The Wilmington Metropolitan Statistical Area (MSA) real estate market has shown notable trends in May 2024, marked by significant changes in various key metrics compared to the same month last year. Here's a detailed look at the statistics and what they mean for buyers, sellers, and real estate professionals in the region.
Active Listings
- 2024: 3,073
- 2023: 1,998
- % Change: +53.80%
The number of active listings has surged by 53.80% compared to May 2023. This substantial increase indicates a growing inventory, offering more choices for buyers. The trend suggests a potentially cooling market where supply is beginning to catch up with demand.
New Listings
- 2024: 1,367
- 2023: 1,228
- % Change: +11.32%
New listings have risen by 11.32% year-over-year, which aligns with the overall increase in active listings. More homeowners are putting their properties on the market, possibly motivated by favorable selling conditions or personal circumstances.
Pending Sales
- 2024: 1,156
- 2023: 1,040
- % Change: +11.15%
Pending sales have also seen an 11.15% increase. This uptick suggests that buyer interest remains strong, with many homes going under contract despite the larger inventory. It reflects a healthy demand in the market.
Closed Sales
- 2024: 1,136
- 2023: 1,152
- % Change: -1.39%
Closed sales have decreased slightly by 1.39%. This small decline might be due to the lag effect of increased listings or a more competitive market where buyers are taking longer to finalize purchases.
Median Sales Price
- 2024: $425,000
- 2023: $405,000
- % Change: +4.94%
The median sales price has risen by 4.94%, reaching $425,000. This price appreciation reflects ongoing demand and possibly the entry of higher-end properties into the market. For sellers, this is a positive sign indicating that property values are holding up well.
Average Cumulative Days on Market (DOM)
- 2024: 62 days
- 2023: 55 days
- % Change: +12.73%
Homes are staying on the market for an average of 62 days, which is an increase of 12.73% from the previous year. The longer duration can be attributed to the larger inventory, giving buyers more options and time to make decisions.
Month’s Supply of Inventory
- 2024: 2.71 months
- 2023: 1.73 months
- % Change: +56.65%
The month's supply of inventory has increased significantly by 56.65% to 2.71 months. This metric indicates how long it would take to sell all current listings at the current sales pace. A higher supply suggests a shift towards a more balanced market, moving away from the strong seller's market seen in the past few years.
Summary of the Last 3 Months
In the past three months, the market has shown consistent activity. Active listings have gradually increased from 2,830 in February to 3,011 in April. New listings and pending sales have also remained robust. However, the number of closed sales has shown fluctuation, peaking in March at 1,004 and dipping slightly in April to 1,039.
The median sales price has steadily increased over the past three months, while the average cumulative days on market and the month's supply of inventory have also shown a rising trend. These patterns underscore the evolving dynamics of the Wilmington MSA real estate market.
Conclusion
May 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.
