three months, the market has shown consistent activity. Active listings have steadily increased from 2,890 in March to 3,195 in June. New listings and pending sales have remained robust, with slight variations each month. However, the number of closed sales has fluctuated, peaking in April at 1,146 and decreasing to 1,025 in June.
The median sales price has remained relatively stable, with a slight dip in June compared to May. The average cumulative days on market has decreased from 62 days in May to 55 days in June, indicating faster turnover despite the increased inventory. The month’s supply of inventory has also shown a rising trend, reaching 3.12 months in June, further indicating a move towards a balanced market.
Conclusion
June 2024 has been a dynamic month for the Wilmington MSA real estate market, characterized by increased listings, steady demand, and rising prices. For buyers, the expanded inventory offers more choices, while sellers can still benefit from appreciating property values.
