Market Update for Wilmington NC
The real estate market seems to be bouncing back this week in Wilmington NC. We had 90 Contracts placed as Pending with over 17 Million in Contract volume according to the Wilmington Regional Association of Realtors. According to WRAR there are currently 2023 homes on the market in Wilmington and 168 under contract. Since the beginning of 2011 there have been 154 homes sold. Lawrence Yun, NAR chief economist, is encouraged by the trend. "Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they've been selling well and housing supplies have trended down," he said. "A recovery to normalcy requires steady trimming of the inventories."
Here are more facts for Wilmington NC the week ending February 21st 2011, according to Trulia. The median sales price for homes in Wilmington NC for Nov 10 to Jan 11 was $179,072. This represents a decline of 0.8%, or $1,428, compared to the prior quarter and a decrease of 4.4% compared to the prior year. Sales prices have depreciated 0.2% over the last 5 years in Wilmington. The average listing price for Wilmington homes for sale was $343,789 for the week ending Feb 16, which represents a decline of 0.2%, or $742, compared to the prior week and an increase of 0.9%, or $3,216, compared to the week ending Jan 26. Average price per square foot for Wilmington NC was $283, an increase of 111.2% compared to the same period last year. Popular neighborhoods in Wilmington include Landfall, Echo Farms, Mayfaire, Breezewood Condos, Pine Valley Estates, and Sunset Park.
The trend thus far for the year of 2011 is certainly a lot healthier than last year, which hopefully means a healthier year to come. With the added bonus of interest rates bouncing above and below 5% (for a 30-year fixed), this continues to be a great time to move up or buy a first home. Good news to sellers that price their house right and for buyers looking for affordable home prices. The bottom line is simple. The bidding wars of 2005 won’t be seen any time in the near future. But take heart because real estate is still the best long-term investment someone can make.