Report: Cape Fear Region sees record real estate sales in January

WILMINGTON, NC (WWAY) – Cape Fear REALTORS just released its January housing sales data and the numbers shows a huge increase over January of last year.

According to CFR, 601 units sold in January, the highest number we’ve seen in January history, and up over 40.75-percent when compared to January 2016.

The home sales total for January was $139,815,629, a 42-percent increase over January 2016.

The report from CFR also showed higher, robust sales stats in New Hanover County. The median sales price was up nearly 9-percent to $213,000 compared to last January’s median price of $196,000.

As for how quickly homes sold, the median days on the market was down to 48 days compared to 59 days.

CFR also says the absorption rate of homes in New Hanover County dropped to 3.64 months. CFR says in the real estate industry, it’s considered that anytime the absorption rate drops below 5 months we are in a seller’s market. CFR says they noticed similar trends for both Pender and Brunswick Counties.

January 2017 sales and listing data published by Cape Fear REALTORS is available here.