Local Real Estate Board Posts Spring Sales Data

May 2017 Home Sales Statistics

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    WILMINGTON, N.C. (June 12, 2017) May 2017 sales and listing data has been published by the Cape Fear REALTORS® and is now available here.

     

    Neal Johnson, 2017 CFR President responded to the data:

    We continue to see strong demand for homes in our area and this is very exciting.  A strong housing market is closely related to the nation’s economy and American’s confidence in our economy.  

    The CFR* Market average home sales price hit a nine year high of $274,150 in May 2017, which was 5.6% greater than that in May of 2016, and the sales units were up 18.9% to 968. From January to May 2017 (YTD) numbers are just as fascinating when compared to the same period in 2016. Total sold units were up 19.7%, average sales price was up 4.4%, total sales volume was up 25.21%, and average days on the market dropped 13.2% to 89 days. view details >>

    In New Hanover County**, the average home sales price was $317,241 or 7.5% higher than that in May 2016; this is up 8.7% YTD. Sales units were up 10.4% to 508 units sold from 460 units sold in May 2016; this is up more than 9.5% YTD. The monthly supply dropped to a 3.99 month supply level from the May 2016 supply of 4.95 months; supply levels have stabilized and increased a little when we compare it to the April 2017 level of 3.65 months. These trends suggest that New Hanover County remains in a strong seller’s market.  view details >> 

    In Pender County**, the average home sales price was $273,994 or 7.5% higher than that in May 2016; this is up more than 5.1% YTD. Sales units were flat at 128 units from 127 units in May 2016; this is slightly down .2% YTD. The monthly supply level dropped 23.6% to a 5.2 month supply from the May 2016 supply level of 6.9 months; supply levels are still decreasing when compared to the April 2017 level of 5.5 month supply. These trends suggest that Pender County is on the edge of a balanced market that is moving into a seller’s market.  view details >> 

    In Brunswick County**, the average home sales price was $287,343 or 13.5% higher than that in May 2016; this is up 9.2% YTD. Sales Units were up 23.5% to 426 units sold from 345 units sold in May 2016; this is up more than 26% YTD. The month supply dropped 22.3% to 7.2 months, down from the May 2016 supply of 9.3 months; supply levels have stabilized when compared to the April 2017 level of 7.3 month supply. These trends suggest that Brunswick County is in a balanced real estate market with a good supply of homes. view details >>

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    What does HERS Mean and Why It Matters

    What is a HERS score?

    HERS is the industry standard for measuring a home’s energy efficiency. Developed by the Residential Energy Services Network (RESNET), HERS is short for Home Energy Rating System. Similar to Miles Per Gallon (MPG), it is a great selling point to attract more home buyers. Unlike MPG where a higher score is better, with HERS, a lower score is better for the buyer. The way it works is pretty simple. But, I know you’re wondering why does it matter and what does it even have to do with me?

    Why a HERS Score is Important

    Today, there are over 2 million homes that have a HERS rating. In 2016 alone, over 206,000 homes received a HERS-rating. Which means, if your home isn’t receiving one, there is a high chance that your competitor’s homes are.

    Similar to golf, the lower the score, the better. For a HERS score, a lower score is very ideal because it means that your home is more energy efficient than your competitor’s home. The more energy efficient a home is, the lower the electricity bills are for the homeowner.

    The Benefits of a HERS Score

    Reduced energy bills are just one of the many benefits that new homeowners will experience with a low HERS score. Additional benefits include:

    • Understanding the true cost of home ownership;
    • Higher home resale value; and
    • Increased home comfort.

    How Scores are Decided

    Scores range on a scale of 0 to 150. The typical resale home averages a score of about 130, which means, this house is at least 30% less energy efficient than a 2006 IECC home. Therefore, the homeowner will experience higher energy bills than if they purchase a home with a HERS Index of 50.

    To help put this score into perspective; if you were to build a home with a score of 50, the home you sell is 50% more energy efficient than a home built to the 2006 code and 80% more efficient than the average resale home.

    In 2016, the Average HERS Index score was 61. This means that today, homes are 39% more energy efficient than in 2006 and 69% more energy efficient than in the 1970s.

    A few variables that are assessed when assigning a HERS score include:

    • Exterior walls;
    • Floors over unconditioned spaces (like garages and cellars);
    • Ceilings and roofs;
    • Attics, foundations, and crawlspaces;
    • Windows and doors;
    • Vents and ductwork;
    • HVAC systems;
    • Water heating system; and
    • Performance testing including blower door and duct blaster testing.

    Below is a real-world HERS certificate from one of our builds in June 2017 which shows you how well our new homes perform.

     

    For a more in depth look, view the description of scores on RESNET’s website.

    Written By: Jessica Latham of Southern Energy Management