Only three zip codes had an increase in average list price from 2.1% to 11.7%. Concessions offered to buyers were offered in 22% to 45% of the transactions in fourth quarter 2011. Our median sales price for two zip codes reflects an increase from 2.6% to 10.3%. Our overall average days on the market increased for four zip codes from 140’s to about 187; while 28409 and 28451 had an average decrease of 23 to 34 days.

Analyzing the growth within the six major zip codes in our region, an average of the zip codes shows for the fourth quarter of 2011:

•    Our average sales price has decreased by 4.8% from third quarter 2011.
•    Of the 597 sellers in fourth quarter – 33.0% paid some sort of concession toward the purchase of the house.
•    Our list to sales price ratio for fourth quarter is 94.0%, a decrease from 94.8% for third quarter 2011.
•    The average list price of the sold properties is $245,760 and is down 3.9% from third quarter 2011.
•    The average number of days a property remained on the market for fourth quarter was 158 days compared to 152 days for third quarter 2011.
•    The median sold price of $179,268 for fourth quarter has decreased 2.0% from third quarter 2011.

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.

4th Quarter 2011            28403 Zip Code
•    The average selling price of $211,141 has increased 6.1% from 3rd Quarter 2011 average selling price of $198,995.
•    26% of sellers paid a concession compared to 24% in 3rd quarter 2011.
•    The average list price of $230,836 for 4th Quarter has increased 7.8% over 3rd Quarter 2011 average list price of $214,048.
•    The average number of days a property remained on the market for 4th Quarter was 187 days compared to 185 days for 3rd Quarter 2011.
•    The median sold price of $156,000 for 4th Quarter has increased 2.6% from 3rd Quarter 2011.
•    Sold homes in 4th Quarter received 91.4% of the asking price, a decrease from 92.9% for 3rd Quarter 2011.

4th Quarter 2011            28405 Zip Code
•    The average selling price of $262,588 has decreased 13.8% from 3rd Quarter 2011 average selling price of $304,544.
•    22% of sellers in 4th Quarter paid a concession compared to 32% for 3rd Quarter 2011.
•    The average list price of $287,370 for 4th Quarter has decreased 11.8% from 3rd Quarter 2011 average list price of $325,852.
•    The average number of days a property remained on the market for 4th Quarter was 182 days compared to 152 days for 3rd Quarter 2011.
•    The median sold price of $165,000 for 4th Quarter has decreased 7.8% from 3rd Quarter 2011.
•    Sold homes in 4th Quarter received 91.3% of the asking price, a decrease from 93.4% for 3rd Quarter 2011.

4th Quarter 2011            28409 Zip Code
•    The average selling price of $261,680 has decreased 5.8% from 3rd Quarter 2011 average selling price of $277,697.
•    33% of sellers in 4th Quarter paid a concession compared to 38% in 3rd Quarter 2011.
•    The average list price of $279,858 for 4th Quarter has decreased 4.5% over 3rd Quarter 2011 average list price of $293,112.
•    The average number of days a property remained on the market for 4th Quarter was 144 days compared to 167 days for 3rd Quarter 2011.
•    The median sold price of $200,000 for 4th Quarter has decreased 17.1% from 3rd Quarter 2011.
•    Sold homes in 4th Quarter received 93.5% of the asking price, a decrease from 94.7% from the 3rd Quarter 2011.

4th Quarter 2011            28411 Zip Code
•    The average selling price of $253,001 has decreased 13.6% over 3rd Quarter 2011 average selling price of $292,660.
•    45% of sellers in 4th Quarter paid a concession compared to 38% in 3rd Quarter 2011.
•    The average list price of $269,054 for 4th Quarter has decreased 13.4% over the 3rd Quarter 2011 average list price of $310,724.
•    The average number of days a property remained on the market for 4th Quarter was 177 days compared to 132 days for 3rd Quarter 2011.
•    The median sold price of $199,359 for 4th Quarter has decreased 2.8% from 3rd Quarter 2011.
•    Sold homes in 4th Quarter received 94.0% of the asking price, an increase from 94.1% for 3rd Quarter 2011.

4th Quarter 2011            28412 Zip Code
•    The average selling price of $178,025 has increased 1.3% over 3rd Quarter 2011 average selling price of $175,809.
•    31% of sellers in 4th Quarter paid a concession compared to 36% in 3rd Quarter 2011. The best of all zip codes.
•    The average list price of $185,954 for 4th Quarter has increased 2.1% over the 3rd Quarter 2011 average list price of $182,143.
•    The average number of days a property remained on the market for 4th Quarter was 158 days compared to 140 days for 3rd Quarter 2011.
•    The median sold price of $146,000 for 4th Quarter has decreased 6.1% from 3rd Quarter 2011.
•    Sold homes in 4th Quarter received 95.7% of the asking price, a decrease from 96.5% for 3rd Quarter 2011.

4th Quarter 2011            28451 Zip Code
•    The average selling price of $225,322 has increased 10.8% from 3rd Quarter 2011 average selling price of $203,449. The best of all zip codes.
•    33% of sellers in 4th Quarter paid a concession compared to 33% in 3rd Quarter 2011.
•    The average list price of $233,091 for 4th Quarter has increased 11.7% over the 3rd Quarter 2011 average list price of $208,709. The best of all zip codes.
•    The average number of days a property remained on the market for 4th Quarter was 114 days compared to 148 days for 3rd Quarter 2011. The best of all zip codes.
•    The median sold price of $196,300 for 4th Quarter has increased 10.3% from 3rd Quarter 2011.
The best of all zip codes.
•    Sold homes in 4th Quarter received 96.6% of the asking price, a decrease from 97.4% for 3rd Quarter 2011. The best of all zip codes.

Our fourth quarter 2011 shows limited growth in average sales price and median sales over last quarter. Several improving factors on a national, as well as local basis, makes now the most opportune time to purchase a home. Here are just a few more reasons why now is the most opportune time to purchase a home.

•    The Blue Chip Consensus forecast has around fifty economists representing organizations such as FedEx, Dupont, Ford Motors, and the U.S. Chamber of Commerce. Interestingly though, this Blue Chip average consensus forecast value generally tends to be more accurate than any individual economist’s forecast over the long run. That is to say, it is better to trust the consensus forecast more so than an individual economist’s forecast. So, what is the Blue Chip consensus saying about the bottoming of home values? In the latest January issue, a solid majority of economists said the Case-Shiller home price index will finally bottom in 2012. With 75.6% saying this index of homes prices will finally bottom out in 2012. Lawrence Yun – NAR Chief Economist

•    Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

•    Freddie Mac released the results of its Primary Mortgage Market Survey® (http://www.freddiemac.com/pmms), showing average mortgage rates changing little amid mixed economic data. Regardless, the 30-year fixed-rate mortgage edged down slightly to 3.88 percent to a new all-time record low marking the seventh consecutive week below 4.00 percent.
All of this makes now the most opportune time to purchase a home. Contact your REALTOR® today!  

An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated, for the period Jan. 1, 2005 through December 31, 2011 – data pulled on January 21, 2012. 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.

When analyzing six major zip codes in our region – 28403, 28405, 28409, 28411, 28412 and 28451 – all had an average sold price increase of 2.9% to 17.9% over 2nd quarter 2011. Only one zip code had an increase in the list to sales price ratio for 3rd Quarter, while five had a slight decrease from 2nd quarter 2011. Sellers in 28451 got about 97.4% of their asking price while those in 28403 only got 92.9% of their asking price.

All six zip codes had an increase in average list price from 3.8% to 16.3%. Concessions offered to buyers are now offered in 24% to 38% of the transactions in 3rd Quarter 2011. Our median sales price for 4 zip codes reflects an increase from 4.2% to 9.7%.

Our overall average days on the market increased for three zip codes from 146 days to about 185 while 28405 and 28411 had an average decrease of 15 days. Zip code 28412 had an average decrease of 3 days. Just four zip codes had an increase in units over 2nd Quarter 2011.

Evaluating the growth within these six major zip codes, an average of the zip codes shows for the third quarter of 2011:

•  Our average sales price has increased by 6.7% from 2nd Quarter 2011.
•  Of the 688 sellers in 3rd Quarter – 34.3% paid some sort of concession toward the purchase of the house.
•  Our list to sales price ratio for 3rd Quarter is 94.8% an increase from 93.9% for 1st Quarter 2011.
•  The average list price of the sold properties is $256,239 and is up 7.3% from 2nd Quarter 2011.
•  The average number of days a property remained on the market for 3rd Quarter was 152 days, compared to 144 days for 2nd Quarter 2011.
•  The median sold price of $183,625 for 3rd Quarter has increased 4.9% from 2nd Quarter 2011.

Over the last couple of years an analysis of six major zip codes – 28403, 28405, 28409, 28411, 28412 and 28451 was conducted.  The areas of focus are:

•  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.

3rd Quarter 2011            28403 Zip Code

•    The average selling price of $198,995 has increased 5.5% from 2nd Quarter 2011 average selling price of $188,703.
•    24% of sellers paid a concession compared to 32% in 2nd quarter 2011. The best of all the zip codes.
•    The average list price of $214,048 for 3rd Quarter has increased 7.4% over 2nd Quarter 2011 average list price of $199,355.
•    The average number of days a property remained on the market for 3rd Quarter was 185 days compared to 152 days for 2nd Quarter 2011.
•    The median sold price of $152,000 for 3rd Quarter has decreased 6.5% from 2nd Quarter 2011.
•    Sold homes in 3rd Quarter received 92.9% of the asking price, a decrease from 94.6% for 2nd Quarter 2011.

3rd Quarter 2011            28405 Zip Code

•    The average selling price of $306,887 has increased 17.9% from 2nd Quarter 2011 average selling price of $260,313. The best of all the zip codes.
•    33% of sellers in 3rd Quarter paid a concession compared to 27% for 2nd Quarter 2011.
•    The average list price of $328,307 for 3rd Quarter has increased 16.3% from 2nd Quarter 2011 average list price of $282,317. The best of all the zip codes.
•    The average number of days a property remained on the market for 3rd Quarter was 153 days compared to 168 days for 2nd Quarter 2011.
•    The median sold price of $181,000 for 3rd Quarter has increased 9.7% from 2nd Quarter 2011. The best of all the zip codes.
•    Sold homes in 3rd Quarter received 93.4% of the asking price, an increase from 92.2% for 2nd Quarter 2011.

3rd Quarter 2011            28409 Zip Code

•    The average selling price of $275,951 has increased 2.9% from 2nd Quarter 2011 average selling price of $268,049.
•    38% of sellers in 3rd Quarter paid a concession compared to 27% in 2nd Quarter 2011.
•    The average list price of $291,370 for 3rd Quarter has increased 3.8% over 2nd Quarter 2011 average list price of $280,576.
•    The average number of days a property remained on the market for 3rd Quarter was 167 days compared to 140 days for 2nd Quarter 2011.
•    The median sold price of $240,260 for 3rd Quarter has increased 4.8% from 2nd Quarter 2011.
•    Sold homes in 3rd Quarter received 94.7% of the asking price, a decrease from 95.5% from the 2nd Quarter 2011.

3rd Quarter 2011            28411 Zip Code

•    The average selling price of $292,563 has increased 4.3% over 2nd Quarter 2011 average selling price of $280,456.
•    38% of sellers in 3rd Quarter paid a concession compared to 38% in 2nd Quarter 2011.
•    The average list price of $310,570 for 3rd Quarter has increased 4.9% over the 2nd Quarter 2011 average list price of $295,959.
•    The average number of days a property remained on the market for 3rd Quarter was 132 days compared to 147 days for 2nd Quarter 2011. The best of all the zip codes.
•    The median sold price of $205,000 for 3rd Quarter has decreased 10.4% from 2nd Quarter 2011.
•    Sold homes in 3rd Quarter received 94.2% of the asking price, a decrease from 94.7% for 2nd Quarter 2011.

3rd Quarter 2011            28412 Zip Code

•    The average selling price of $176,618 has increased 4.2% over 2nd Quarter 2011 average selling price of $169,420.
•    36% of sellers in 3rd Quarter paid a concession compared to 35% in 2nd Quarter 2011.
•    The average list price of $183,000 for 3rd Quarter has increased 4.2% over the 2nd Quarter 2011 average list price of $175,362.
•    The average number of days a property remained on the market for 3rd Quarter was 141 days compared to 144 days for 2nd Quarter 2011.
•    The median sold price of $156,250 for 3rd Quarter has increased 4.2% from 2nd Quarter 2011.
•    Sold homes in 3rd Quarter received 96.5% of the asking price, a decrease from 96.6% for 2nd Quarter 2011.

3rd Quarter 2011            28451 Zip Code

•    The average selling price of $204,052 has increased 4.7% from 2nd Quarter 2011 average selling price of $194,803.
•    33% of sellers in 3rd Quarter paid a concession compared to 36% in 2nd Quarter 2011.
•    The average list price of $209,499 for 3rd Quarter has increased 5.1% over the 2nd Quarter 2011 average list price of $199,419.
•    The average number of days a property remained on the market for 3rd Quarter was 146 days compared to 114 days for 2nd Quarter 2011.
•    The median sold price of $179,000 for 3rd Quarter has increased 8.6% from 2nd Quarter 2011.
•    Sold homes in 2nd Quarter received 97.4% of the asking price, a decrease from 97.6% for 2nd Quarter 2011. The best of all the zip codes.

We continue to see limited growth in our market. Our third quarter shows growth in average sales price and median sales over last quarter. On a national basis, our current annualized pace is at 5.0 million units, several improving factors on a national as well as local basis are:

•    Job creation (though slowly – 103,000 reported nationally as of October 4th)
•    Stock market recovery from 2008
•    Rising rents and larger pool of qualified renters
•    Buyers want distressed properties – buying at deep discounts
•    International buyers cashing in on the weakened dollar
•    Smart money chasing real estate
•    Mortgage rates at historic low levels

All of this makes now the most opportune time to purchase a home. Contact your REALTOR® today!

An analysis of information from the Wilmington Regional Association of REALTORS® Incorporated, for the period January 1, 2005 through September 30, 2011 – data pulled on October 14, 2011. 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.

There are many factors that affect our current housing market in a positive fashion:

1. 30 year fixed mortgage rates near historic lows of 4.52% (Freddie Mac – 7/21/11).
2. NAR’s Housing Affordability Index has reached its highest point during 2011. It reveals how home prices, household income and interest rates combine to provide an overview of affordability conditions on a national basis.
3. Pent up demand – the addition of about 3 million in population should assist in the rise in homes sales.

There are factors that affect our current housing market:

1. Foreclosures and short sales: these tend to bring market values down.
2. No more tax incentives: the incentives ended last summer – congress may consider adjustments to the mortgage interest deduction.
3. Debt Ceiling: will Congress increase our taxes or remove some tax “breaks”? Until we have answers, there will be uncertainty in the market.
4. Unemployment: the current rate climbed to 9.2%.

Our local area is showing signs of improvement – purchase activity will pick up slowly as the improvement in the job market eventually leads to greater willingness to buy. The year 2011 presents us with a housing opportunity that makes it the most affordable in generations. So now is the time to buy.

Analyzing the growth within the six major zip codes in our region, an average of the zip codes shows:

• Our average sales price has increased by 5.0% from 1st Quarter 2011.
• Of the 679 sellers in 2nd Quarter – 33.4% paid some sort of concession toward the purchase of the house.
• Our list to sales price ratio for 2nd Quarter is 95.0% an increase from 93.9% for 1st Quarter 2011.
• The average list price of the sold properties is $238,671 and is up 3.8% from 1st Quarter 2011.
• The average number of days a property remained on the market for 2nd Quarter was 144 days, compared to 133 days for 1st Quarter 2011.
• The median sold price of $175,000 for 2nd Quarter has increased .05% from 1st Quarter 2011.

Over the last several of years an analysis of six major zip codes – 28403, 28405, 28409, 28411, 28412 and 28451 was conducted.  The areas of focus are:

• Sold 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 sold 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.

2nd Quarter 2011                              28403 Zip Code

• The average selling price of $189,608 has decreased 10.6% from 1st Quarter 2011 average selling price of $212,161.
• 32% of sellers paid a concession, compared to 20% in 1st quarter 2011.
• The average list price of $200,452 for 2nd Quarter has decreased 15.2% over 1st Quarter 2011 average list price of $236,468.
• The average number of days a property remained on the market for 2nd Quarter was 154 days, compared to 147 days for 1st Quarter 2011.
• The median selling price of $162,500 for 2nd Quarter has increased 9.6% from 1st Quarter 2011. The best of all the zip codes.
• Selling homes in 2nd Quarter received 94.5% of the asking price, an increase from 89.7% for 1st Quarter 2011.

2nd Quarter 2011                              28405 Zip Code

• The average selling price of $257,824 has increased 29.3% from 1st Quarter 2011 average selling price of $199,423. The best of all the zip codes.
• 28% of sellers in 2nd Quarter paid a concession, compared to 32% for 1st Quarter 2011.
• The average list price of $279,492 for 2nd Quarter has increased 33.1% from 1st Quarter 2011 average list price of $209,954. The best of all the zip codes.
• The average number of days a property remained on the market for 2nd Quarter was 163 days, compared to 131 days for 1st Quarter 2011.
• The median selling price of $165,000 for 2nd Quarter has increased 3.1% from 1st Quarter 2011.
• Selling homes in 2nd Quarter received 92.2% of the asking price, a decrease from 94.9% for 1st Quarter 2011.

2nd Quarter 2011                              28409 Zip Code

• The average selling price of $268,049 has increased 8.2% from 1st Quarter 2011 average selling price of $247,811.
• 27% of sellers in 2nd Quarter paid a concession, compared to 34% in 1st Quarter 2011. The best of all the zip codes.
• The average list price of $280,576 for 2nd Quarter has increased 5.2% over 1st Quarter 2011 average list price of $266,653.
• The average number of days a property remained on the market for 2nd Quarter was 140 days, compared to 139 days for 1st Quarter 2011.
• The median selling price of $229,325 for 2nd Quarter has increased 6.7% from 1st Quarter 2011.
• Selling homes in 2nd Quarter received 95.5% of the asking price, a decrease from 92.9% from the 1st Quarter 2011.

2nd Quarter 2011                              28411 Zip Code

• The average selling price of $282,108 has increased 1.4% over 1st Quarter 2011 average selling price of $278,268.
• 40% of sellers in 2nd Quarter paid a concession, compared to 36.0% in 1st Quarter 2011.
• The average list price of $298,596 for 2nd Quarter has increased .04% over the 1st Quarter 2011 average list price of $297, 313.
• The average number of days a property remained on the market for 2nd Quarter was 152 days, compared to 129 days for 1st Quarter 2011.
• The median selling price of $228,750 for 2nd Quarter has increased 9.5% from 1st Quarter 2011.
• Selling homes in 2nd Quarter received 94.4% of the asking price, an increase from 93.5% for 1st Quarter 2011.

2nd Quarter 2011                              28412 Zip Code

• The average selling price of $170,136 has decreased 5.2% over 1st Quarter 2011 average selling price of $179,464.
• 35% of sellers in 2nd Quarter paid a concession, compared to 40% in 1st Quarter 2011.
• The average list price of $176,123 for 2nd Quarter has decreased 6.7% over the 1st Quarter 2011 average list price of $188,690.
• The average number of days a property remained on the market for 2nd Quarter was 145 days, compared to 130 days for 1st Quarter 2011.
• The median selling price of $149,950 for 2nd Quarter has decreased 5.1% from 1st Quarter 2011.
• Selling homes in 2nd Quarter received 96.6% of the asking price, an increase from 95.1% for 1st Quarter 2011.

2nd Quarter 2011                              28451 Zip Code

• The average selling price of $194,803 has increased 3.0% from 1st Quarter 2011 average selling price of $189,052.
• 36% of sellers in 2nd Quarter paid a concession, compared to 28% in 1st Quarter 2011.
• The average list price of $199,419 for 2nd Quarter has increased 2.2% over the 1st Quarter 2011 average list price of $195,101.
• The average number of days a property remained on the market for 2nd Quarter was 114 days, compared to 130 days for 1st Quarter 2011. The best of all the zip codes.
• The median selling price of $164,900 for 2nd Quarter has decreased 1.8% from 1st Quarter 2011.
• Selling homes in 2nd Quarter received 97.6% of the asking price, an increase from 96.9% for 1st Quarter 2011. The best of all the zip codes.

An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated, for the period Jan. 1, 2005 through June 30, 2011 – data pulled on July 13, 2011.

Comparing 1st Quarter of 2010 with 1st Quarter of 2011, we should remember a few facts:

• 1st Quarter 2010 had a major push with government incentives to help real estate along – mainly the First Time Home Buyer Tax Credit of $8,000 that was available until April 30, 2010.
• 1st Quarter 2011 we had a market that had a large number of foreclosures and short sales which have a tendency to bring market values down. Also, mortgage lenders have tighten credit which makes for a difficult purchase market.
• 1st Quarter unit numbers are higher in 2011 than 2010 even with no Home Buyer Tax Credit. The unit numbers in certain zip codes are down (zip codes are noted below).
• 1st Quarter average and median home prices declined

Over the last couple of years an analysis of six major zip codes – 28403, 28405, 28409, 28411, 28412 and 28451 was conducted. The areas of focus in this analysis were:

• Average Sold Price – The total number of properties divided by the total sales volume for the 3 month period in that zip code.
• Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
• List Price – The amount of money a home is listed on the market.
• Selling Price – The price the seller accepts for his or her house.
• 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 to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.

Analyzing the growth within the six major zip codes in our region, an average of the zip codes shows:

• Our average sales price has decreased by 10.7% from 1st Quarter 2010.
• Of the 482 sellers in 1st Quarter – 32.7% paid some sort of concession toward the purchase of the house.
• Our list to sales price ratio for 1st Quarter is 93.9% a slight decrease from 95.1% for 1st Quarter 2010.
• The average list price of the sold properties is $230,330 and is down 6.2% from 1st Quarter 2010.
• The average number of days a property remained on the market for 1st Quarter was 133 days compared to 126 days for 1st Quarter 2010.
• The median sold price of $174,832 for 1st Quarter has decreased 7.8% from 1st Quarter 2010.

As we look at the 1st Quarter of 2011 and do our comparison of 1st Quarter 2010, we need to highlight 2 zip codes that have improved in most areas. 28403 and 28412 both showed a growth in average sales price between 1.3% and 10.3% over the 1st quarter of 2010. Their average list price also had a growth of 1.3% to 14.7% and just 28403 had a growth in Median sold price of 3.0%. Both zip codes also showed a growth in the number of sold homes from 1st Quarter 2010.

While 28412 showed a better list to sales price ratio of 95.2%, 28403 managed to drop to 89.7%. This is also evidenced by the fact that seller concessions for 28403 were the lowest at 20% of the transactions while 28412 had over 41% of the transactions report a seller concession. Both zip codes had the number of days on the market increase between 18 and 30 days.

28403 Zip Code

• The average selling price of $212,161 has increased 10.3% from 1st Quarter 2010 average selling price of $192,352.
• 20% of sellers paid a concession compared to 23% in 1st Quarter 2010.
• The average list price of $236,468 for 1st Quarter has increased 14.7% over 1st Quarter 2010 average list price of $206,196.
• The average number of days a property remained on the market for 1st Quarter was 147 days compared to 129 days for 1st Quarter 2010.
• The median sold price of $148,250 for 1st Quarter has increased 3.0% from 1st Quarter 2010.
• Sold homes in 1st Quarter received 89.7% of the asking price, a decrease from 93.2% 1st Quarter 2010.

28405 Zip Code

• The average selling price of $199,072 has decreased 26.3% from 1st Quarter 2010 average selling price of $270,011.
• 32% of sellers in 1st Quarter paid a concession compared to 35% for 1st Quarter 2010.
• The average list price of $209,954 for 1st Quarter has decreased 28.1% from 1st Quarter 2010 average list price of $291,813.
• The average number of days a property remained on the market for 1st Quarter was 131 days compared to 175 days for 1st Quarter 2010.
• The median sold price of $160,000 for 1st Quarter has decreased 7.6% from 1st Quarter 2010.
• Sold homes in 1st Quarter received 94.8% of the asking price, a increase from 92.5% for 1st Quarter 2010.

28409 Zip Code

• The average selling price of $247,811 has decreased 7.1% from 1st Quarter 2010 average selling price of $266,729.
• 34% of sellers in 1st Quarter paid a concession compared to 18% in 1st Quarter 2010.
• The average list price of $266,653 for 1st Quarter has decreased 2.9% over 1st Quarter 2010 average list price of $274,584.
• The average number of days a property remained on the market for 1st Quarter was 139 days compared to 141 days for 1st Quarter 2010.
• The median sold price of $215,000 for 1st Quarter has decreased 5.4% from 1st Quarter 2010.
• Sold homes in 1st Quarter received 92.9% of the asking price, a decrease from 97.1% for 1st Quarter 2010.

28411 Zip Code

• The average selling price of $278,268 has decreased 9.2% over 1st Quarter 2010 average selling price of $306,521.
• 36% of sellers in 1st Quarter paid a concession compared to 30% in 1st Quarter 2010.
• The average list price of $297,313 for 1st Quarter has decreased 8.2% over the 1st Quarter 2010 average list price of $323,832.
• The average number of days a property remained on the market for 1st Quarter was 129 days compared to 112 days for 1st Quarter 2010.
• The median sold price of $208,950 for 1st Quarter has decreased 12.6% from 1st Quarter 2010.
• Sold homes in 1st Quarter received 93.5% of the asking price, a decrease from 94.6% for 1st Quarter 2010.

28412 Zip Code

• The average selling price of $181,470 has increased 1.3% over 1st Quarter 2010 average selling price of $179,143.
• 41% of sellers in 1st Quarter paid a concession compared to 27% in 1st Quarter 2010.
• The average list price of $190,519 for 1st Quarter has increased 1.3% over the 1st Quarter 2010 average list price of $188,159.
• The average number of days a property remained on the market for 1st Quarter was 130 days compared to 105 days for 1st Quarter 2010.
• The median sold price of $159,000 for 1st Quarter has decreased 2.8% from 1st Quarter 2010.
• Sold homes in 1st Quarter received 95.25% of the asking price, a increase from 95.21% for 1st Quarter 2010.

28451 Zip Code

• The average selling price of $186,767 has decreased 13.8% from 1st Quarter 2010 average selling price of $216,782.
• 29% of sellers in 1st Quarter paid a concession compared to 25% in 1st Quarter 2010.
• The average list price of $192,875 for 1st Quarter has decreased 13.0% over the 1st Quarter 2010 average list price of $221,802.
• The average number of days a property remained on the market for 1st Quarter was 130 days compared to 116 days for 1st Quarter 2010.
• The median sold price of $168,000 for 1st Quarter has decreased 10.0% from 1st Quarter 2010.
• Sold homes in 1st Quarter received 96.8% of the asking price, a decrease from 97.7% for 1st Quarter 2010.

An Analysis of information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through March 31, 2011 – data pulled on April 17, 2011.

While analyzing the growth within these six major zip codes in our region – 28403, 28405, 28409, 28411, 28412 and 28451, an average of the zip codes shows:

   • Our average sales price had an increase of 3.2% from year-end 2009.
   • Of the 2,587 sellers in 2010, 28.4% paid some sort of concession toward the purchase
   of the house.
   • Our list to sales price ratio for 2010 was 94.65%, a slight decrease from 95.12% for
   year-end 2009.
   • The average list price of the sold properties was $260,379, up 3.7% from
   year-end 2009.
   • The average number of days a property remained on the market for 2010 was 123 days,
   compared to 132 days for year-end 2009.
   • The median sold price of $195,000 for 2010 was an increase of 2.7% from
   year-end 2009.

The areas of focus in this analysis were: 

   • Sellers Concessions – The amount of money a seller of a house contributes toward
   the buyers purchase.
   • List Price – The amount of money a home is listed on the market.
   • Selling Price – The price the seller accepts for his or her house.
   • 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 to Sales Price Ratio – The difference between the list price and the selling price
   shown as a percentage.

2009 Year-End Average Selling Price vs. 2010 Year-End Average Selling Price

 
28403 Zip Code

• The average selling price of $210,977 increased .8% from year-end 2009 average selling price of $209,290.
• 22% of sellers in 2010 paid a concession compared to 16% in year-end 2009.
• The average list price of $228,082 for 2010 increased 1.9% over year-end 2009 average list price of $223,749.
• The average number of days a property remained on the market for 2010 was 135 days, compared to 142 days for year-end 2009.
• The median sold price of $166,000 for 2010 decreased 2.0% from year-end 2009.
• Sold homes in 2010 received 92.5% of the asking price, a decrease from 93.5% year-end 2009.

28405 Zip Code

• The average selling price of $276,251 increased 10.5% from year-end 2009 average selling price of $250,111. The best of all the zip codes.
• 28% of sellers in 2010 paid a concession compared to 22% for year-end 2009.
• The average list price of $298,717 for 2010 increased 12.3% from year-end 2009 average list price of $265,960. The best of all the zip codes.
• The average number of days a property remained on the market for 2010 was 136 days, compared to 138 days for year-end 2009.
• The median sold price of $175,000 for 2010 decreased 2.8% from year-end 2009.
• Sold homes in 2010 received 92.4% of the asking price, a decrease from 94.0% for year-end 2009.

28409 Zip Code

• The average selling price of $290,323 decreased .3% over year-end 2009 average selling price of $291,089.
• 19% of sellers in 2010 paid a concession compared to 19% in year-end 2009. The best of all the zip codes.
• The average list price of $310,292 for 2010 decreased .7% over year-end 2009 average list price of $312,455.
• The average number of days a property remained on the market for 2010 was 130 days, compared to 133 days for year-end 2009.
• The median sold price of $237,000 for 2010 increased .9% from year-end 2009.
• Sold homes in 2010 received 93.5% of the asking price, an increase from 93.1% for year-end 2009.

28411 Zip Code

• The average selling price of $295,135 increased 3.4% over year-end 2009 average selling price of $285,407.
• 33% of sellers in 2010 paid a concession compared to 22.0% in year-end 2009.
• The average list price of $310,732 for 2010 increased 1.7% over the year-end 2009 average list price of $305,422.
• The average number of days a property remained on the market for 2010 was 113 days, compared to 126 days for year-end 2009. The best of all the zip codes.
• The median sold price of $223,000 for 2010 increased 3.7% from year-end 2009. The best of all the zip codes.
• Sold homes in 2010 received 94.9% of the asking price, an increase from 93.4% for year-end 2009.

28412 Zip Code

• The average selling price of $192,063 decreased .9% over year-end 2009 average selling price of $193,872.
• 31% of sellers in 2010 paid a concession compared to 27% in year-end 2009.
• The average list price of $201,121 for 2010 decreased .8% over the year-end 2009 average list price of $202,816.
• The average number of days a property remained on the market for 2010 was 116 days, compared to 139 days for year-end 2009.
• The median sold price of $165,000 for 2010 decreased 5.7% from year-end 2009.
• Sold homes in 2010 received 95.50% of the asking price, a decrease from 95.59% for year-end 2009.

28451 Zip Code

• The average selling price of $217,300 decreased .5% over year-end 2009 average selling price of $218,553.
• 32% of sellers in 2010 paid a concession compared to 31% in year-end 2009.
• The average list price of $221,983 for 2010 decreased .3% over the year-end 2009 average list price of $222,802.
• The average number of days a property remained on the market for 2010 was 113 days, compared to 124 days for year-end 2009.
• The median sold price of $190,060 for 2010 increased 3.6% from year-end 2009.
• Sold homes in 2010 received 97.8% of the asking price, an decrease from 98.0% for year-end 2009.  The best of all the zip codes.

Summary

During 2010, we experienced a positive increase in the average sold price compared to 2009 by 3.2%. We also had an increase of 2.4% in the number of homes sold over 2009. 

Three of the zip codes we analyzed had average sold price increases from .8% to 10.5% over year-end 2009 while the other three zip codes had average sold price decreases from .3% to .9%. This is excellent progress for our local market; the three zip codes that had price decreases were all less than 1.0%. One year ago, we were looking at decreases of 9.9% to 24.2% for these different zip codes. Only two zip codes had an increase in the list to sales price ratio for the 2010 while four had a slight decrease from year-end 2009. Three zip codes had an increase in average list price from 1.7% to 12.3% over year end 2009.

Concessions offered to buyers were offered in 19% to 33% of the transactions in 2010. Our median sales price for 2010 ($195,000) reflects a gain of 2.7% from year-end 2009 ($189,900). Our overall average days on market was 123 days, a decrease of 9 days from year-end 2009. Sellers in 28451 got about 97.8% of their asking price while those in 28405 only got 92.4% of their asking price. Four zip codes had an increase in units sold over 2009.

The last two years will be looked at as the years in which our market bottomed out and started to stabilize. 2011 presents us with a housing opportunity that makes it the most affordable in generations. Contact a REALTOR® today to help you take advantage of this once in a lifetime opportunity. Now might be your best chance ever to achieve the American dream of homeownership. Visit www.THEwilmingtonMLS.com to find a REALTOR® and begin searching for your new home online.

An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated, for the period Jan. 1, 2005 through December 31, 2010 – data pulled on January 17, 2011.

Spring is finally here and it has never been a better time to purchase a home! Like the weather, our local residential market is gradually warming up offering incredible opportunities for both buyers and sellers. During the 1st quarter of this year, our market surpassed levels from the previous year for the seventh straight month. The most notable improvement was seen in the number of homes sold. 

When analyzing the growth within the six major zip codes for our region, our average sales price has increased 1.8% from year-end 2009 and decreased .09% from first quarter 2009. When we look at the median sales price, we have a slight increase over year-end 2009 from $189,950 for first quarter 2010 compared to year-end 2009 of $189,900.

   • Sellers received 95.22% of the asking price in first quarter 2010, compared to 95.03% for 4th quarter 2009.
   • First quarter 2010 had an increase in the number of sold homes by 36.0% from first quarter 2009.

Over the last couple of years, an analysis of six major zip codes – 28403, 28405, 28409, 28411, 28412 and 28451 was conducted. The areas of focus were: 
 
   • Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
   • List Price – The amount of money a home is listed on the market.
   • Selling Price – The price the seller accepts for his or her house.\
   • 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 to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.

2009 Year-End Average Selling Price vs. 2010 1st Quarter Average Selling Price

1st Quarter 2010   28403 Zip Code

   • The average selling price of $192,553 has decreased 8.1% from year-end 2009 average selling price of $209,581.
   • 23% of sellers in 1st quarter paid a concession compared to 16% in year-end 2009.
   • The average list price of $206,396 for 1st quarter has decreased 7.8% over year-end 2009 average list price of $223,749.
   • The average number of days a property remained on the market for 1st quarter was 131 days compared to 142 days for year-end 2009.
   • The median sold price of $143,000 for 1st quarter has decreased 15.8% from year-end 2009.
   • Sold homes in 1st quarter received 93.2% of the asking price, a decrease from 93.6% year-end 2009.

1st Quarter 2010   28405 Zip Code

   • The average selling price of $271,948 has increased 8.5% from year-end 2009 average selling price of $250,612. The best of all the zip codes.
   • 37% of sellers in 1st quarter paid a concession compared to 22% for year-end 2009.
   • The average list price of $293,620 for 1st quarter has increased 10.4% from year-end 2009 average list price of $265,960. The best of all the zip codes.
   • The average number of days a property remained on the market for 1st quarter was 179 days compared to 138 days for year-end 2009.
   • The median sold price of $177,625 for 1st quarter has decreased 1.5% from year-end 2009.
   • Sold homes in 1st quarter received 92.6% of the asking price, a decrease from 94.2% for year-end 2009.

1st Quarter 2010   28409 Zip Code

   • The average selling price of $265,767 has decreased 8.7% over year-end 2009 average selling price of $291,090.
   • 18% of sellers in 1st quarter paid a concession compared to 20% in year-end 2009. The lowest of all the zip codes.
   • The average list price of $273,241 for 1st quarter has decreased 12.6% over year-end 2009 average list price of $312,455.
   • The average number of days a property remained on the market for 1st quarter was 136 days compared to 133 days for year-end 2009.
   • The median sold price of $227,000 for 1st quarter has decreased 3.4% from year-end 2009.
   • Sold homes in 1st quarter received 97.2% of the asking price, an increase from 93.1% for year-end 2009.

1st Quarter 2010   28411 Zip Code

   • The average selling price of $308,023 has increased 7.9% over year-end 2009 average selling price of $285,365.
   • 31% of sellers in 1st quarter paid a concession compared to 22.0% in year-end 2009.
   • The average list price of $325,592 for 1st quarter has increased 6.6% over the year-end 2009 average list price of $305,422.
   • The average number of days a property remained on the market for 1st quarter was 112 days compared to 126 days for year-end 2009.
   • The median sold price of $240,570 for 1st quarter has increased 11.9% from year-end 2009. The best of all the zip codes.
   • Sold homes in 1st quarter received 94.6% of the asking price, an increase from 93.4% for year-end 2009.

1st Quarter 2010   28412 Zip Code

   • The average selling price of $178,402 has decreased 8.0% over year-end 2009 average selling price of $193,872.
   • 28% of sellers in 1st quarter paid a concession compared to 27% in year-end 2009.
   • The average list price of $187,143 for 1st quarter has decreased 7.7% over the year-end 2009 average list price of $202,816.
   • The average number of days a property remained on the market for 1st quarter was 105 days compared to 139 days for year-end 2009. The lowest of all the zip codes.
   • The median sold price of $163,000 for 1st quarter has decreased 6.9% from year-end 2009.
   • Sold homes in 1st quarter received 95.3% of the asking price, a decrease from 95.5% for year-end 2009.

1st Quarter 2010   28451 Zip Code

   • The average selling price of $219,428 has increased .04% over year-end 2009 average selling price of $218,453.
   • 26% of sellers in 1st quarter paid a concession compared to 31% in year-end 2009.
   • The average list price of $224,409 for 1st quarter has increased .08% over the year-end 2009 average list price of $222,709.
   • The average number of days a property remained on the market for 1st quarter was 115 days compared to 124 days for year-end 2009.
   • The median sold price of $190,000 for 1st quarter has increased 3.8% from year-end 2009.
   • Sold homes in 1st quarter received 97.7% of the asking price, a decrease from 98.0% for year-end 2009. The best of all the zip codes.

Summary

Our first quarter started the year with a positive increase in units compared to 1st quarter 2009 by 36.0%. A lot of these sales were driven by the Homebuyer Tax Credit that is set to expire on April 30, 2010. While we might have sold more homes, our average sold price from first quarter 2009 showed a .09% decline. Our current inventory of homes is high with over 11.9 months of supply.

Five zip codes had average sold price decreases from .09% to 13.5% over first quarter 2009 while 28411 posted an increase of 14.5% in average sold price. Our list to sales price ratio for the first quarter 2010 is 95.22%, a slight increase from 95.1% for year-end 2009. The average list price of the sold properties is $255,330 and is down 1.5% from first quarter 2009. For the first time, our average list price is ahead of year end 2009 by 1.7%.

Concessions offered to buyers are now offered in 18% to 37% of the transactions in first quarter 2010. Our median sales price for first quarter ($189,950) reflects a downturn of 3.6% from first quarter 2009 ($197,000). Our overall average days on the market are 125, an decrease of 3 days from 4th quarter 2009. Sellers in 28451 got about 97.7% of their asking price while those in 28405 only got 92.6% of their asking price. All six zip codes had an increase in units sold over first quarter 2009.

2009 will be looked at as the year in which our market bottomed out and started to stabilize. 2010 presents us with several housing opportunities that make it the most affordable year in generations. These are just some of the reasons that now is the time to buy:

   1) Home prices are down at least 10% from 2008
   2) Foreclosures and Short Sales make for excellent buying opportunities
   3) Mortgage rates have reached historic lows
   4) We have a large housing inventory

An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated, for the period Jan. 1, 2005 through March 31, 2010 – data pulled on April 14, 2010.

By Christine Dugas, USA TODAY

The Wilmington, N.C., housing market ended the year on a good note, despite the region’s tough economic times. Home sales rebounded from a slow start when a boost from the first-time home buyer tax credit kicked in. The buyers who took advantage of it accounted for 34% of home sales last year, says Mary Martin, president of the Wilmington Regional Association of Realtors.

Now that the tax credit has been extended and expanded to include repeat home buyers, agents hope it will keep sales moving. But beach property sales are still lagging: Loans are much stricter for vacation-home buyers and investors, Martin says.

HOUSING MARKET: Track the rise, fall and … rebound?

• Sales status. Last year, Wilmington home sales were down 16.2% compared with the previous year. But in the last quarter of the year, sales reversed. In December, sales were up 19.8% from December 2008. The improvement has raised hopes that the market has hit bottom and may be turning around, Martin says.

• Price points. The median price of houses sold was 5.6% less than a year earlier. Home foreclosures are declining. “Prices seem to be stabilizing, which is good,” Martin says.

New homes are being concentrated in the $200,000-to-$250,000 range, because those are selling, Martin says. The price range is not just desired by first-time home buyers: Older empty-nester couples are moving into such smaller homes, too.

• Local economy. The unemployment rate was 10.2% in November, slightly higher than the national rate of 10% at the time.

“We’ve been more hard hit with this downturn than any of the five that I’ve experienced as an economist,” says William Hall, professor of economics at University of North Carolina-Wilmington.

The real estate development industry in particular is suffering.

“That is more than just construction. It includes finance, insurance, real estate leasing, architects and others,” Hall says.

About three years ago, economic analysts estimated that one out of five people in southeastern North Carolina had a job related to real estate development. The numbers are closer to one in 10 now, Hall says.

• Hot ‘hoods. Wilmington is a historic port city. The downtown area has cobblestone streets, boutiques, restaurants and the Cape Fear Riverwalk. Many people love the historic charm, Martin says. And of late, more of them can afford to live downtown because condominiums have been built there.

The new buildings are not modern-looking on the outside, because the city requires them to fit in downtown. The price for a one-bedroom condo ranges from about $160,000 to $180,000, while a two-bedroom starts at about $200,000, Martin says.

(View original copy of article at: http://www.usatoday.com/money/economy/housing/closetohome/2010-02-08-Wilmington-Delaware-real-estate_N.htm)