We have what looks to be an amazing forecast on tap for the next week! Sunny skies and high temps just in time for March Madness and Azalea Festival preparations. After what feels like a long, cold winter the birds are singing, trees are budding and the pollen is back. Back to business! Existing-home sales were down again, according to the latest report from the National Association of Realtors (NAR). This is according to the NAR report on March 22nd 2011. This is part of the "uneven recovery" that NAR chief economist Lawrence Yun reports. "Housing affordability conditions have been at record levels. There's also more good news on the horizon Yun reported. “The economy is recovering, albeit slowly”.
What do we see trending this week in Wilmington NC according to Trulia. The average price per square foot for Wilmington was $349, an increase of 156.6% compared to the same period last year. The median sales price for homes in Wilmington NC for Dec 10 to Feb 11 was $189,000 based on 351 home sales. Compared to the same period one year ago, the median home sales price decreased 5.5%, or $11,000, and the number of home sales decreased 52.2%. There are currently 3,254 resale and new homes in Wilmington on Trulia, as well as 355 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Wilmington NC was $342,578 for the week ending Mar 16, which represents an increase of 0.4%, or $1,344, compared to the prior week.
Even though we’re still seeing the roller coaster of news coming from real estate markets nationwide what we see here in our area is encouraging. The real estate market will recover this year, maybe it won’t bounce back like you’d expect but it’s on its way according to the trends we’re seeing. Now, this is all theoretical, but there’s no denying that just a few transactions can have a significant economic impact on localities — with respect to people’s livelihoods, home values, and viability of communities. The housing sector won’t be the only thing to restore the vitality of American economy, but it will play an important part. Increased sales and decreased prices are helping Wilmington hold its own during this time we’re in and that’s good news to end the week with.
Helping you buy and sell homes in Wilmington, homes in Carolina Beach, homes in Kure Beach...all Wilmington NC Real Estate. Contact Coastwalk Real Estate today at 910-458-9119, or shop online http://www.coastwalkrealestate.com/