The Week in Review
…..your Wilmington Connection
September 13, 2008
Wilmington has been warm and windy this week with some cooler evenings. But the feel of summer is still here. Lets have a look what has been going on in the Port City.
Port City at No. 6 in best-performing cities list
Last year, Wilmington made the No. 2 spot on the Milken Institute/Greenstreet Real Estate Partners’ 2008 best-performing cities list, with a nod toward its role as a port.
This year No. 2 goes to Raleigh-Cary as strong technology and global trade centers influenced the top 10 list. Which is only 1 hour and a half from Wilmington.
Wilmington still was up there, though, at No. 6, while Provo-Orem, Utah, led the pack.
None of America’s 10 largest cities made the list this year as limited room for expansion hurt their ability to compete with faster-growing regions, especially in the South and West.
The index ranks U.S. metros based on their ability to create and sustain jobs. It includes five- and one-year measurements of employment and salary growth, the organizations said.
The national decline in the housing and construction markets pushed some past performers significantly lower in ranking, including the Riverside-San Bernardino-Ontario area of California and metro Phoenix. But energy center Houston became the top performer among the 10 largest cities at 16th on the list and Dallas rose to 23rd.
El Paso, Texas, was the most improved city, moving from 122nd to 37th, the survey found.
The Milken Institute, based in Santa Monica, Calif., describes itself as a nonprofit, independent economic think tank. Greenstreet Real Estate Partners is an investment and asset management company.
Federal Mortgage Success stories
So far, these government-linked lenders — including other, smaller Maes and Macs — have come through the credit crisis largely unscathed. Some of them, in fact, are even prospering.
The Federal Agricultural Mortgage Corporation, or Farmer Mac, for example, has been on a roll lately. Its shares have soared 153 percent this year, and its profit is up. Chartered by the federal government in 1988, Farmer Mac buys mortgages on farmland from agricultural lenders and then sells instruments backed by those loans. The company is thriving because the price of crops — and farmland — has been rising.
The Government National Mortgage Association, or Ginnie Mae, meantime, has also come through the last year without the credit problems that have brought Fannie Mae and Freddie Mac to their knees. Fully owned by the federal government, Ginnie Mae provides guarantees on mortgage-backed securities backed by federally insured or guaranteed loans. Earlier this year, Ginnie Mae’s sales of new government-guaranteed debt soared to the highest point since 2003, as the market for other mortgage-linked debt collapsed.
Southport aldermen OK annexation of 93 acres
But the 93 acres the city intends to annex is much different than the large swath officials had originally hoped to grab.
The board voted 5-1, with Alderman Nelson Adams dissenting, to approve a resolution of intent to annex land along North Atlantic Avenue, Jabbertown Road and across the Progress Energy cooling canal.
But this intent goes nowhere near the Long Beach Road-N.C. 211 intersection the city had hoped to take in. Oak Island beat Southport to the table in June by passing its resolution of intent first, giving it exclusive rights to land both communities were eyeing.
Oak Island is in the process of annexing land along Long Beach Road to the N.C. 211 intersection.
Southport’s original swath went past Sunny Point to the north and almost to St. James to the west. Both communities were vying for land near the Long Beach Road intersection, which contains two large shopping centers and a Lowe’s Home Improvement store.
Oak Island’s quick move forced Southport to take its annexation in a different direction, which includes 11 parcels along Jabbertown Road.
Adams argued the board originally agreed on a different direction and should have stuck to it.
……...until next week in The Week in Review
Tina
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Tags: federal mortgages, milken institute, Port city no. 6 best performing, south port nc, Wilmington NC Real estate
The Week in Review
….your Wilmington Connection
October 11, 2008
Currently in Wilmington there are 2771 homes on the market. There are 323 which are currently under contract and 1489 homes have sold in the last 6 months. Thats about 12%. The price range $250,000 and under are fairing the best with 8 months of inventory on the market. Whereas the higher priced homes are suffering with almost a year and a half and upwards. Homes are selling but patience is needed.
Federal Dollars to fund Holden Beach Sand
The estimated damage to Holden’s beach also constituted the biggest chunk of the $14 million in statewide damage to public infrastructure attributed to the storm and helped push the state over the threshold to seek federal help.
Gov. Mike Easley is seeking a federal disaster declaration that would enable federal grants to be used to repair the damage, including to Holden’s beach.
But the damage to the town’s beach has raised some eyebrows, both for the amount of sand Holden officials claim was washed away and the estimated cost to replace it.
Hanna wasn’t a particularly big or strong tropical systems, bringing rain but not much else to Southeastern North Carolina.
Pending Home Sales Up Strongly
Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. “It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.
Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up.
….until next week in The Week in Review
Tina
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Tags: holden beach, lawrence yun, national association of realtors, Pending home sales, Wilmington NC Real estate, wilmington nc real estate inventory
The Week in Review
…your Wilmington Connection
June 28, 2009
You can definatly tell summer is here, Hot weather, thunderstorms, BBQ’s, open houses, vacationers and outdoors sporting events. This morning I did a double sprint Triathlon in Kure Beach the warm weather and ocean were very inviting. Great to see so many people out there and having fun.
If you are visiting here and thinking of relocating to the Wilmington area, drop me an email or give me a call and we can discuss your options.
Wilmington Real Estate
This week in Wilmington we have seen some rumbling in the real estate makret. Currently there are 2394 single family homes homes on the market and 797 condos on the market. There are 406 single family homes under contract and 74 condos. Solds in the last 3 months are as follows: 477 homes and 84 condos. Definately some stirring. If you are a first time home buyer dont forget the tax credit is up Dec 1st 2009.
New Washington data suggest recession is over?
US factories had a surge in orders last month everything from computers to aircraft and business investment rose by the most in 5 years. But the drop in new homes sales lets us know that it will be a slow recovery.
Existing Home Sales continue to rise in NC
Existing homes sales rose 2.4% In May. Housing inventory at the end of May fell to 3.5% to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April. Good news for many home sellers, there is a light at the end of the tunnel.
until next week in The Week in Review
Tina
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Tags: condos, end of the recession, home sales rise, housing market, single family homes, solds, Wilmington NC Real estate
The Week in Review
….your Wilmington Connection
June 21, 2009
Wishing all of the fathers a Happy Fathers Day! Sit back and Relax. Wow was it hot in Wilmington this weekend Saturday it reached a record breaking 99F, but if you have the ocean or a swimming pool no need to feel the heat!
Wilmington Real Estate
This week in the Real Estate Market there are 2390 single family homes on the market. 318 homes are currently under contract. 109 homes have sold in the last 3 weeks. The average SP % to LP is 93%. If you are selling your home let me help you come up with a price that will ensure you get it sold swiftly and at the right price. The longer it sits on the market the less your home will get. Email and let me know if I can be of some help.
US Puts more Money into the Foreclosure Program
The Obama administration circulated $50 billion in March to try and entice mortgage lenders to modify loans to help consumers make monthly payments more affordable. However, the plan hasn’t been very effective as not many are able to qualify.
The administration last month expanded the program to provide incentives to further encourage lenders to make the short-sale processes easier and quicker.
May Reports show Construction jumps by 17.2%
The Commerce Department reported that construction of new homes and apartments jumped 17.2 percent in May. An adjusted annual rate of 532,000 units. Better than the expected 500,000-unit pace that economists had anticipated and came after construction fell in April to a record low of 454,000 units.
Looking for positive signs? Well here is another one, applications for building permits, a good indicator of future activity, rose 4 percent in May to an annual rate of 518,000 units.
The better-than-expected rebound in construction was the most recent sign that the slump in housing is coming to an end. A plus for the economy.
…..until next week in The Week in Review
Tina
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Tags: foreclosures, new consturction, new homes, obama administration, Wilmington NC Real estate
The Week in Review
….your Wilmington Connection
June 14, 2009
What a warm week here in Wilmington, and I had a real taste of the heat Saturday morning when I did the Diligence Dash which is a 5k run in historic downtown. The humidity must of been 100%. Great seeing everyone out there. Currently in Wilmington there are 2384 single family homes on the market. 316 homes are under contract and 462 sf homes sold in the last 3 months. First time buyers are racing to get a home under contract to take advantage of the $8000 credit. If you have any questions about this please dont hesitate to email or call me, I would be more than happy to help. If you are thinking of putting your home on the market locally or out of town let me know as I have a fantastic marketing plan for you, or I can provide you with some names of proffessional realtors in your state that do business like I do.
North Carolina Foreclosures are going down.
In the month of May the total number of new foreclosures in the North Carolina was down 32 percent from last year.
There were 2,587 foreclosure filings in the state, or one for every 1,594 homes, during the month. That is down 31.7 percent from May 2008, when 3,786 foreclosure notices were filed.From April to May filings were down 16%
This information was brought to you by RealtyTrac, which tracks default notices, auction sale notices and bank repossessions. The company counts every foreclosure filing.
Housing and Economic Indicators taken from National Association of Realtors.
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Current Figures |
Period Covered |
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EHS increased 2.9 percent in April. |
April |
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PHSI rose 6.74 percent to 90.30 |
April |
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Up .3 percent from last month (PDF: 36KB) |
April |
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SAAR* of 458,000 units (PDF: 29KB) |
April |
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158.8 — up 15.6 from previous month (PDF: 16KB) |
December |
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Up 1 % to 256.60 from last week. (PDF: 37KB) |
Week of May 27 |
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Up .38 percent to 5.29 (PDF: 39KB) |
Week of June 4 |
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Moved from -6.5% to -5.8% last quarter. (PDF: 38 KB) |
Q1 2009 |
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Down 32.35% from a month ago (PDF: 40KB) |
March |
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Down 345,000 jobs (PDF: 40KB) |
May |
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Up .1% from the previous month (PDF: 27KB) |
April |
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Up .3% from the previous month (PDF: 30KB) |
April |
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Down .4% from the previous month (PDF: 39KB) |
April |
……until next week inThe week in Review
Tina
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Tags: first time home buyers, foreclosures, housing economic indicators, single family homes, Wilmington NC Real estate
….your Wilmington Connection
June 7, 2009
The Wilmington real estate market hasnt stopped buzzing. Its definately the season for looking.There is still a large inventory on the market which is giving buyers a confusing choice. With so many on the market it poses the question of how many homes do I look at. Well really you should try to keep within your initial criteria and then open it up to more homes if you cant find the right one. Dont confuse yourself by not having very many guide lines. You only end up wasting valuable time and you may miss the perfect home!
Should Home Sellers Offer Price Protection
Here is some food for thought. Should home sellers offer a price protection? Kind of how electronic retailers do? Sellers could offer to reimburse their buyers for any loss in the value of homes in their area in the year after a sale. This price protection would give buyers confidence that they won’t regret their purchases even if home prices continue to fall further. This might give those buyers that are “waiting for the bottom” the confidence that they need to buy now. If buyers gain confidence, prices won’t fall, so sellers won’t have to pay. How could this be done? If the government would make it easier, sellers could set up these price protection escrow accounts. It think these details can be worked out and Buyers get to move in, sellers get to move on, and the rest of us benefit from a more stable housing market and perhaps a stable economy, too.
Pending Home Sales up the Third month in a Row
NAR’S Chief economists Lawrence Yun stated that buyers are responding favorably. Housing affordability conditions have been at historic highs.The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year.
….until next week in The Week in Review
Tina
The Week in Review
….your Wilmington Connection
June 7, 2009
The Wilmington real estate market hasnt stopped buzzing. Its definately the season for looking.There is still a large inventory on the market which is giving buyers a confusing choice. With so many on the market it poses the question of how many homes do I look at. Well really you should try to keep within your initial criteria and then open it up to more homes if you cant find the right one. Dont confuse yourself by not having very many guide lines. You only end up wasting valuable time and you may miss the perfect home!
Should Home Sellers Offer Price Protection
Here is some food for thought. Should home sellers offer a price protection? Kind of how electronic retailers do? Sellers could offer to reimburse their buyers for any loss in the value of homes in their area in the year after a sale. This price protection would give buyers confidence that they won’t regret their purchases even if home prices continue to fall further. This might give those buyers that are “waiting for the bottom” the confidence that they need to buy now. If buyers gain confidence, prices won’t fall, so sellers won’t have to pay. How could this be done? If the government would make it easier, sellers could set up these price protection escrow accounts. It think these details can be worked out and Buyers get to move in, sellers get to move on, and the rest of us benefit from a more stable housing market and perhaps a stable economy, too.
Pending Home Sales up the Third month in a Row
NAR’S Chief economists Lawrence Yun stated that buyers are responding favorably. Housing affordability conditions have been at historic highs.The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year.
.…until next week in The Week in Review
Tina
Filed under: Real Estate, Wilmington NC Week in Review | Leave a Comment
Tags: affordable housing, first time home buyers, Pending home sales, seller offer price protection
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The Week in Review …..your Wilmington Connection May 31, 2009
A super sunny weekend here in Wilmington. A light breeze to keep you cool, I hope everyone had a great weekend. Anyone driving by a home that you would like to look at? Let me know if you have, we can make an appontment to go and see it. call or email me. Wilmingotn Real Estate Currently in New Hanover county there are 3483 properties on the market, 377 are under contract and 561 have sold in the last 3 months. We are definatley feeling a buzz of activity here in the real estate market. Real Estate Market Nationally Nationally existing-home sales rose in April with large buyer activity in lower price ranges, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums rose to 2.9 percent The Majority of home sales are homes that are in the lower price ranges. Most of the homes sold are taking place in the lower price ranges and we are seeing some activity in the midprice ranges, but high-end home sales remain very slow. “The Federal Reserve needs to help restore liquidity for the jumbo mortgage market. Over the rest of the year there will be more foreclosed properties released into the market., it is very important for these properties to be cleared. April showed first-time buyers declined to 40 percent of transactions, revealing that there are more repeat buyers shopping. The national median existing-home price was $170,200 in April, which is 15.4 percent below 2008. Unfortunatley the distressed properties will continue to distort the median home price because they sell at a much lower price compared to traditional homes.info gathered from National Association of Realtors
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Tags: first time home buyers, local wilmington real estate market, national real estate market
The Week in Review
…..your Wilmington Connection
May 24, 2009
Its absolutely gorgeous out this weekend! Perfect weather for the long weekend. Thinking of looking at some homes? Give me a call or drop me an email I can show you any home on the mls!
New Hanover county agrees to the Tax Revaluation
Property revalutaions are scheduled for 2011 although there were some who wanted it to be delayed until the economy improves. Many property owners want it to take place. The sooner the better. The council all agreed that it will be done every 4 years from 2011. However this could mean the upcoming revaluation would mean lower tax bills for residents along the coast and higher bills for inland residents in Wilmington.
Facing Foreclosure?
Are you close to foreclosure? There is help. TheFirst Federal of Charleston and the Southeastern Foreclosure Task Force will give free foreclosure clinics in Wilmington on Saturday, June 6, at 9 or 11 a.m. and 1 or3 p.m.Located at the Executive Development Center at the University of North Carolina Wilmington.These free clinics are open to all homeowners who face this problem doesnt matter who your lender is.
Real Estate in our Port City?
April home sale prices
(APRIL 2008 in parentheses)
Average price of homes sold: $221,742 ($244,703)
Median price of homes sold: $184,500 ($199,590)
-from the WRAR
Mortgage rates
Average, MAY 21 (Week earlier in parentheses)
30-yr fixed: 4.82 (4.86%)*
15-yr fixed: 4.50% (4.52%)*
5-yr ARM: 4.79% (4.82%)+
1-yr ARM: 4.82% (4.71%)+
* Plus 0.7 point
+ Plus 0.6 point
- Freddie Mac
until next week in The Week in Review
….Tina
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Tags: foreclosure, real estate in port city, wilmigton nc real estate
The Week in Review
….your Wilmington Connection
May 17, 2009
Summer sun and rainfall is what we have seen this week in Wilmington, get ready its time to break out your swimsuits!
Just want you all to know something fantastic has happened to me, I have returned to my real estate family at Coldwell Banker Seacoast, this is where I started my real estate career and am excited to be back and associate my business with the best real estate company in Wilmington!
This week there are 2842 homes on the market with 396 under contract thats 14%, it has definately picked up in the last 2 months. 476 properties have sold in the last 3 months and on average are selling 94% to their list price, not including the price range of $875,000 and above they are taking a bigger hit of about 90% of their list price. $250,00 and under are looking at an average of 4 months on the market. There are some great houses out there and with the low interest rates, dont take a chance and miss out.
NC Foreclosure filings fall 15% in April
The number of foreclosures in North Carolina fell 14.9 percent in April from the same period last year, according to RealtyTrac Inc.
The state had 3,082 foreclosures in April, with one in every 1,339 homeowners receiving a default notice, auction-sale notice or bank-repossession filing.
North Carolina ranked 34th in the nation for foreclosure filings in the latest quarter.
Vote by trade commission to boost Southport’s Archer Daniels Midland plant
A vote by the U.S. International Trade Commission to impose duties on citric acid and citrate sales from China and Canada may underpin the future of Archer Daniels Midland’s plant in Southport, the company said.
“If the commission had not ruled the way it did, ADM’s Southport facility would have been seriously threatened by unfairly traded imports from citric acid producers in China and Canada.
until next week in The Week in Review
Tina
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Tags: coldwell banker, Home sales, wilmington housing market
What a stunning weekend here in Wilmington! Beach time has arrived.
The markets have been all a-giddy of late over the improved economic trends, evidenced by recent reports on housing, manufacturing and retail sales are on the upswing. Has the recession finally hit its bottom? We would like to think so.
More Houses gain Multiple offers
Markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.
Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.
When you begin to see people willing to fight for a property, that’s a good sign!
Pending Home Sales in the South
The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.
Senate OKs Foreclosure Bill Minus Cramdown
The U.S. Senate recently approved a version of the latest foreclosure-prevention plan.
The bill shields mortgage servicers from lawsuits if they participate in federal loan modification programs, making it potentially easier for home owners with a second lien to refinance.
The bill also gives renters of foreclosed properties at least a 90-day grace period before they have to move. Plus, it modifies the Hope for Homeowners program to provide better incentives for lenders to adjust mortgages.
The bill also extends through 2013 an increase in deposit insurance by the FDIC from $100,000 to $250,000.
The Senate version of the bill didn’t include a provision allowing bankruptcy judges to modify primary mortgages. This cramdown legislation passed the House in March and is considered a key to the Obama administration’s foreclosure prevention plan. Lawmakers consider it dead in the water.
The Senate and House versions must now be reconciled before President Barack Obama can sign the bill into law.
…until next week in The Week in Review
Tina
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The Week in Review
…..your Wilmington Connection
April 26, 2009
Warm weather in Wilmington perfect weather for making that house move.Currently there are 2826 properties on the market in Wilmington, 378 are under contract thats 13%. Two percent more than recent months. 417 homes have sold in the last 3 months and the average sale to list price is 93%. Inventory is still high and its still a buyers market, but it also depends on what price range your home is. For example if your home is priced between $500,000 to $600,000 it has 75 months of inventory, this is how long it will take to sell a home in this price range if nothing were to come on the market. Of course the lower price ranges have a better chance. Ultimately if your home is one of the best priced in your price range then it doesnt matter it will sell. But it has to be priced competitively.
March home sales slip nationally but First Time Home Buyers are up
NAR chief economist, said the market appears to be stabilizing with modest monthly ups and downs, and that first-time buyers are driving the market. “The share of lower priced home sales has trended up, indicating a return of many first-time buyers, which we also see in a parallel member survey,” he said. “Sales in the upper price ranges remain stalled because of higher interest rates on jumbo loans.” Although prices rose from February to March, the national median existing-home price2 for all housing types was $175,200, down 12.4 percent from March 2008. The price increase from February to March was 4.2 percent, which is much higher than the typical 1.8 percent seasonal increase between those two months. Distressed properties, which accounted for just over half of all transactions in March, typically are selling for 20 percent less than traditional homes. An NAR practitioner survey in March showed first-time buyers accounted for 53 percent of transactions, based largely on contracts offered before the $8,000 first-time home buyer tax credit became available. “Buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit,” Yun said. “By early summer we should be seeing a positive impact on home sales from record-low mortgage interest rates in addition to the stimulus provisions.”
HOPE award Winners remove Barriers to Minority Home ownership
This year’s HOPE Awards (Home Ownership Participation for Everyone) winners exemplify the efforts of countless individuals and organizations across the country committed to closing the minority housing gap. Award recipients are selected for their outstanding leadership and achievement in helping minority families realize and sustain their homeownership dreams, forever enhancing and changing their lives. The 2009 HOPE Awards winners are the Korean Churches for Community Development, Los Angeles (Education Award); Illinois Assistive Technology Program, Springfield, Ill. (Finance Award); Community Reinvestment Association of North Carolina, Durham, N.C. (Media Award); Chris McCarthy, Nashville Area Habitat for Humanity (Leadership Award); and Affordable Homes of South Texas Inc., McAllen, Texas (Project of the Year Award). HOPE Awards winners receive $10,000 and a $1,500 gift card from cosponsor Lowe’s. On May 12 the winners will present their programs and answer questions from journalists and industry experts at a symposium moderated by national real estate columnist Ken Harney.
until next week in The Week in Review
….Tina
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Tags: HOPE, housing market, NAR, wilmington nc homes, wilmington nc real esate
The Week in Review
….your Wilmington Connection
April 19, 2009
The end of a lovely weekend here in Wilmington, this is why we live here. This is why many people would like to live here and if you are one of them and want some info please email me and we can get you started. The market has been heating up many transactions have taken place, but who can resist with home prices as they are.
Local real estate leaders aren’t ready yet to say that the outlook is sunny, but there may be light at the end of the long, dark housing tunnel.
Sales contracts signed in recent weeks have soared, according to real estate agencies here. And a big factor in that is the government’s $8,000 tax credit for first-time home buyers, Realtors and lenders say.
One is that first-home buyers have to close on their purchases by Dec. 1 to receive the $8,000 tax credit. Another is that families with children tend to buy in the spring or summer so they are moved in before school starts in the fall. Finally, mortgage interest rates are at historic lows.
That final factor has heated up the mortgage business, brokers here say. Not only have they spurred a jump in refinancings, but a big chunk of the business is for purchases as well.
Closed home sales here rose in March from the month before, but were still down from March 2008, according to data from the Wilmington Regional Association of Realtors.
Sales rose to 335 in March from 250 in February in the area covered by the WRAR – essentially New Hanover and Pender counties and the northern part of Brunswick. But they were still down from the 409 that closed in March 2008. Contracts for those homes would have been signed in January and February.
The prices of sold houses continued to decline from year-earlier levels, according to the Realtors’ data. The median price of homes sold in March – that is the price at which half of homes sold for more and half for less – was $175,683 compared with $201,000 in March 2008. The average price fell to $218,130 from $236,996.
Prices are on homes closed in March and do not necessarily reflect the general market value of area property.
Though first-time home buyers are big players in the local market, they are not the only force at work.
That said, the inventory of homes for sale is still high. A check of houses for sale this week found more than 140 on the market in Landfall, for instance, though the overall number of listings by all Realtors here has dropped from last year.
Experts see a drop in listings – and by extension, inventory – as a positive sign. The market cannot stabilize until much of that inventory is sold.
…until next week in
The Week in Review
Tina
Filed under: Real Estate | Leave a Comment
Tags: Home sales, Wilmington NC Real estate, wilmington north carolina
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