The Week in Review
....your Wilmington Connection
January 17, 2010
The ice cold Wilmington weather has taken a break, thank goodness. This week we are looking at high 50's and 60's. I trust everyone had a relaxing weekend.
Wilmington NC Real Estate
This week in Wilmington there has been a surge of phone calls looking to relocate to the area. I think many people have confirmed what a great place Wilmington is and what it has to offer. I can only validate the great feedback on the area. Let me know if you are thinking of moving this way.
Currently there are 1890 homes on the market thats about a 100 drop from last weeks inventory. Better news for sellers. With 185 homes under contract two of those are above a million and 37 of those homes are priced between $300,00 to $600,000. 446 homes closed in the last 3 months and 5 of those homes were priced above $1,000,000 and 84 of those homes were priced between $300,000 to $600,000.
My thoughts the housing market has some good movement still going on.
Sellers not cutting home prices, for now
Trulia reports a decline in the number of home sellers lowering their asking prices at least once to 21 percent as of Jan. 1 from 22 percent in December and 25.6 percent in November, marking the lowest level since April. The average discount held steady at 11 percent.
Trulia reports a 50 percent drop in cities with price reductions of 30 percent or more on average, with only seven major cities reporting such cuts at the beginning of the month. Regionally, 20 percent of listings in the South and 22 percent of listings in the West, Midwest, and Northeast experienced price cuts.
Builders, better times on the Horizon
Lots of signs point to a recovery in the construction industry.
With help from a federal tax break, both Lennar Corp. and KB Home posted fourth-quarter profits - the first time since 2007 that either has been in the black.
KB Home CEO Jeffrey Mezger said in a statement: "There are indications that housing market conditions may be stabilizing in some regions, reflecting, among other things, relatively high levels of affordability."
Other signs that things are getting better:
Residential investment increased 18.9 percent in the third quarter on a seasonally adjusted basis compared with the second quarter, according to the U.S. Commerce Department's Bureau of Economic Analysis. It was the first increase in residential investment since the fourth quarter of 2005, the government said. north carolina association of realtors
....until next week in The Week in Review
Tina
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