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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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