Big Spring for Wilmington NC Real Estate Sales "Boom"

By
Real Estate Agent with (owner) JustNewListings.com Realty, Inc.

Spring 2012 Real Estate Market Booms in Wilmington NC

 

Hello, everybody. This is Jay Seville, the Team Leader of the JustNewListings

team at http://wilmington-real-estate.com for you and owner of JustNewListings.com Reality in

Washington DC at Northern Virginia. So there is no confusion Wilmington North Carolina

is my home. I had its surfboard on my van when I show property every other day to prove it.

The new numbers have come out for Wilmington usually about the forth of the month, the new

numbers are released of the previous months, you know market data everything from pendings

to solds to prices to inventory days on the market etc., and for real estate needs like me, it’s very

exciting to dive into the new numbers and inform the consumers so that you can win at real

estate sort of the goal for buyer agents like me is to make sure that you never over pay when

buying homes in Landfall for example or Wrightsville Beach, etc.,

 

All right. Let’s start here with Wilmington. These are prices by quartile. These are list prices

for Wilmington, North Carolina Real Estate and the main point of showing you the slides that

show you that, look, this is the upper quartile price bracket and there is a big difference here

compared to there you know. It’s going from 640 towards 700, but look at that, the main thing

I’m trying to show you is the difference in trends. The upper quartile is trending up and it’s

significant. You also see in the upper second quartile, a trend upwards, but when you get down

to the median as well as the lower two quartiles, it’s much more flat, although, yeah, still even

with the green line at lower third it’s still trending up slightly, for example, from 195 up to you

know that would probably will be about 200. So all the quartiles except the very bottom are

trending up in terms of list prices, but this just shows you that even within a market there are

unique trends such as the top quartile having a different – experiencing a different market than

the bottom quartile. They can each be their own separate real estate market with their own

unique trends. So, that’s the main point I wanted to make for you there, but, obviously, list

prices are going up across-the-board.

 07/01/2012 market update of Wilmington nc home sales

Next, from Wilmington, a couple of quick observations, you see the red lines here; these are the

average days on market. And if you go back for just the spring market, it has gone from 182

down to 133, very amazing; you back a year to 170 down to 133. So from fifteen months ago

the… that these are market of down 14% and 20% from a year ago, the days on market are down

so, homes are sold out much more quickly and they’re selling for 94% see right here, 94% of list

price right here, and that’s 2% higher than a year or fifteen months ago. So, it’s a solid market,

but it’s even more interesting than that, I’m calling this the spring 2012 boom and it plays out

it has come to an end, but it was very interesting. Here you look at the number of homes, just

for sale in the market, it’s being trending down sharply. So the inventory is down significantly.

The sold right here, let’s look at it month to month and there are fewer sold this month and last

month. But month to month there is almost development when looking at market trends. So

here we go back a year right here, the.. there were 20% increase in transactions, compared to

a year ago, compared to fifteen months ago right here, there is 36% increase in transaction. So

generally speaking 30% more of transactions were climbed this year than a year ago, which

means people have come off the fence and they’re buying homes much more that have in

previous years. The observation here is the number of homes under contract has dropped about

15%, the homes that are under contract. So I call, as the summer slow down as arrived this is

normal, especially for all this and there should also remain consistently a fewer sales in the fall,

that’s the normal cycle in real estate.

 

Moving on, price has raised in the spring for Wilmington. You can see here, since March, prices

have across-the-board had gone up and then, in the fall, you know, here November to December

prices tend to go down. That’s sort of the annual cycle of real estates. So the question is now

how steady will prices hold in the fog and winter, are they going to go down here or they’re

going to stay flat, because usually there is dips. For the county as a whole, this year we went

from eighteen months in inventory down to nine months in inventory, that’s just an insane

drop. We’re talking and if you go back fifteen months, 45% decrease in inventory, this increase

Carolina Beach, Wrightsville Beach, Kure Beach, so you know in addition to Wilmington.

 

In the fall I’m assuming we’ll see an increase in inventory. Here you can see last year, the fall

went from fifteen months to eighteen months sort a dip here, so really probably an average here,

fifteen to seventeen months. So, I would assume, this year it’s going to go back up to ten or

eleven months in the fall, we’ll see. That would be a typical real estate.

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