By R.J. Alex, 2013 President, Wilmington Regional Association of Realtors®

Real Estate Wilmington North Carolina - Market Report

When analyzing nine major zip codes in our region (Wilmington North Carolina, Carolina Beach North Carolina, Kure Beach and Wrightsville Beach) – 28403, 28405, 28409, 28411, 28412, 28451, 28480, 28428 and 28449 – an average of the zip codes for the second quarter of 2013 shows that:

  • Our average sales price has increased by 6.9% from 2nd Quarter 2012.
  • Of the 1,215 sellers in 2nd Quarter – 27.33% paid some sort of concession toward the purchase of the house.
  • Our list to sales price ratio for 2nd Quarter is 96.10%, an increase from 95.5% for 2nd Quarter 2012.
  • The average list price of the sold properties is $267,964 which is up 6.3% from 2nd Quarter 2012.
  • The average number of days a property remained on the market for 2nd Quarter was 127 days, compared to 150 days for 2nd Quarter 2012.
  • The median sold price of $200,000 for 2nd Quarter has increased 2.6% from 2nd Quarter 2012.

 When analyzing nine major zip codes in our region – 28403, 28405, 28409, 28411, 28412, 28451, 28480, 28428 and 28449 – an average of the zip codes for the second quarter of 2013 shows that:

  • Our average sales price has increased by 6.9% from 2nd Quarter 2012.
  • Of the 1,215 sellers in 2nd Quarter – 27.33% paid some sort of concession toward the purchase of the house.
  • Our list to sales price ratio for 2nd Quarter is 96.10%, an increase from 95.5% for 2nd Quarter 2012.
  • The average list price of the sold properties is $267,964 which is up 6.3% from 2nd Quarter 2012.
  • The average number of days a property remained on the market for 2nd Quarter was 127 days, compared to 150 days for 2nd Quarter 2012.
  • The median sold price of $200,000 for 2nd Quarter has increased 2.6% from 2nd Quarter 2012.

The areas of focus in this analysis were:  

  • Selling Price – The price the seller accepts for his or her house.
  • Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
  • List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.
  • Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
  • List Price – The amount of money a home is listed on the market.
  • Median Price – The middle price of all the properties sold in the given time period.

 

28403 Zip Code

  • The average selling price of $204,466 has increased 8.6% from 2nd Quarter 2012 average selling price of $186,255.
  • 30% of sellers paid a concession compared to 18% in 2nd Quarter 2012.
  • The average list price of $213,407 has increased 9.2% from 2nd Quarter 2012 average list price of $195,391.
  • The average number of days a property remained on the market for 2nd Quarter was 113 days, compared to 174 days for 2nd Quarter 2012.
  • The median sold price of $167,000 for 2nd Quarter has increased 11.3% from 2nd Quarter 2012.
  • Sold homes in the 2nd Quarter received 95.81% of the asking price, an increase from 95.3% for 2nd Quarter 2012.

28405 Zip Code

  • The average selling price of $294,171 has increased 10.5% from 2nd Quarter 2012 average selling price of $266,233.
  • 25% of sellers paid a concession compared to 27% for 2nd Quarter 2012.
  • The average list price of $309,655 for 2nd Quarter has increased 9.5% from 2nd Quarter 2012 average list price of $282,869.
  • The average number of days a property remained on the market for 2nd Quarter was 156 days, compared to 153 days for 2nd Quarter 2012.
  • The median sold price of $171,500 for 2nd Quarter has decreased 4.7% from 2nd Quarter 2012.
  • Sold homes in 2nd Quarter received 95.0% of the asking price, an increase from 94.1% for 2nd Quarter 2012.

28409 Zip Code

  • The average selling price of $276,588 has increased 7.5% from 2nd Quarter 2012 average selling price of $257,360.
  • 20% of sellers paid a concession compared to 36% in 2nd Quarter 2012.
  • The average list price of $285,441 for 2nd Quarter has increased 6.4% over 2nd Quarter 2012 average list price of $268,268.
  • The average number of days a property remained on the market for 2nd Quarter was 106 days, compared to 142 days for 2nd Quarter 2012.
  • The median sold price of $235,625 for 2nd Quarter has increased 7.1% from 2nd Quarter 2012.
  • Sold homes in 2nd Quarter received 96.9% of the asking price, an increase from 95.9% from 2nd Quarter 2012.

28411 Zip Code

  • The average selling price of $290,707 has increased 15.7% from 2nd Quarter 2012 average selling price of $251,250. The best of all zip codes.
  • 41% of sellers paid a concession compared to 42% in 2nd Quarter 2012.
  • The average list price of $306,581 for 2nd Quarter has increased 17.1% over 2nd Quarter 2012 average list price of $261,739.  The best of all zip codes.
  • The average number of days a property remained on the market for 2nd Quarter was 122 days, compared to 128 days for 2nd Quarter 2012.
  • The median sold price of $220,768 for 2nd Quarter has increased 4.1% from 2nd Quarter 2012.
  • Sold homes in 2nd Quarter received 94.8% of the asking price, a decrease from 95.9% for 2nd Quarter 2012.

28412 Zip Code

  • The average selling price of $187,866 has increased 6.0% over 2nd Quarter 2012 average selling price of $177,203.
  • 28% of sellers paid a concession compared to 32% in 2nd Quarter 2012.
  • The average list price of $191,595 for 2nd Quarter has increased 5.1% over 2nd Quarter 2012 average list price of $182,301.
  • The average number of days a property remained on the market for 2nd Quarter was 93 days, compared to 114 days for 2nd Quarter 2012.
  • The median sold price of $163,500 for 2nd Quarter has increased 5.5% from 2nd Quarter 2012.
  • Sold homes in 2nd Quarter received 98.05% of the asking price, an increase from 97.2% for 2nd Quarter 2012.

28451 Zip Code

  • The average selling price of $201,854 has increased .04% from 2nd Quarter 2012 average selling price of $201,044.
  • 31% of sellers paid a concession compared to 30% in 2nd Quarter 2012.
  • The average list price of $204,262 for 2nd Quarter has decreased .04% over 2nd Quarter 2012 average list price of $205,005.
  • The average number of days a property remained on the market for 2nd Quarter was 119 days, compared to 158 days for 2nd Quarter 2012.
  • The median sold price of $179,510 for 2nd Quarter has decreased 1.6% from 2nd Quarter 2012.  
  • Sold homes in 2nd Quarter received 98.8% of the asking price, an increase from 98.07% for 2nd Quarter 2012.  The best of all zip codes.

28480 Zip Code

  • The average selling price of $614,841 has decreased 1.6% from 2nd Quarter 2012 average selling price of $624,574.
  • 8% of sellers paid a concession compared to 4% in 2nd Quarter 2012. The best of all zip codes.
  • The average list price of $658,805 for 2nd Quarter has decreased 2.8% over 2nd Quarter 2012 average list price of $677,230.
  • The average number of days a property remained on the market for 2nd Quarter was 230 days, compared to 340 days for 2nd Quarter 2012. The best of all zip codes.
  • The median sold price of $590,000 for 2nd Quarter has increased 21.6% from 2nd Quarter 2012. The best of all zip codes.  
  • Sold homes in 2nd Quarter received 93.3% of the asking price, an increase from 92.2% for 2nd Quarter 2012.

28428 Zip Code

  • The average selling price of $254,454 has decreased .04% from 2nd Quarter 2012 average selling price of $254,619.
  • 20% of sellers paid a concession compared to 15% in 2nd Quarter 2012.
  • The average list price of $264,791 for 2nd Quarter has decreased 1.2% over 2nd Quarter 2012 average list price of $268,104.
  • The average number of days a property remained on the market for 2nd Quarter was 182 days, compared to 158 days for 2nd Quarter 2012.
  • The median sold price of $242,450 for 2nd Quarter has increased 4.5% from 2nd Quarter 2012.
  • Sold homes in 2nd Quarter received 96.1% of the asking price, an increase from 94.9% for 2nd Quarter 2012.

28449 Zip Code

  • The average selling price of $373,224 has decreased 4.3% over 2nd Quarter 2012 average selling price of $389,833.
  • 10% of sellers paid a concession compared to 22% in 2nd Quarter 2012.
  • The average list price of $387,438 for 2nd Quarter has decreased 6.5% over 2nd Quarter 2012 average list price of $414,485.
  • The average number of days a property remained on the market for 2nd Quarter was 180 days, compared to 209 days for 2nd Quarter 2012.
  • The median sold price of $325,000 for 2nd Quarter has decreased 10.0% from 2nd Quarter 2012.
  • Sold homes in 2nd Quarter received 96.3% of the asking price, an increase from 94.0% for 2nd Quarter 2012.

Commentary for Consumers

We continue on our path to recovery, six out of nine zip codes reported an increase in the average sales price. Seven out of nine zip codes have the List to Sales price ratio above 95%; this is the fourth quarter that we have had this ratio. A good sign that real estate is recovering is the sign that clients are getting closer to their asking price. Seven zip codes reported fewer days on the market by an average of 23 days. For more market data that covers our entire MLS, please visit www.wrar.com and click on the “Home Sales Stats” link. Take advantage of these exceptional opportunities to invest in the American Dream of homeownership. Contact a Realtor® today!  

An Analysis of information from the Wilmington Regional Association of Realtors® Incorporated, for the period Jan. 1, 2005 through June 30, 2013 – data pulled on July 13, 2013. Average sold numbers for specific neighborhoods within each zip code can be higher or lower than these stated averages. It is highly recommend that you consult a Realtor® to determine how these numbers specifically relate to your neighborhood. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.