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Local Housing Market Carries Positive Growth into Spring Author: Broker Breeze Apr 22

By Mary Martin, SRS
President, Wilmington Regional Association of REALTORS®

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.

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Market Makes Significant Strides Heading into New Year Author: 2010 WRAR President - Mary Martin Jan 30

With the New Year off to a promising start, our local residential market offers some exciting news and trends for both buyers and sellers in the Wilmington area for 2010. During the 4th quarter, our local market showed improvements in numbers of homes sold and seller’s asking price over 4th quarter 2008. These are strong indicators that the housing market is stabilizing and progressing towards a recovery. 

Further analyzing the growth within the five major Wilmington zip codes, our average sales price has decreased 9.6% from 4th quarter 2008, and increased 5.3% from 3rd quarter 2009. When we look at the median sales price, we have a 12.0% decrease over 4th quarter 2008 and a .03% decrease over 3rd quarter.

•  Sellers received 94.3% of the asking price in 4th quarter 2009, compared to 93.6% for 4th quarter 2008.
•  4th quarter 2009 had an increase in the number of sold homes by 34.5% from 4th quarter 2008.

Over the last couple of years, an analysis of five Wilmington zip codes – 28403, 28405, 28409, 28411, and 28412 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.

2008 4th Quarter Average Selling Price vs. 2009 4th Quarter Average Selling Price

 

4th Quarter 2009                               28403 Zip Code

•  The average selling price, of $204,758 has decreased 14.7% from 4th quarter 2008 average selling price of $239,948.
•  17.9% of sellers in 4th quarter paid a concession, compared to 11.8% in 4th quarter 2008.
•  The average list price of $221,351 for 4th quarter has decreased 18.1% over 4th quarter 2008 average list price of $270,202.
•  The average number of days a property remained on the market for 4th quarter was 125 days, compared to 119 days for 4th quarter 2008.
•  The median sold price of $166,250 for 4th quarter has decreased 18.1% from 4th quarter 2008.
•  Sold homes in 4th quarter received 92.5% of the asking price, an increase from 88.8% 4th quarter 2008.

4th Quarter 2009                               28405 Zip Code

•  The average selling price, of $235,815 has decreased 24.2% from 4th quarter 2008 average selling price of $311,190.
•  23.6% of sellers in 4th quarter paid a concession, compared to 11.7% for 4th quarter 2008.
•  The average list price of $248,213 for 4th quarter has decreased 25.3% from 4th quarter 2008 average list price of $332,122.
•  The average number of days a property remained on the market for 4th quarter was 130 days, compared to 114 days for 4th quarter 2008.
•  The median sold price of $169,500 for 4th quarter has decreased 15.9% from 4th quarter 2008.
•  Sold homes in 4th quarter received 95.0% of the asking price, a increase from 93.7% for 4th quarter 2008.

4th Quarter 2009                               28409 Zip Code

•  The average selling price, of $274,895 has decreased 16.5% over 4th quarter 2008 average selling price of $329,333.
•  19.8% of sellers in 4th quarter paid a concession, compared to 11.3% in 4th quarter 2008.
•  The average list price of $291,092 for 4th quarter has decreased 17.6% over 4th quarter 2008 average list price of $353,302.
•  The average number of days a property remained on the market for 4th quarter was 136 days, compared to 138 days for 4th quarter 2008.
•  The median sold price of $225,000 for 4th quarter has decreased 12.6% from 4th quarter 2008.
•  Sold homes in 4th quarter received 94.4% of the asking price, a increase from 93.2% for 4th quarter 2008.

4th Quarter 2009                               28411 Zip Code

•  The average selling price, of $295,270 has increased 10.9% over 4th quarter 2008 average selling price of $266,349.
•  23.9% of sellers in 4th quarter paid a concession, compared to 22.0% in 4th quarter 2008.
•  The average list price of $315,548 for 4th quarter has increased 13.9% over the 4th quarter 2008 average list price of $276,923.
•  The average number of days a property remained on the market for 4th quarter was 109 days, compared to 110 days for 4th quarter 2008. 
•  The median sold price of $210,000 for 4th quarter has decreased 8.7% from 4th quarter 2008.
•  Sold homes in 4th quarter received 93.5% of the asking price, a decrease from 96.1% for 4th quarter 2008.

4th Quarter 2009                               28412 Zip Code

•  The average selling price, of $204,192 has decreased 9.9% over 4th quarter 2008 average selling price of $226,648.
•  35.3% of sellers in 4th quarter paid a concession, compared to 31.8% in 4th quarter 2008.
•  The average list price of $211,654 for 4th quarter has decreased 12.2% over the 4th quarter 2008 average list price of $241,127.
•  The average number of days a property remained on the market for 4th quarter was 134 days, compared to 111 days for 4th quarter 2008.
•  The median sold price of $183,000 for 4th quarter has decreased 1.1% from 4th quarter 2008.
•  Sold homes in 4th quarter received 96.4% of the asking price, a increase from 94.0% for 4th quarter 2008.

Summary

Our fourth quarter wrapped up the year with a positive increase in units compared to 4th quarter 2008 by 34.5%. A lot of these sales were driven by the original tax credit that was set to expire on November 30, 2009. By now, we are all aware that it was extended until April 30th, 2010. While we might have sold more homes, our average sold price from fourth quarter 2008 showed a 9.6% decline. Our current inventory of homes is high with over 13 months of supply.

Four zip codes had average sold price decreases from 9.9% to 24.2%, over fourth quarter 2008, while 28411 posted an increase of 10.9% in average sold price. Our list to sales price ratio for the 4th quarter 2009 is 94.38%, a slight increase from 93.61% for 4th quarter 2008. The average list price of the sold properties is $261,884 and is down 10.4% from 4th quarter 2008.
Concessions offered to buyers are now offered in 17.9% to 35.3% of the transactions in 3rd quarter 2009. Our median sales price for 4th quarter ($188,134) reflects a downturn of 12.2% from 4th quarter 2008 ($213,750).  Our overall average days on the market is 125, an increase of 7 days from 4th quarter 2008. Sellers in 28412 got about 96.4% of their asking price while those in 28403 only got 92.5% of their asking price. All five zip codes had an increase in units sold.

Last year 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. These are just some of the reasons that now is the time to buy:

1) The First Time Homebuyer Tax Credit has been extended and expanded to include repeat, move-up buyers.
2) We know our home prices are down at least 10% from 2008.
3) Foreclosures and Short Sales make for excellent buying opportunities.
4) Mortgage rates have reached historic lows.
5) 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 December 31, 2009 – data pulled on January 17, 2010.

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Local Market Shows Progress Towards Recovery Author: 2009 WRAR President - April McDavid Oct 23

The fall season offers some exciting news for both buyers and sellers in the Wilmington area. During the third quarter, our local market showed improved numbers over earlier this year and year-end 2008. This is a significant indicator that the housing market is stabilizing and beginning to recover. 

When analyzing the growth within the five major Wilmington zip codes, our average sales price has decreased 15.2% over year end 2008 which is only a decrease of 6.9% from last quarter. When we look at the median sales price, we have a 13.0% decrease over year-end 2008 and a 3.2% decrease over last quarter.

  • Sellers received 95.4% of the asking price in 2008, compared to 95.5% for 3rd Quarter 2009.
  • 3rd Quarter 2009 had an increase in the number of sold homes by 11.6% from 2nd Quarter 2009. 
  • September 2009 was particularly significant because the number of sold homes during that month also outpaced levels achieved in September 2008. This is the first time in over three years that this has happened.

Over the last couple of years, an analysis of five Wilmington zip codes – 28403, 28405, 28409, 28411, and 28412 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.

2008 Year-End Average Selling Price vs. 2009 3rd Quarter Average Selling Price

3rd Quarter 2009 – 28403 Zip Code

  • The average selling price of $192,580 has decreased 21.4% under the 2008 year-end average selling price of $244,932.
  • 21.3% of sellers in 3rd quarter paid a concession compared to 16.5% in 2008. 
  • The average list price of $202,337 for 3rd quarter has decreased 23.4% over the 2008 year-end average list price of $264,105.
  • The average number of days a property remained on the market for 3rd quarter was 122 days compared to 112 days for year-end 2008. 
  • The median sold price of $159,500 for 3rd quarter has decreased 18.2% from year-end 2008.
  • Sold homes in 3rd quarter received 95.2% of the asking price, an increase from 92.4% year-end 2008.

3rd Quarter 2009 – 28405 Zip Code

  • The average selling price of $245,441 has decreased 17.2% over the 2008 year-end average selling price of $296,397.
  • 20.7% of sellers in 3rd quarter paid a concession compared to 18.5% in 2008. 
  • The average list price of $261,798 for 3rd quarter has decreased 15.7% from the 2008 year-end average list price of $310,425. 
  • The average number of days a property remained on the market for 3rd quarter was 140 days compared to 109 days for year-end 2008. 
  • The median sold price of $186,000 for 3rd quarter has matched almost exactly $186,500 from year-end 2008.
  • Sold homes in 3rd quarter received 93.8% of the asking price, a decrease from 95.5% year-end 2008.

3rd Quarter 2009 – 28409 Zip Code

  • The average selling price of $312,199 has decreased 2.3% over the 2008 year-end average selling price of $319,619.
  • 15.7% of sellers in 3rd quarter paid a concession compared to 14.1% in 2008. 
  • The average list price of $332,776 for 3rd quarter has decreased 1.2% over the 2008 year-end average list price of $336,701. 
  • The average number of days a property remained on the market for 3rd quarter was 128 days compared to 121 days for year-end 2008. 
  • The median sold price of $240,000 for 3rd quarter has decreased 5.9% from year-end 2008.
  • Sold homes in 3rd quarter received 93.8% of the asking price, a decrease from 94.9% year-end 2008.

3rd Quarter 2009 – 28411 Zip Code

  • The average selling price of $250,287 has decreased 21.3% over the 2008 year-end average selling price of $317,945.
  • 21.5% of sellers in 3rd quarter paid a concession compared to 25.2% in 2008. 
  • The average list price of $259,059 for 3rd quarter has decreased 21.7% over the 2008 year-end average list price of $330,870. 
  • The average number of days a property remained on the market for 3rd quarter was 127 days compared to 111 days for year-end 2008. 
  • The median sold price of $211,450 for 3rd quarter has decreased 13.0% from year-end 2008.
  • Sold homes in 3rd quarter received 96.6% of the asking price, an increase from 96.0% year-end 2008.

3rd Quarter 2009 – 28412 Zip Code

  • The average selling price of $189,593 has decreased 10.6% over the 2008 year-end average selling price of $212,101.
  • 25.0% of sellers in 3rd quarter paid a concession compared to 23.7% in 2008. The average list price of $199,122 for 3rd quarter has decreased 9.3% over the 2008 year-end average list price of $219,554.
  • The average number of days a property remained on the market for 3rd quarter was 142 days, compared to 113 days for year-end 2008. 
  • The median sold price of $165,950 for 3rd quarter has decreased 12.6% from year-end 2008.
  • Sold homes in 3rd quarter received 95.2% of the asking price, a decrease from 96.6% year end 2008.

Summary

Our third quarter has shown limited, but significant progress. Now is the best time to buy with several positive indicators:

  • Mortgage rates on a 30 year fixed loan are just below 5.0% – some of the lowest rates in 30 years.
  • Current inventory of homes is high – from 13 to 15 months supply. 
  • For first-time homebuyers, the $8,000 tax credit is still available until November 30, 2009.

While there is lots of conversation about expanding and extending this tax credit, it has not been approved as of the writing of this article. The downside has several factors:

  • Qualified buyers are finding lending standards to be a lot tighter, from the need for higher credit scores and loan program restrictions.
  • Sales are also suffering from the current foreclosures and short sales in the market. As these take place, we are finding new issues with appraisals having lower values and taking longer due to new appraisal rules.

Our market has experienced a sizeable increase of 11.6% in number of homes sold in 3rd quarter 2009 compared to 2nd quarter 2009. Sales to first-time home buyers are helping to drive this increase. In 3rd quarter 2009, we continue to see market corrections and adjustments in average sales price; overall, we decreased 15.2% from year-end 2008. All five zip codes had average sold price decreases from 2% to 21% over year end 2008. Our list to sales price ratio for the 3rd quarter 2009 is 95.05%, a slight decrease from 95.5% for 2008. The average list price of the sold properties is $245,972 and is down 14.9% from year end 2008.

Concessions offered to buyers are now offered in 15.7% to 25% of the transactions in 3rd quarter 2009. Our median sales price for 3rd quarter ($188,450) reflects a downturn of 13.0% from 2008 ($216,500). Our overall average days on the market are 133, an increase of 20 days from year end 2008. Sellers in 28411 got about 96.6% of their asking price while those in 28405 & 28409 only got 93.8% of their asking price. All four zip codes had an increase in units sold except for 28403. 2009 will prove to be a time when our market stabilized. With the current inventory of homes available and low interest rates, now is the best time in history to buy a home!

An Analysis of information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through September 30, 2009 – data pulled on October 14, 2009.

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Category: Local & State News, Local Market Statistics, WRAR President  | Tags: , , , , , , , , , ,  | Leave a Comment