More home sales generated hundreds of thousands for New Hanover Co.
NEW HANOVER COUNTY, NC (WECT) – Home sales are on an upward swing and that means more money for New Hanover County.
The Register of Deeds collected roughly $200,000 more in revenue in the last year than originally budgeted. The positive trend started in January 2012 and hasn't dropped since, according to statistics from the department.
The money comes from land transfer deeds mostly, which provides a small percent of sale price to the county. The number of sales are increasing, but the prices are not.
Registrar Jennifer MacNeish said the 2011-2012 projections were similar to previous years, and this sudden boost won't drastically change next year's calculations.
"It's a sign that the economy is slowly recovering, and I do say slowly," said MacNeish. "We're still going to stay cautious and hopefully see this continue."
Records show that more houses are being sold, though not at top dollar. Ashley Garner, President of Wilmington Regional Association of Realtors said the statistics are as expected.
"That's how it should work," he said. "It's encouraging."
Garner said high volume and low cost are the beginnings of a strengthening market. The prices will rise as more houses are bought, but there's still no telling how soon that will happen.