There has been no shortage of negative news about real estate these past few weeks. The national outlook on housing has been darkened by fears — stoked by major media outlets — of a double dip in home prices and another wave of foreclosures hitting the market. Looking for signs of an economic and housing recovery might be like watching grass grow. Jed Smith, managing director of quantitative research for the National Association of Realtors, characterized the economic upturn as "a mediocre recovery," and a "very slow recovery ... largely because of job issues. We're looking at up to a four-year recovery." Reported on Inman News™ today on Linkedin… However, this coverage only tells part of the story. Every market is unique, and many of them aren’t seeing falling values or rising distressed properties. Real estate might be well on its way to recovery in your area, but consumers may not know it unless someone is telling them. Armed with the right statistics and analysis, helps us know our market.
For example in Wilmington the average price per square foot is $118, a decrease of 4.8% compared to the same period last year. The median sales price for homes in Wilmington NC for Mar 11 to May 11 was $190,000 based on 214 home sales. Compared to the same period one year ago, the median home sales price increased 11.8%, or $20,000, and the number of home sales decreased 74.6%. There are currently 2,994 resale and new homes in Wilmington on Trulia, as well as 195 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Wilmington was $361,146 for the week ending Jun 08, which represents a decrease of 0.7%, or $2,437, compared to the prior week. Then you take a comparison look at Wrightsville Beach and the average price per square foot is $579, an increase of 31.6% compared to the same period last year. The median sales price for homes in Wrightsville Beach NC for Mar 11 to May 11 was $812,500 based on 10 home sales. Compared to the same period one year ago, the median home sales price increased 16.1%, or $112,500, and the number of home sales decreased 47.4%. There are currently 200 resale and new homes in Wrightsville Beach on Trulia, as well as 1 home in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Wrightsville Beach NC was $1,092,132 for the week ending Jun 08, which represents a decrease of 1.2%, or $13,345, compared to the prior week.
Timely and accurate information, provided on a local level with a real-world perspective, is the real estate market's most important commodity -- and the ability of the public, government, financial institutions, investors and real estate professionals to make informed decisions on local housing markets is the cornerstone of an eventual housing recovery. What we see is an improving housing market in the New Hanover County area. With an area that’s has interesting history coupled with majestic scenery this area is a dynamic place to live. For more information on travel and a tourism guide for the Wilmington area take a look at WorldWeb.com which features hotels and other accommodations, tours, attractions, events, shopping and more, will help you plan a successful visit to Wilmington. Once you visit you’ll want to stay and now’s the time to buy real estate here!