Real Estate Q&A: Fred Gainey
Real Estate Q&A
with Fred Gainey, 2018 President of Cape Fear REALTORS
How did 2018 compare to 2017?
2017 was a great year for existing home sales and new construction sales. Recent numbers show that from May 2017 to May 2018, 596 more homes were sold, the average days on market dropped from 46 to 36 and the price per square foot increased from $144 to $152. The average sales price of a single-family home in 2018 was $314,593, compared to $296,420 in 2017. Multi-family/town-homes also saw an increase. In May 2018 there were 2,310 sold as compared to 2,014 in 2017. Average sales price in 2018 was $229,656 as compared to 2017’s price of $216,304. These statistics show a continued robust market.
What do you foresee five years from now?
We are projecting continued growth in southeastern North Carolina. In May 2018 596 more single-family homes were sold than May 2017. Our local growth will place pressure on our building industry as the need for homes increase. This will also place an increased demand on water, sewer, roads and bridges. We will work with all parties to determine the best ways to preserve the quality of life we enjoy in our area. We see growth of the next five years to increase as more families move to our beautiful area.
How many members are part of your organization?
We are currently at 2,468 members. This is an increase of 291 since 2017. In August we will have another New Member Reception and bring more Realtors. Since 2007 we have experienced a 4.3% rise in membership.
What are the benefits of being a part of your organization?
The members of Cape Fear Realtors are committed to maintaining a high level of professionalism in our industry. Members are provided educational opportunities to keep them abreast of the latest on our real estate industry. This education provides them with the knowledge to provide the best service to their clients. They also adhere to a high standard of Code of Ethics. All Realtors have a license issued by the State of North Carolina and we are governed not only by our local, state and national policies but also by N.C. General Statute 93-A. Our organization is a strong advocate of protecting private property rights and preserving home ownership. One of our values is to provide the support and tools our members need to be the most professional experts in our industry.