Can you believe 2024 is halfway gone? As we enter July, I wanted to provide a quick update on the market stats for the Tri-County area. On the chart below, you’ll find detailed market statistics for New Hanover County, Pender County, and Brunswick County. I know some of you live or own property outside of these counties, so if you want data specific to your zip code or neighborhood, I’d be happy to send that information to you. For specific market pricing or statistics for your location, just send me an email at [email protected], and I will get them to you right away. In summary, you’ll notice that the market is softening a bit. I’ve broken down the statistics into two sections: single-family homes at the top and condos/townhomes at the bottom. You’ll also see a comparison between June 2023 and June 2024, as well as a summary from January to June 2023 compared to the same period in 2024. For clarity, I’ve used “SFH” for Single Family Homes and “T/C” for Townhouse/Condos.
The second column of year-to-date stats will be our focus. Both sections show a decrease in the number of new listings compared to a year ago (SFH -25.8%, T/C -13.6%). Normally, this would be positive, but the number of pending sales is down by a larger amount (SFH -29.2%, T/C -29.6%). As a result, prices have either flat lined or slightly pulled back in some areas (median SFH -0.9%, T/C +1.1%). This has increased inventory in both sectors when comparing June year-to- year (SFH +11.9%, T/C +53.0%).
NAR Settlement Update
Another major topic recently is the proposed NAR (National Association of Realtors) settlement regarding commissions, which is expected to take effect on August 17, 2024. Firstly, the buyer’s agent commission field will be removed from the MLS. Sellers have always had the option to decide how much to offer a buyer’s agent, if anything. Basic supply and demand economics often lead many to offer a buyer’s agent commission to remain competitive. I recommend doing the same when you’re ready to sell your home.
Secondly, the other change coming from the settlement is that before entering a home, an agent and buyer must sign a buyer’s agency agreement. This change addresses the issue of some agents telling clients they were working for free, clarifying that if the seller chooses not to offer compensation, the buyer might need to include compensation for the agent in their offer.
If you have any questions about the market stats or the NAR settlement changes, feel free to reach out to me anytime. I’m here to help clarify what’s happening and dispel any confusion from media coverage. You know me well enough to trust that I will tell you how it actually is, so we can get your home sold or help you get the best deal on your purchase!
Jeff Lesley
REALTOR®/Broker
Century 21® Vanguard
JLesley(at)WilmingtonC21(dotted)com
910.297.7071