And, if you are looking to sell your home  in Wilmington, NC,  your home must be aggressively priced, it must be in the best possible condition, you are in a beauty pageant and price war at the same time, and it must have the assistance of a reputable Realtor who knows the market and offers an aggressive marketing campaign and will use every tool in the arsenal.

For more details about the Wilmington NC real estate market, please contact kaybaker@ec.rr.com or 910-232-0363 or go to www.cbbaker.com.

What better time to buy a beautiful townhome in the heart of Wilmington. Take advantage of historic low interest rates today!

Give us a call today at 910 262-3353 or email kaybaker@ec.rr.com for a tour.

Directions: North on College Road right on Oriole Drive, right on College Acres Drive and left on Carleton Drive.

This quote is from WWAY 3 from the president of Homebuilders “The possibility of homeownership is more obtainable for buyers in our market now than it has been for years,” said WCFHBA President John Lancaster of Venture Homes of the Carolinas. “More buyers are beginning to enter the market again thanks to renewed confidence as housing prices stabilize while the fed maintains all time low interest rates.”

Syracuse NY held the top spot on most affordable homes, with some smaller housing markets following close by Mansfield, Ohio; Bay City, Mich.; Monroe, Mich.; and Lansing-East Lansing, Mich.  Lancaster says “Our market is greatly influenced by what happens up north, so the numbers out of places like New York, Pennsylvania and Ohio are encouraging,”. 

That is encouraging news when the news lately has not been so positive.

Please take a minute to tour our website and search the Wilmington NC real estate area to find the house, neighborhood and price that you are looking for.  We have an inhouse Lender – Alpha Mortgage and an inhouse Insurance Agency – Real Mark Insurance and would be happy to give you contact information so that you have a “One Stop” Shop to buy real estate.   We make it easy for you.  Coldwell Banker Sea Coast Realty and Kay Baker and Associates.  Search all Wilmington NC real estate on www.cbbaker.com

Monthly Average Sold Price
Our monthly average sold price is down by .03% from last month and up 8.4% from July 2009. Our average sold price is down by $707.00 from last month. July average sold price ($237,467) shows an increase of 1.3% from year end 2009. Our average sold price is up by $18,501 over last July.

Monthly Sold Units
This is the first monthly decline in the number of homes sold in Wilmington, NC when compared to previous year. The number of sold homes is down 32.3% from last month and down 22.2% from July 2009. Last month we had 517 sold units and this month only 350 sold units, last year in July we had 450 sold units. Due to the First Time Home Buyer increase in sales, a lot of these sales were pushed up and people that might have been planning to buy in July moved up their purchase to coincide with the tax credit.

Average Sold Price Year to Date
Year over year our year to date numbers have dipped a little.
2003 year end average sale price $ 186,137
2004 year end average sale price $ 210,048
2005 year end average sale price $ 254,080
2006 year end average sale price $ 264,498
2007 year end average sale price $ 273,408
2008 year end average sale price $256,498
2009 year end average sale price $234,379
2010 year to date average sale price $227,930
While our current year to date numbers are lower than Year End 2009 they do show promising signs that our sales are on the upswing. The first seven months of 2010 has a 358 sold unit gain over first seven months of 2009. The average sales price is down 1.9% for the first seven months of 2010 than the first seven months of 2009. Our median sales price is just 1.7% behind 2009.

Rolling 12 months
Another bright spot is the rolling 12 month numbers. When we look at August 1st, 2009 to July 31th, 2010 we have 4,725 sold units and when we compare August 1st, 2008 to July 31th, 2009 we have a 684 unit gain (4,041 sold units). When we look at the same rolling 12 months for average sold price we see that we are only down by 3.6%. So the dates of 8/1/2009 to 7/31/2010 we have an average sold price of $231,630 while from 8/1/2008 to 7/31/2009 we had an average sold price $240,403.
Median Sold Price
Our Median sold price is up 1.6% from last month, about $189,950. While we have not dipped as low as the National Median we seem to have turned the corner while the national median is showing a slight increase. I would anticipate over the next couple of months to continue to see this median increase.

Pending
Pending Sales – A sale is listed as pending when the contract has been signed but the transaction has not yet closed. Sales are typically finalized within one to two months from signing. I look at the total pending units on a regular basis and this is how they chart out. We saw our peak pending numbers about May 3rd. We are actually up 6.3% from last month and we are down just 12.5% from August 16, 2009. With the tax credit benefits expired it will be interesting to see if our sales can improve going into late summer and early fall.

Market Absorption rate – The number of homes sold in July, 350 divided by the current listing inventory, 5,604 gives us an 16.0 month supply of single family homes. This increased by 5.0 months from last month. We need to get this inventory back under 12 months. With rates where they are and plenty of inventory; we can get this number down.
List to Sold price ratio – the average list price of the sold properties is $250,624 and the average sold price is $237,467 for July which gives us a 94.8% list to sold price ratio – a increase of .4% from last month. We have now managed to stay under 95% for over a year.
Seller Concessions – We had 21.7% of sold properties report a sales concession for July, an decrease of 8.7%. We want this number to go lower.
Days on Market – The average days on market for the sold properties is now at 121 for July. That is about 4 months to keep a property on the market. Only 17.7% of the properties were placed under contract in less than 15 days for the month of July.
Carolina & Kure Beach
There are currently 499 single family homes for sale at Carolina and Kure Beaches and this represents an 17 unit decrease over July 1, 2010 and 8.9% of our total WRAR inventory. The average list price is $424,999 an increase of about $6,474 from July. In July there were 42 homes sold, divide that by the homes available and you have a 11.8 monthly supply of homes in Carolina and Kure Beach – this is by far our best monthly supply level in a long time. The average sold price for the month of July was $272,612 and is down $83,634 from last month. When we look at our rolling 12 months August 1, 2009 to July 31, 2010 we have 317 homes sold at an average price of $289,532. While August 1, 2008 to July 31, 2009 we had 242 homes sold at an average price of $322,450.
This data was pulled on August 14, 2010, based on information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through July 31, 2010.

Compliments of David Flory NMLS #91592

Mortgage Consultant
Cunningham & Company Mortgage Bankers
910-352-8273 cell
910-313-0045 office
davidf@cunninghammortgage.com
www.cunninghammortgage.com

New Hanover County is also a leading county in the state in foreclosures and following suit with the nation in the slowdown. Buyers are wanting the best possible prices in the market and therefore sellers are having to compete with the huge number of  homes that are in foreclosure or short sale.

There are signs in the market place of builders once again gearing up, but they too are limited by the number of foreclosed homes being dumped on the market and possible depressing prices of existing homes. In addition, lenders are still overly cautious in lending money.

But on the bright side, August seems to be showing signs of more buyers coming to the table. But again, they are looking for a deal.

If you are a buyer and looking for Wilmington NC foreclosures or short sales, we can send a list right to your in box. And, you can also begin your home search at www.cbbaker.com. There you can search all homes in the Wilmington NC area by schools, map, zip codes, neighborhoods, price and more.. If you are in the market to sell your home, remember the three main components for a speedy sale are price, condition and marketing. Give us a call or email and we will be happy to discuss.

The tax free weekends kicks off Thursday at Midnight and lasts till Sunday at 11:59P.

The average sales price of homes sold in Wilmington, NC was down slightly over year end 2009. And, if you look at the most active zip codes: 28403 actually had an increase of 2.4% over last year; 28412 had a small increase .06% over year end 2009. Homes sold at 96.4% of asking price; 28405 had an average selling price of $264,322 with an increase of 5.7% from year end 2009. The average list price had increased 6.7% from year end. But, 28409 zip code had a 3.9% decrease in average selling price over year end 2009 and the average list price decreased 4.4% over year end. Homes sold at 93.6% of asking price. The average selling price in zip code 28411 decreased 6.3% over year end 2009 and the average list price decreased 8.1%. 28412 average selling price increased slightly and the average list price decreased slightly.

Overall, we saw a positive increase in units sold in the second quarter, but average sold price from second quarter 2009 was down 4.2%.

2010 does offer excellent buying opportunities with median home prices down 7.9% from year end 2008; foreclosures and short sales are excellent buys; mortgage rates are at historic lows; and there are 2889 homes on the market in the six zip codes in and around Wilmington, NC.

Now is definitely the time to buy Wilmington NC real estate. If you are searching for a home, just log onto my website at www.cbbaker.com and there you can search by schools, zip code, neighborhoods, map and more. If you would like a list of foreclosures and short sales sent to your inbox, just email kaybaker@ec.rr.com.

For instance, this 3 bedroom 2.5 bath home with over 2000 sq ft is just $350,000. This is true true luxurious living in a convenient, relaxed and carefree atmosphere. This is one of the few and largest floor plans available with over 2100 square feet and an attached one car garage and is all on one level and on the first floor so no stairs to negotiate. Numerous upgrades include granite in the kitchen as well as both bathrooms and double hanging racks and shelving in master walk-in closet. There are gorgeous travertine floors grace the main living area and stainless appliances with a natural gas range. A wonderful covered terrace invites the breezes and begs for a relaxing afternoon. And best of all e joy a short distance to casual or fine dining, shopping or take in a movie. Or you can have your toes in the sand at Wrightsville Beach in less than 10 minutes or spend time in the state of the art fitness facility. Entertain friends and family at the clubhouse while enjoying a game of billiards, or the private screening room, swimming pool tennis or the community gourmet kitchen. Now that’s what luxury living is all about. Check out 557 Garden Terrace NOW!

Wilmington NC Real Estate

Or if you prefer, we can send you a list of Wilmington, NC real estate for sale just to fit your needs. Just send me an email kaybaker@ec.rr.com.

May and June average sales prices numbers have dropped from 2009, as the number of foreclosures and short sales are bringing prices down. The average sales price for  Wilmington NC homes area for June was $238,610. Complete sales history here..

If you are in the market for Wilmington NC real estate, right now is an awesome time to buy a home. Interest rates are at a historic low and inventories are high with an abundance of foreclosures and short sales to choose from. You can really get an excellent buy meaning more home for the money. If you would like a list of Wilmington NC foreclosures or short sales, just email kaybaker@ec.rr.com. We will send a complete list to your inbox. You may search real estate at www.cbbaker.com.

In Brunswick County, residential lots account for 70% of the foreclosures, due to high speculation of investors in the good times.

What does this all mean to you? Well, if you have a Wilmington NC  home  for sale now, you are competing with all these foreclosures and short sales on the market. The prices are being driven down by this impact. The buyers today are primarily looking at foreclosures and short sales. So, you as a seller have to be very competitive with your price.

If you are in a short sale situation and need assistance, please feel free to contact me at kaybaker@ec.rr.com. We are specialists in the short sale process and know how to get your home sold before foreclosure.

And, if you are looking to take advantage of these great prices, please log onto my website at www.cbbaker.com or contact me and we will send you a detailed list of short sales and foreclosures on the market NOW.