The unmanaged real estate market marks the first cold snap this year



SOUTH EASTERN North Carolina – Last month, for the first time this year, the market showed signs of cooling after an uncontrollable hot streak caused by the pandemic.

In the market of the three districts, there was a decrease in indicators for key categories, which indicates both purchasing and selling activity. New listings dropped 5.5% in July compared to July 2020; unfinished sales fell 16%; closed sales fell by 20%, closings were 315 fewer.

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Despite sluggish activity, selling prices continue to rise. The value of single-family homes increased by almost 14% over the previous year to $ 364,366; townhouses and condominiums rose 16% to $ 270,000.

The biggest payoff is on the more expensive property in excess of $ 450,000. These homes have grown 74% since last year.

There are very few reserves. According to Cape Fear Realtors, levels were down 57% year-over-year, but rose very marginally between June and July from 0.8 months to one month – the first increase in supply since July 2014.

“While the average number of days on the market is still much lower than it was at this time last year, the slight increase in the number of homes for sale in July compared to June is an encouraging sign for home buyers,” Tom Gale, CFR President, told the press. 2021 year. release. “As the summer draws to a close and schools start working again, the housing market usually starts to slow down. This fall may be the right time for homebuyers who never managed to find their home in 2021. ”

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