Blog with Masonboro Realty

Area housing market continues recovery

October 24th, 2012 4:15 PM by Lori Speight

The average sales price has decreased slightly from the end of 2011, which might be fueling a surge in residential sales.

In a third quarter report released this week by the Wilmington Regional Association of Realtors, the average list price for a home in greater Wilmington now sits at $240,795 – down from 1.1 percent from year end 2011, according to the report.

The median sold price, which serves as the midpoint in price for which all properties are sold during a given time period, also decreased to $175,000 last quarter.

But there are bright spots depending on where you live.

In the 28403 zip code, which includes parts of Mayfaire, Landfall and midtown, the average selling price increased from $201,953 to $233,795, with sellers receiving 95 percent of their original asking price.

Meanwhile, the 28411 zip code, which includes Porters Neck and Ogden, saw its average sales price increase 13.2 percent from $275,947 to $285,455, with sellers receiving 97 percent of their original asking price.

Figures the association released earlier this month showed a 17 percent increase in the number of homes sold during September compared to September 2011.

The 437 homes sold in September represents a 65-home increase since September 2011 – when 372 homes were sold throughout New Hanover, northern Brunswick and Pender counties.

The median price for a home declined slightly last month from $171,850 to $170,000 – the highest since 2009.

The average price of a home sold in September, however, increased from year earlier levels – $223,771 versus $219,999.

Year-to-date, 4,151 homes have been sold in greater Wilmington – that’s up 18 percent, or 634 homes from this time last year.

In August, Realtors posted one of their better months in housing, with 569 homes sold – up from 462 homes sold in August of 2011.

--- By J. Elias O'Neal (Greater Wilmington Business Journal) 10/24/2012

Posted in:General
Posted by Lori Speight on October 24th, 2012 4:15 PM

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