The Week in Review
....your Wilmington Connection
January 15, 2012
Wow...Wilmington sure had a chill the last few days! The winter coats came out and the heat was on. Hope you all enjoyed your weekend and was able to keep warm. Well the start to a new year is underway and I have to say that I think its going to be a great one in the form of real estate! Many people have been on the sidelines waiting to see whats going to happen and now the sidelines are emptying out as people realize you are not going to get better interest rates or more importantly low home prices. If you are looking to buy some Wilmington NC Real Estate then shoot me an email and lets get the process started.
Currently on the market there are 1562 homes listed. You can be sure as spring nears inventory will go up. Are you planning on putting your home on the market? Lets talk. In the last 3 months there have been 460 homes sold, 262 of those were priced under $200,000. A pretty strong price range.
Last Years Home Sales Results
Home sales had a minor gain last year but they had their best results since 2008, according to the Wilmington Regional Association of Realtors .
Sales of homes in the area covered by the WRAR are New Hanover, Pender counties and northern Brunswick County; rose to 4,590 in 2011 from 4,567 in 2010, according to the statistics.
The down side were prices were down to levels not seen since 2004.
The average price of a home sold last year dropped by 4.8 percent, to $219,656 from $230,790 in 2010. The average had been as high as $272,784 in 2007.
The median price – the point at which half of homes sold for less and half for more – fell by 5.7 percent, to $173,063 from $183,512, according to WRAR figures.
The main reason for those drops were so-called distressed sales, which have comprised as much as 30 percent of all sale.
How did the luxury market stack up in 2011? Figure Eight being one of the exclusive areas in New Hanover County to shop for Luxury Homes. In 2011 there were 10 homes sold on Figure Eight Island a jump from 2010 where there were only 7 homes sold. The highest price one being $2.8 million. Most of the homes sold between 85 and 90% of their list price. Look at this home I have listed on Figure Eight Island. This home is one of a kind located in the middle of the island on the intracoastal on one of the most coveted lot on the island.
....until next week in The Week in Review