Home Sales Reached Seven-year High In 2014

More homes sold in 2014 than in any previous year since 2007, according to Wilmington Regional Association of Realtors statistics updated Friday.

“We’re continuing to see evidence that the real estate market is improving, and we are excited about that for our region and for Wilmington in particular,” said Sherri Pickard, who was sworn in Friday evening as this year’s president of WRAR.

Pickard is managing broker for the Coldwell Banker Sea Coast Advantage office at 1001 Military Cutoff Road.

The market for home sales is also improving in the country's Northeast, a trend expected to have an impact on sales locally, she said.

“We should see some additional growth from relocation into southeastern North Carolina because of our climate and our quality of life,” Pickard said.

The total number of units sold in 2014 increased nearly 4 percent from the previous year, from 6,295 in 2013 to 6,544, according to WRAR’s Multiple Listing Service data. Total sales in dollars rose 8.25 percent, from $1.46 billion in 2013 to $1.58 billion last year. The average sales price rose 3.85 percent and the median nearly 7 percent.

The average days on market -- 126 -- in 2014 was the same last year as it was in 2013. But Pickard said she expects to see that number of days go down this year as more homes join the area’s existing inventory.

With interest rates still low, “I think for people who may have been holding off on the selling decision over the past few years, 2015 would be the year to see them make that decision to sell,” Pickard said.

Pickard said she predicts that “the interest rate environment is going to begin to creep up,” which could eventually have an impact on the loan amounts buyers can get.

But recent numbers indicate buyers feel good about interest rates as they stand now.

“Plus jobs have stabilized, and they’re feeling better about making buying decisions,” Pickard said.

In December 2014, 536 homes sold, compared to 517 in December a year earlier, and the average sales price increased from $243,989 in December 2013 to $249,549 for the same month last year, according to WRAR statistics. The median price rose by more than $18,000, from $190,000 in December 2013 to $208,375 in December 2014.
-Wilmington Biz