The Wilmington Real Estate Market - Dec 2017

Written by Posted On Sunday, 29 November -0001 16:00
The Wilmington Real Estate Market - December 2017 The Wilmington Real Estate Market - December 2017 Buddy Blake

Wilmington Real Esate Market Statistics for December 2017

Lets take a look at the Wilimgton NC real estate marekt.  Currently there are 488 sales pending in the market overall, leaving 922 listings still for sale in Wilmington.  The resulting pending ratio is 33.0% (488 divided by 1,480).  So you might be asking yourself, that's great..,.but what exactly does it mean? Im glad you asked!

The pending ratio indicates the supply & demand of the current market.  Specifically, a high ratio means that listings are in demand and quickly going to contract.  Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.  With all of that being said...The currennt inveotry can be described as "mildly active".

Taking a closer look, we notice that the $200K-$300K price range has a relatively large number of contract pending sale.  We also notice that the $200K-$300K price range has a relatively large inventory of homes for sale at 235 listings.  The median list price (or asking price) for all properties in this market is $349,000.

active vs pending sales wilmington

A total of 1,857 contracts have closed in the last 6 months with a median sold price of $258,840. Breaking it down, we notice that the $200K - $300K price range contains the highest number of sold listings.

Alternatively, a total of 638 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $200K - $300K price range has the highest number of off-market listings at 131 properties.

Sold vs Off Market

Looking at the chart below, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM). Active listings (properties for sale) have been on the market for a median time of 100 days.

Analysis of sold homes over the last six months reveals a median sold price of $258,840 and 21 days on market. Notice that properties in the $100K - $200K price range have sold quickest over the last siz months.

The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $250,000 with a DOM of 27 days.

Since the recent DOM is greater than the median DOM for the last 6 months , it is a negaticve indicator for demand for Wilmington homes for sale. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.

"The median list-to-sales ratio for the Wilmington area is 99.3%."

Ratios are simple ways to express the difference between two calues such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property. 

Analysis of the absorption rate indicates an inventory of 3.2 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of Wilmigton properties if all conditions remained the same. Many look at absorption rate as a leading indicator of health of Wilmington real estate  It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future.

Median DOM

Overall, conidering the cyclical aspecect of real estate sales, the Wilmington real estate market is strong.  With the Federal Reserve just increasing their rate, many would expect that we see higher mortgage interst rates in the near future.  

All of this ads up to the fact that is a great time to buy or sell a home in Wilmington. Its a great time for sellers because the prices are high and its a great time for buyers because of the strong possiblity of mortgage interest rate increases - which affect what your overall cost of homeownership. 

Median Sold Prices




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Dean Cacioppo

Dean Cacioppo Credentials

Dean has worked as a real estate agent, real estate instructor and has years of experience working on the technology side for major Real Estate Brokers, Agents and MLS’s.  Dean has sat on the Board of Directors for multiple MLS’s including being elected to President.  Years of serving on a number of MLS Committees for multiple boards, served on the Strategic Planning Committee for Louisiana REALTORS and participated in many task forces and committees for the benefit of all Real Estate Agents in Louisiana.

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