t Are we coming out of this recession yet? Have we hit bottom are things turning up? The optimistic signals are good, pending sales index is up, housing affordability is up, but how does the Wilmington NC market stack up? WE had a 25 unit decrease in sold units - we are still in a strong buyers market with a listing inventory of over 17.7 months.
However our pending index is up 55% from December 2008.
I would guess that lots of new home buyers are entering our market - over 90% of the homes going under contract are under $ 300K or less. They are taking advantage of the $ 8000. tax credit.
Beach Market - Carolina and Kure Beach
There are currently 604 single family homes for sale and this represents a 13 unit increase over April and 11.0% of our total WRAR inventory. The average list price is $467,247 a slight increase over April 09'. In April there were 24 homes sold, divide that by the homes available and you have a very large monthly supply of homes in Carolina and Kure Beach (over 25 months). This is 3 months lower than last month. The average sold price for the month of April was $297,475 and is up from last month. In April 2008 we had 29 home sales at an average $336,327. When we look at our rolling 12 months we see that we are ahead in units by 12 and our average sold price has dipped from $403,099 to a current $349,145 a decrease of 13.4%.
This data was pulled on May 10, 2009, based on information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through April 30, 2009 and compiled by
David Flory Mortgage Consultant Cunningham & Company Mortgage Bankers 910-352-8273 cell 910-313-0045 office davidf@cunninghammortgage.com www.cunninghammortgage.com
If you were thinking of buying a second home or vacation home on the coast - now is the time. Rates are good and the inventory is phenomenal. The market is yours today- you may never have the opportunity to choose from so many houses for sale and at such terrific prices.
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