Real Estate Market in New Hanover County
The real estate market in New Hanover County is on a positive up swing. If you look at just the sales prices in 2015 vs 2016, we are up 2%. Meaning homes are selling for MORE this year than 2015. This real estate market report for New Hanover County shows the amount of active listings from 2015-2016 has decreased from 8,099 to 7,901 (-2.4%) and the sold listings have increased from 3,260 to 3,535 (8%). What does that mean to you? The real estate market is now shifting for New Hanover County. There are less homes for sale (2.4% less than 2015), we are selling MORE homes (8%) and they are selling for MORE money (2% higher).
With the New Hanover County real estate market moving in such a positive direction the market absorption rate has lowered by nearly 27%. So if no other homes got listed today in New Hanover County. We’d be out of homes to sell in just 6 months. That’s 3 months faster than 2015.
The real estate market in New Hanover County has had such a positive change. The average days on the market has gone from 153 days in 2015, to only 80 days in 2016. That is a decrease of 48%! Even the average sold price has increased from 2015 by 2%, taking it from $293,792 in 2015 to $300,667 in 2016. This reflects the 1% increase from 2015-2016 on the list price vs sales price ratio which put sellers at receiving 98% of their asking price. This speaks loudly of how well the New Hanover County Real Estate Market is doing and will continue to do.
We study the local market, know the trends, and have proven success.