Wilmington NC Real Estate market Rebounding?

The Week in Review

....your Wilmington Connection

February 5, 2012

Well looks like the week finished with a touch of the winter chill.  Nothing like those days of 70 we had this week. Contracts have almost doubled this January. Buyers are starting to get off the sidelines and take action.  Thinking of buying or selling a home?  I would love to hear from you.  Email me or give me a call.

Wilmington NC Real Estate

Currenlty on the market there are 1557 single family homes in greater Wilmington. 173 home are under contract and in the last month there have been 119 homes sold and only 12 of those were priced over $500,000.

Is the Real Estate Market on the way to Recovery?

The latest monthly data shows total existing-home sales1 rose 5.0 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010.

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.”

For all of 2011, existing-home sales rose 1.7 percent to 4.26 million from 4.19 million in 2010.

January home sale prices

(January 2011 in parentheses)

Average price of homes closed: $201,770 ($214,678)

Median price of homes closed: $167,000 ($180,000)

Average mortgage rates

(Feb. 2)

30-year fixed: 3.87% (3.98%) *

15-year fixed: 3.14% (3.24 %) *

5-year adjustable: 2.80% (2.85%) +

1-year adjustable: 2.76% (2.74%) -

* Plus 0.8

+ Plus 0.7

- Plus 0.6

– Freddie Mac

.....until next week in The Week in Review

    Tina