Spring is here! It’s 70 and sunny today as I get ready to send you your monthly market update. As the weather is heating up, so is our real estate market! Listings, volume, buyers looking, are all up for February in New Hanover County, while inventory dropped back down. The numbers confirm what I’m feeling in my day to day business. Please read on for more details and information about Brunswick, Pender, and Onslow Counties.
New Hanover County inventory moved down to 2.7 months in February, from 3.4 months in January 2024. That’s on trend for this time of year – the first significant drop since May 2023. Pender County saw a similar trend, with inventory declining from 4.0 months to 3.6 months and Onslow County also experienced a decline from 3.1 months in January to 2.7 months in February.
New Hanover County sales volume rose slightly, from $155.4 million in January to $166.6 million in February. That represents a year over year increase of 14.6%. Pender County saw a decline in sales volume from $41.7 million in January to $38.4 million in February, and a year over year decline of 27.8%. Onslow County sales volume increased from $86.6 million in January to $97.4 million in February, and a year over year decline of 6.3%.
Brunswick County has a different story. I spent the weekend with buyers who were visiting and looking at various new construction communities from Bolivia to Calabash. There is a lot of building going on in Brunswick County. One DR Horton neighborhood in Bolivia is finishing its first phase and getting ready to start on its next phase of 500 homes, and that is just one neighborhood. Inventory in Brunswick County increased from 4.4 months in January to 4.9 months in February. That represents a stable market on the way to a buyer’s market. Sales volume in Brunswick County decreased slightly from $157.7 million in January to $151.4 million in February, and a 4.1% year over year decline.
To sum up, the market in New Hanover County including Wilmington is still a strong seller’s market with more demand than supply. Pender and Onslow Counties are similar, and we may have more of a feel for where they are going at the end of March. Brunswick County appears to be a market that may be more favorable to buyers in the coming months, as inventory continues to climb. These are based on overall market averages and may be different in micro markets of particular neighborhoods and price points.
Questions? Looking for numbers for a specific neighborhood or town? Please email me at kim@thecoastalrealestategroup.com.
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