Wilmington NC Real Estate Market Conditions
“The answer, my friend, is blowin in the wind. The answer is blowin in the wind” Bob Dylan. Where is the answer? While the Federal Reserve and the Treasury Department think they have the answer. Congress thinks they have the answer and Wall Street has a bailout, now the Auto Industry is looking for help. With so many plans and paths the consumer is confused and has no confidence in our economic system right now. So they sit and wait and hold on to what they have. What is the answer for the consumer?
We continue to be down in sold units but our bright spot is our rolling 12 month average sales price which is now just behind 2007 by $12,674, this represents a minus 4.7%. In units we are showing a 26.7% decline. Most agents will agree that it is a buyer’s market when the listing inventory exceeds 6 months; we are there at 16.4 month supply of homes. We have a few plus factors – Our listing inventory has about peaked out as anticipated and the average list price has remained stable – the last 5 months it has remained in the $420,000’s and November it is just under target at $418,684. The amount of sellers paying concessions is 21.3%, we want this number going down and it went down from last month. Our average days on the market are 116 days which is typical for a buyer’s market it went up by 2 days over last month. Then I look at the factors that are slowing us down. The list to sold ratio is 94.7% we want this number to be going up, and it went down .06% from last month. Our sold units over last year same month is down by 24.9%. One area I continue to look at is the Pending Inventory, and based on the current numbers we will see decreases as we approach the winter. Our pending inventory numbers have gone from the high 900’s the first week of July into the mid 840’s the first part of August and into the mid 760’s the first week of September and into the high 690’s the first week of October and we are now approaching the low 600’s here in mid November. I would like to tell you that we are reaching bottom, some interesting facts; Average list price had been in the $420,000’s for the last 5 months, sellers paying concessions has stayed the same range for 3 months and the rolling 12 month average sales price is only down 4.7%.