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Back You are here: Home News Local and State News Real Estate Market Sales Your Local Real Estate Market Analysis: 1st Quarter 2012 Zip Code Report Part 3

Your Local Real Estate Market Analysis: 1st Quarter 2012 Zip Code Report Part 3

By: Ashley Garner
2012 President WRAR

• The median sold price of $223,332 for 1st Quarter has increased 12.0% from 4th Quarter 2011.
• Sold homes in 1st Quarter received 95.56% of the asking price, an increase from 94.03% for 4th Quarter 2011.
1st Quarter 2012
28412 Zip Code
• The average selling price of $166,058 has decreased 6.7% over 4th Quarter 2011 average selling price of $177,917.
• 33.3% of sellers in 1st Quarter paid a concession compared to 31% in 4th Quarter 2011.
• The average list price of $172,981 for 1st Quarter has decreased 6.9% over the 4th Quarter 2011 average list price of $185,863.
• The average number of days a property remained on the market for 1st Quarter was 162 days, compared to 157 days for 4th Quarter 2011.
• The median sold price of $140,000 for 1st Quarter has decreased 4.1% from 4th Quarter 2011.
• Sold homes in 1st Quarter received 96.0% of the asking price, an increase from 95.7% for 4th Quarter 2011.
1st Quarter 2012
28451 Zip Code
• The average selling price of $178,870 has decreased 19.6% from 4th Quarter 2011 average selling price of $222,492.
• 26.9% of sellers in 1st Quarter paid a concession compared to 33% in 4th Quarter 2011.
• The average list price of $182,942 for 1st Quarter has decreased 20.4% over the 4th Quarter 2011 average list price of $229,874.
• The average number of days a property remained on the market for 1st Quarter was 155 days, compared to 115 days for 4th Quarter 2011.
• The median sold price of $147,750 for 1st Quarter has decreased 24.5% from 4th Quarter 2011.
• Sold homes in 1st Quarter received 97.77% of the asking price, an increase from 96.79% for 4th Quarter 2011.
Our 1st Quarter of 2012 shows limited growth in the list to sales price ratio over last quarter. Several improving factors on a national as well as local basis, makes now the most opportune time to purchase a home. Here are just a few more thoughts from around the country.
• Economic growth continued in the first quarter, with strong stock market gains, stronger than anticipated consumer spending, and a shrinking trade deficit all contributing to this pickup. Mortgage Bankers Association 2012
• Lawrence Yun, NAR chief economist, said the recovery is in the process of settling into a higher level of home sales. “The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases,” he said. “Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year. With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year.”
• Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates holding relatively stable amid signs that inflation remains in check with the 30-year fixed up slightly at 3.90 percent.
All of this makes now the most opportune time to purchase a home. Contact your REALTOR¨ today!
An Analysis of information from the Wilmington Regional Association of REALTORS¨ Incorporated, for the period Jan. 1, 2005 through March 31, 2012 – data pulled on April 16, 2012. 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.
For local information, please always contact the Wilmington Regional Association of REALTORS¨ for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.