Broker Breeze » WRAR President http://www.wrar.com/blog Wilmington Regional Association of REALTORS® Member Blog Wed, 08 Feb 2012 19:29:07 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 President’s Podcast: 2012 Outlook http://www.wrar.com/blog/presidents-podcast-2012-outlook/ http://www.wrar.com/blog/presidents-podcast-2012-outlook/#comments Fri, 27 Jan 2012 13:58:20 +0000 Ashley Garner, 2012 WRAR President http://www.wrar.com/blog/?p=3374 Watch the video below as your 2012 WRAR President Ashley Garner delivers his first video podcast of the year. In his first address, Ashley discusses what’s to come for our local housing market this year & how you as a REALTOR® are vital to its success.

Give us your feedback!  We want to hear from you… Email Ashley at President@WRAR.com with topics & issues you want him to discuss throughout this year. Thanks for watching & engaging with your Association!

]]> http://www.wrar.com/blog/presidents-podcast-2012-outlook/feed/ 0 President’s Podcast: Exclusive Building Update http://www.wrar.com/blog/wrar-president-podcast-august-2011-new-building/ http://www.wrar.com/blog/wrar-president-podcast-august-2011-new-building/#comments Mon, 15 Aug 2011 11:00:40 +0000 Broker Breeze http://www.wrar.com/blog/?p=2746 Listen to the audio podcast linked below as your President Karen Parkin & CEO Jerry Panz provide an exclusive update on the progress of the new building on Sir Tyler Drive, when it will be finished, what they transition will be like, how it will benefit you as a member & much more!

 iPad, iPhone & Other Apple Devices – Click Here to Listen

Construction Photo Gallery – August 12, 2011

New WRAR Building Exterior of 8-12-11

Comments & Feedback?
Please click on the “Post Comment” link below & give us your feedback. Also, let us know if you enjoyed this podcast session & what other topics you might want us to cover in future sessions. Thanks for listening!

]]> http://www.wrar.com/blog/wrar-president-podcast-august-2011-new-building/feed/ 0 2Q Local Real Estate Market Report http://www.wrar.com/blog/2quarter-wilmington-nc-real-estate-report/ http://www.wrar.com/blog/2quarter-wilmington-nc-real-estate-report/#comments Wed, 27 Jul 2011 13:34:45 +0000 Karen Parkin, ARM®, GRI - 2011 WRAR President http://www.wrar.com/blog/?p=2564 The year 2011 still has a lot of ground to cover to show that this is a recovery year.

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.

]]> http://www.wrar.com/blog/2quarter-wilmington-nc-real-estate-report/feed/ 0 Podcast: NAR’s Political Survival Initiative & Dues Increase http://www.wrar.com/blog/wrar-president-podcast-june-2011/ http://www.wrar.com/blog/wrar-president-podcast-june-2011/#comments Fri, 27 May 2011 21:00:00 +0000 Karen Parkin, ARM®, GRI - 2011 WRAR President http://www.wrar.com/blog/?p=2334 Click the link above to listen to the latest audio podcast as your President Karen Parkin & current NAR Director Danny Brock of Century 21 Brock & Associates discuss the importance of the recently passed REALTOR® Party Political Survival Initiative (RPPSI) which will be funded by a $40 NAR dues increase in 2012.

 

iPad, iPhone & Other Apple Devices – Click Here to Listen

Comments & feedback?
Please click on the “Leave a Comment” link below & give us your feedback. Also, let us know if you enjoyed this podcast session & what other topics you might want us to cover in future sessions. Thanks for listening!

]]> http://www.wrar.com/blog/wrar-president-podcast-june-2011/feed/ 3 1Q Housing Stats Indicate Local Market & Economy Improving http://www.wrar.com/blog/first-quarter-2011-housing-stattistics-wilmington-nc-zip-codeusing-stats-indicate-local-market-and-economy-are-improving/ http://www.wrar.com/blog/first-quarter-2011-housing-stattistics-wilmington-nc-zip-codeusing-stats-indicate-local-market-and-economy-are-improving/#comments Sat, 30 Apr 2011 13:00:43 +0000 Karen Parkin, ARM®, GRI - 2011 WRAR President http://www.wrar.com/blog/?p=2193 Spring is in full swing and our local housing market continues to show signs that our economy is improving; new home construction rose 7.2% in March, an upswing in housing inventory for sale, pending sales are rising, job market is improving and 30 year fixed mortgage rates remain in the upper range of 4.75%. As improvement in the job market grows, that will lead to greater willingness to buy which will slowly increase purchase activity. 2011 presents us with a housing opportunity that makes it the most affordable in generations.

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.

]]> http://www.wrar.com/blog/first-quarter-2011-housing-stattistics-wilmington-nc-zip-codeusing-stats-indicate-local-market-and-economy-are-improving/feed/ 0 WRAR President’s Podcast: Diversity in Local Real Estate http://www.wrar.com/blog/wrar-president-diversity-podcast/ http://www.wrar.com/blog/wrar-president-diversity-podcast/#comments Fri, 25 Feb 2011 13:00:08 +0000 Karen Parkin, ARM®, GRI - 2011 WRAR President http://www.wrar.com/blog/?p=1930 Listen in as your 2011 President Karen Parkin and special guests Chrystal Fray of State Farm Insurance and WRAR Past President April McDavid discuss diversity in the Wilmington area. Hear why diversity is so critical to REALTORS® and their business and how it can impact our local market.

 

 

Comments & feedback? Please click on the “Leave a Comment” link below & tell us what you think diversity is and maybe how you’ve used it to benefit your business. Also, let us know if you enjoyed this podcast session and what other topics you might want us to cover in future sessions.
Thanks for listening!
]]> http://www.wrar.com/blog/wrar-president-diversity-podcast/feed/ 1 Podcast: Support the Wilmington REALTORS® Foundation http://www.wrar.com/blog/wrar-pres-vid-podcast-0810/ http://www.wrar.com/blog/wrar-pres-vid-podcast-0810/#comments Mon, 30 Aug 2010 12:22:18 +0000 Broker Breeze http://www.wrar.com/blog/?p=1382

]]> http://www.wrar.com/blog/wrar-pres-vid-podcast-0810/feed/ 0 Summer 2010 Updates from Your President http://www.wrar.com/blog/summer-2010-wrar-pres/ http://www.wrar.com/blog/summer-2010-wrar-pres/#comments Wed, 28 Jul 2010 19:00:24 +0000 2010 WRAR President - Mary Martin http://www.wrar.com/blog/?p=1305 One of my goals this year is to increase the communication between the WRAR and members like you. Actually, almost everything you need to know is communicated in the weekly Broker Briefing – but I know how busy we all get!  So here are just a few important updates and a link for your review.
 
Short Sales
 
The NC Real Estate Commission requires the listing broker to not only send every contract to the lien holder, but also every offer to the lien holder when involved in a short sale transaction. Listing agents should confirm to Buyer’s agents that the contract or offer has been submitted to the lienholder. To learn more about how to handle short sales, go to your WRAR website, click on: Membership, Current Members, Resources and Links and scroll down to the BEST BUSINESS PRACTICES (or just click this link). The short sale section is on pages 9-12. On page 12, bullet #7 has the revised information about submitting all offers. There is a wealth of information on the Resources and Links page.
 
New Offer to Purchase and Contract (OTP&C)
 
The new OTP&C has been approved effective January 1, 2011. The Joint Forms Task Force has not completed all of the addenda yet, but should be finished in August. Jerry Panz met with HOA managers to help smooth their transition to the revised Owner Association Addendum. WRAR will also bring a Joint Forms Task Force attorney to Wilmington to meet with the attorneys here. The goal is not to have any conflicting opinions about the meaning of the clauses in the OTP&C and addenda-so all brokers get similar advice. If you would like for Jerry to come to a sales meeting to talk about the forms, please email him directly at JPanz@WRAR.com. A Sample Copy of the OTP&C may be downloaded from the WRAR.com Home Page.
 
New Forms
 
Since we have changes to the OTP&C and addenda, many of our standard forms will also change-including our agency agreements. Some forms will be removed because they will no longer be needed. A Forms meeting will be held on Oct. 8th to assist you with the transition. Please continue to read Broker Briefing for updates!
 
MLS
 
Because of the changes to the forms, new and modified MLS fields are necessary. We are hopeful that all of the modifications necessary-including reports-will be ready for you before January 1.
 
New Building
 
Progress continues toward building a new facility. There is a link on the WRAR home page at the top: New Building where you can always get the latest information.
 

]]> http://www.wrar.com/blog/summer-2010-wrar-pres/feed/ 0 Local Market Continues to Rebound with Increased Home Sales http://www.wrar.com/blog/2qtr-2010-mlsreport/ http://www.wrar.com/blog/2qtr-2010-mlsreport/#comments Mon, 26 Jul 2010 13:50:46 +0000 Broker Breeze http://www.wrar.com/blog/?p=1299 By Mary Martin, SRS
President, Wilmington Regional Association of REALTORS®

Wow, this is a hot summer already! And like the temperatures, local home sales are also on the rise. During the second quarter of this year, our market surpassed levels from the previous year for the tenth straight month. The most notable improvement was seen in the number of homes sold. This type of market offers some amazing opportunities for both buyers and sellers. 

When analyzing the growth within the six major zip codes in our region, our average sales price has a slight decreased of .02% from year-end 2009. When we look at the median sales price, we have a slight increase over year-end 2009 from $192,750 for second quarter 2010 compared to year-end 2009 of $189,900. 

   • Sellers received 95.16% of the asking price in second quarter 2010 compared to 95.12% for year-end 2009.
   • Second quarter 2010 had an increase in the number of sold homes by 30.3% from second 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 2nd Quarter Average Selling Price

 

2nd Quarter 2010 – 28403 Zip Code

   • The average selling price of $214,218 has increased 2.4% from year-end 2009 average selling price of $209,290.
   • 18% of sellers in second quarter paid a concession compared to 16% in year-end 2009. The best of all the zip codes.
   • The average list price of $232,909 for second quarter has increased 4.1% over year-end 2009 average list price of $223,749.
   • The average number of days a property remained on the market for second quarter was 136 days compared to 142 days for year-end 2009.
   • The median sold price of $175,950 for second quarter has increased 3.6% from year-end 2009.
   • Sold homes in second quarter received 91.97% of the asking price, a decrease from 93.6% year-end 2009.

2nd Quarter 2010 – 28405 Zip Code

   • The average selling price of $264,322 has increased 5.7% from year-end 2009 average selling price of $250,111. The best of all the zip codes.
   • 29% of sellers in second quarter paid a concession compared to 22% for year-end 2009.
   • The average list price of $283,681 for second quarter has increased 6.7% 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 second quarter was 133 days compared to 138 days for year-end 2009.
   • The median sold price of $168,000 for second quarter has decreased 6.8% from year-end 2009.
   • Sold homes in second quarter received 93.18% of the asking price, a decrease from 94.2% for year-end 2009.

2nd Quarter 2010 – 28409 Zip Code

   • The average selling price of $279,699 has decreased 3.9% over year-end 2009 average selling price of $291,090.
   • 24% of sellers in second quarter paid a concession compared to 19% in year-end 2009.
   • The average list price of $298,807 for second quarter has decreased 4.4% over year-end 2009 average list price of $312,455.
   • The average number of days a property remained on the market for second quarter was 116 days compared to 133 days for year-end 2009.
   • The median sold price of $230,500 for second quarter has decreased 1.9% from year-end 2009.
   • Sold homes in second quarter received 93.6% of the asking price, an increase from 93.1% for year-end 2009.

2nd Quarter 2010 – 28411 Zip Code

   • The average selling price of $267,295 has decreased 6.3% over year-end 2009 average selling price of $285,407.
   • 38% of sellers in second quarter paid a concession compared to 22.0% in year-end 2009.
   • The average list price of $280,611 for second quarter has decreased 8.1% over the year-end 2009 average list price of $305,422.
   • The average number of days a property remained on the market for second quarter was 122 days compared to 126 days for year-end 2009.
   • The median sold price of $212,150 for second quarter has decreased 1.3% from year-end 2009.
   • Sold homes in second quarter received 95.2% of the asking price, an increase from 93.4% for year-end 2009.

2nd Quarter 2010 – 28412 Zip Code

   • The average selling price of $195,115 has increased .06% over year-end 2009 average selling price of $193,872.
   • 38% of sellers in second quarter paid a concession compared to 27% in year-end 2009.
   • The average list price of $202,336 for second quarter has decreased .02% over the year-end 2009 average list price of $202,816.
   • The average number of days a property remained on the market for second quarter was 112 days compared to 139 days for year-end 2009. The best of all the zip codes.
   • The median sold price of $182,250 for second quarter has increased 4.1% from year-end 2009. The best of all the zip codes.
   • Sold homes in second quarter received 96.4% of the asking price, an increase from 95.5% for year-end 2009.

2nd Quarter 2010 – 28451 Zip Code

   • The average selling price of $215,376 has decreased 1.4% over year-end 2009 average selling price of $218,453.
   • 38% of sellers in second quarter paid a concession compared to 31% in year-end 2009.
   • The average list price of $219,405 for second quarter has decreased 1.5% over the year-end 2009 average list price of $222,709.
   • The average number of days a property remained on the market for second quarter was 113 days compared to 124 days for year-end 2009.
   • The median sold price of $178,553 for second quarter has decreased 2.4% from year-end 2009.
   • Sold homes in second quarter received 98.1% of the asking price, an increase from 98.0% for year-end 2009. The best of all the zip codes.

Summary

Our second quarter continued the year with a positive increase in units compared to second quarter 2009 by 30.3%. While we might have sold more homes, our average sold price from second quarter 2009 showed a 4.2% decline. 

Three zip codes had average sold price increases from .06% to 5.7% over year-end 2009 while three other zip codes had average sold price decreases from 1.4% to 6.3%. This is excellent progress. During the first quarter of 2010, we only had one zip code showing an increase in average sold price and five with a decrease of as much as 13.5%. Our list to sales price ratio for the second quarter 2010 is 95.16%, a slight increase from 95.12% for year-end 2009. The average list price of the sold properties is $250,572 and is down .02% from year-end 2009.

Concessions offered to buyers are now offered in 18% to 38% of the transactions in second quarter 2010. Our median sales price of $192,750 for the second quarter reflects a gain of 1.5% from year-end 2009 which as $189,900. Our overall average days on the market are 121, a decrease of 11 days from year-end 2009. Sellers in 28451 got about 98.1% of their asking price while those in 28403 only got 91.9% of their asking price. Five zip codes had an increase in units sold over second quarter 2009.

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

1) Our median home prices are down 7.9% from year-end 2008.
Last quarter, it was 10%. As it improves, prices of homes will continue to go up.

2) Foreclosures and Short Sales make for excellent buying opportunities.
At least 10% of sales in the last quarter were foreclosures and short sales.

3) Mortgage rates have reached historic lows.
Fixed rate mortgages continued to hover at 50 year low, thereby supporting homebuyer affordability and refinance activity. (Source: Freddie Mac 7-15-10)

4) We have a large housing inventory.
There are over 2,889 residential homes available in the six zip codes studied.

An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated for the period Jan. 1, 2005 through June 30, 2010 – data pulled on July 15, 2010.

]]> http://www.wrar.com/blog/2qtr-2010-mlsreport/feed/ 0 New Building Request for Proposals http://www.wrar.com/blog/new-building-request-for-proposals/ http://www.wrar.com/blog/new-building-request-for-proposals/#comments Sun, 25 Apr 2010 17:00:12 +0000 2010 WRAR President - Mary Martin http://www.wrar.com/blog/?p=1012 On Thursday, April 22, 2010, your Board of Directors received a progress report from your Building Committee Chair John Lennon and CPA Charles Earney regarding the new building.
 
During this meeting, your Directors chose to ask RCA firms to submit Request for Proposals (RFPs). The RFP must include both a listing agreement to lease the 2nd floor of the new facility and a listing agreement for the sale of the current building. The Board of Directors will review them and notify the firm they have chosen.
 
We have established the following terms for a lease:

  • The price per square foot for tenants is $15.50 + annual common area maintenance (CAM) of $3.50 for a five year term.
  • A 3% commission would be paid on the gross lease to the tenant representative with 1/2 paid at time of tenant contract and the remaining 1/2 at tenant occupancy. 
  • On the Listing for Sale agreement the selling side would receive 2.5% of the Sales price.

Under the leasing agreement and listing agreement, there will be 0% paid to the RCA firm whose RFP is accepted. One firm has already shown interest to lend a hand to WRAR in this listing structure.
 
All RFPs must be submitted no later the 5PM on Friday, April 30th by email to JPanz@WRAR.com.
 
More details pertaining to this progress report & new developments can be viewed as always by going to: www.wrar.com/progress

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