Current Local Market Conditions – June 2013

The Wilmington Regional Association of Realtors provides monthly statistics on the areas home sales.  These numbers are based on the following zip codes:  28403, 28405, 28409, 28411, 28412, 28451, 28480, 28428 and 28449.

The second quarter results for 2013 compared to 2012 follow:

  • Average sales price has increased by 6.9% from 2nd Quarter 2012.
  • Of the 1,215 sellers in 2nd Quarter – 27.33% paid some sort of concession toward the purchase of the house.
  • List to sales price ratio for  2nd Quarter is 96.10%, an increase from 95.5% for 2nd Quarter 2012.
  • Average list price of the sold properties is $267,964 which is up 6.3% from 2nd Quarter 2012.
  • Average number of days a property remained on the market for 2nd Quarter was 127 days, compared to 150 days for 2nd Quarter 2012.
  • Median sold price of $200,000 for 2nd Quarter has increased 2.6% from 2nd Quarter 2012.

Here are the most recent results for June 2013 compared to June 2012 and June 2013 to May 2013:

WRAR June Results

WRAR June Results

The good news for people wanting to sell their homes is that the number of new listings has dropped.  There are also fewer foreclosures coming on the market.  These are factors that help to raise the market value of homes.  As can be seen by the chart above, the average sales price increased by 7% in June 2013 over June 2012.

For those looking to buy a home, prices are slowly increasing and sellers are not are not dropping their prices as quickly as in the last few years.  Combine that with rising interest rates and the cost of purchasing a home is increasing.  If you are planning to purchase a home, now may be the best time to act.

If you are in the market to buy a home or just considering your options, it costs nothing to learn more. Call or email Linda  for a free, no-obligation, no pressure consultation – 910.409.3519, Linda@LindaMehner.com.

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