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Back You are here: Home Local Business News Business News Local Businesses Your Local Real Estate Market Analysis: 1st Quarter 2014 Progress Report by Zip Code

Your Local Real Estate Market Analysis: 1st Quarter 2014 Progress Report by Zip Code

By Jody Wainio, SFR, WHS 2014 President, Wilmington Regional Association of Realtors®
WILMINGTON, N.C. – When analyzing ten major zip codes in our region – 28403, 28405, 28409, 28411, 28412, 28451, 28480, 28428, 28449, and 28443 – an average of the zip codes shows for the first quarter of 2014:
• Our average sales price has increased by 3.2% from first quarter 2013
• Of the 887 sellers in first quarter 2014 – 31.3% paid some sort of concession toward the purchase of the house.
• Our list to sales price ratio for first quarter is 95.52% a decrease from 95.96% for first quarter 2013.
• The average list price of the sold properties is $262,900 and is up 3.7% from first quarter 2013.
• The average number of days a property remained on the market for the first quarter 2014 was 124 days, compared to 134 days for first quarter 2013.
• The median sold price of $208,000 for first quarter has increased 9.5% from first quarter 2013.
The areas of focus in this analysis were:
• Selling Price – The price the seller accepts for his or her house.
• Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
• List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.
• Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
• List Price – The amount of money a home is listed on the market.
• Median Price – The middle price of all the properties sold in the given time period.
Zip Code 28403
• The average selling price of $195,719 has decreased .8% from first quarter 2013 average selling price of $197,219.
• 24% of sellers paid a concession in first quarter 2014, compared to 22% for first quarter 2013.
• The average list price of $205,692 has decreased .3% from first quarter 2013 average list price of $206,337.
• The average number of days a property remained on the market for first quarter 2014 was 112 days, compared to 146 days for first quarter 2013.
• The median sold price of $150,000 for first quarter has decreased 8.0% from first quarter 2013.
• Sold homes in first quarter 2014 received 95.15% of the asking price, a decrease from 95.58% for first quarter 2013.
Zip Code 28405
• The average selling price of $265,891 has decreased 3.1% from first quarter 2013 average selling price of $274,334.
• 30% of sellers in first quarter 2014 paid a concession, compared to 25% for first quarter 2013.
• The average list price of $282,659 for 2014 has decreased 1.9% from first quarter 2013 average list price of $288,035.
• The average number of days a property remained on the market for first quarter 2014 was 130 days, compared to 144 days for first quarter 2013.
• The median sold price of $176,000 for 2014 has decreased 5.6% from first quarter 2013.
• Sold homes in first quarter 2014 received 94.07% of the asking price, a decrease from 95.24% for first quarter 2013.
Zip Code 28409
• The average selling price of $269,060 has increased 6.9% from first quarter 2013 average selling price of $251,632.
• 33% of sellers in first quarter 2014 paid a concession, compared to 29% for first quarter 2013.
• The average list price of $278,212 for 2014 has increased 7.2% over first quarter 2013 average list price of $259,641.
• The average number of days a property remained on the market for 2014 was 125 days, compared to 117 days for first quarter 2013.
• The median sold price of $257,250 for 2014 has increased 18.3% from first quarter 2013.
• Sold homes in first quarter 2014 received 96.71% of the asking price, a decrease from 96.92% from first quarter 2013.

More in Next Week’s Issue of the Island Gazette


Zip Code 28411
? The average selling price of $296,335 has increased 9.4% from first quarter 2013 average selling price of $270,818.
? 35% of sellers in first quarter 2014 paid a concession, compared to 32% in first quarter 2013.
? The average list price of $316,914 for 2014 has increased 12.4% over first quarter 2013 average list price of $281,894. The best of all zip codes.
? The average number of days a property remained on the market for 2014 was 122 days, compared to 131 days for first quarter 2013.
? The median sold price of $217,837 for 2014 has increased by 8.9% from first quarter 2013.
? Sold homes in first quarter 2014 received 93.51% of the asking price, a decrease from 96.07% for first quarter 2013.
Zip Code 28412
? The average selling price of $199,420 has increased 11.3% over first quarter 2013 average selling price of $179,161. The best of all zip codes.
? 38% of sellers in first quarter 2014 paid a concession, compared to 25% for first quarter 2013.
? The average list price of $203,290 for 2014 has increased 10.8% over first quarter 2013 average list price of $183,470.
? The average number of days a property remained on the market for 2014 was 98 days, compared to 114 days for first quarter 2013.
? The median sold price of $178,450 for 2014 has increased 19.0% from first quarter 2013. The best of all zip codes.
? Sold homes in first quarter 2014 received 98.10% of the asking price, an increase from 97.65% for first quarter 2013. The best of all zip codes.
Zip Code 28451
? The average selling price of $197,126 has increased 7.1% from first quarter 2013 average selling price of $184,016.
? 33% of sellers in first quarter 2014 paid a concession, compared to 25% for first quarter 2013.
? The average list price of $201,031 for 2014 has increased 7.2% over first quarter 2013 average list price of $187,587.
? The average number of days a property remained on the market for 2014 was 102 days, compared to 115 days for first quarter 2013.
? The median sold price of $175,560 for 2014 has increased 9.7% from first quarter 2013.
? Sold homes in first quarter 2014 received 98.06% of the asking price, a decrease from 98.10% for first quarter 2013.
Zip Code 28480
? The average selling price of $662,500 has decreased 18.0% from first quarter 2013 average selling price of $807,660.
? No sellers in first quarter 2014 paid a concession, compared to 10% in first quarter 2013. The best of all zip codes.
? The average list price of $727,955 for 2014 has decreased 19.5% over first quarter 2013 average list price of $904,335.
? The average number of days a property remained on the market for 2014 was 166 days, compared to 378 days for first quarter 2013. The best of all zip codes.
? The median sold price of $512,500 for 2014 has decreased 29.3% from first quarter 2013.
? Sold homes in first quarter 2014 received 91.0% of the asking price, an increase from 89.31% for first quarter 2013.
Zip Code 28428
? The average selling price of $249,404 has increased 5.3% from first quarter 2013 average selling price of $236,819.
? 17% of sellers in first quarter 2014 paid a concession, compared to 25% for first quarter 2013.
? The average list price of $260,938 for 2014 has increased 4.8% over first quarter 2013 average list price of $248,901.
? The average number of days a property remained on the market for 2014 was 144 days, compared to 179 days for first quarter 2013.
? The median sold price of $225,000 for 2014 has increased 2.3% from first quarter 2013.
? Sold homes in first quarter 2014 received 95.58% of the asking price, an increase from 95.15% for first quarter 2013.
Zip Code 28449
? The average selling price of $319,360 has decreased 21.1% over first quarter 2013 average selling price of $404,765.
? 10% of sellers in first quarter 2014 paid a concession, compared to zero for first quarter 2013.
? The average list price of $332,485 for 2014 has decreased 22.1% over first quarter 2013 average list price of $426,947.
? The average number of days a property remained on the market for 2014 was 151 days, compared to 203 days for first quarter 2013.
? The median sold price of $310,600 for 2014 has decreased 6.9% from first quarter 2013.
? Sold homes in first quarter 2014 received 96.05% of the asking price, an increase from 94.80% for first quarter 2013.
Zip Code 28443
? The average selling price of $229,218 has increased .2% over first quarter 2013 average selling price of $228,689.
? 35% of sellers in first quarter 2014 paid a concession, compared to 47% for first quarter 2013.
? The average list price of $236,684 for 2014 has increased .9% over first quarter 2013 average list price of $234,663.
? The average number of days a property remained on the market for 2014 was 183 days, compared to 108 days for first quarter 2013.
? The median sold price of $220,000 for 2014 has decreased 2.3% from first quarter 2013.
? Sold homes in first quarter 2014 received 96.85% of the asking price, a decrease from 97.45% for first quarter 2013.
Six out of ten zip codes reported an increase in the average sales price. Seven out of ten zip codes have the List to Sales Price Ratio above 95%. The fact that clients are getting closer to their asking price is a significant indication that real estate is continuing to recover. Eight zip codes reported fewer days on the market.
For more market data that covers our entire MLS, please visit www.wrar.com. Take advantage of these exceptional opportunities to invest in the American Dream of homeownership. Contact a Realtor® today!
An Analysis of information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through March 31, 2014 – data pulled on April 13, 2014. Average sold numbers for specific neighborhoods within each zip code can be higher or lower than these stated averages. It is highly recommend that you consult a Realtor® to determine how these numbers specifically relate to your neighborhood. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.
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For more information, contact:
Brian Pilon, WRAR Marketing and Communications Director
910-762-9050 or Email Brian
DISCLOSURE: REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. These REALTORS® are also members of WRAR as their local association. As members of the media and press, we ask that you assist us in protecting this MARK by adhering to the specific guidelines which are specified hereafter. Newspapers – please refer to Letter of the Law: Part Two - V. Special Cases, A. In News Releases to ensure proper use of term (AP and UPI style guidelines are acceptable). Media – please refer to Letter of the Law: Part Five - Protection & Compliance Procedures to ensure proper use of term (specifically Section II B).