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Back You are here: Home News Local and State News Real Estate Market Sales Weekly Real Estate Market Report for July 25, 2012

Weekly Real Estate Market Report for July 25, 2012

This week I wanted to share a summary of Wilmington-area activity, along with some national trends…
When analyzing six major zip codes in our region - 28403, 28405, 28409, 28411, 28412 and 28451 - an average of the zip codes for the second quarter of 2012 shows that:
• Our average sales price has increased by 5.4% from 1st Quarter 2012.
• Of the 895 sellers in 2nd Quarter - 32% paid some sort of concession toward the purchase of the house, up from 30% last quarter.
• Our list to sales price ratio for 2nd Quarter is 95.86% an increase from 95.63% for 1st Quarter 2012.
• The average list price of the sold properties is $232,792 and is up 5.1% from 1st Quarter 2012.
• The average number of days a property remained on the market for 2nd Quarter was 143 days, compared to 169 days for 1st Quarter 2012.
• The median sold price of $180,000 for 2nd Quarter has increased 5.9% from 1st Quarter 2012.
With regards to New Construction….
Builders had a level of starts in June not seen since October 2008, the Commerce Department reported last Wednesday.
Housing starts in June soared 6.9 percent, reaching a seasonally adjusted annual rate of 760,000 units. Broken down, single-family home construction, which makes up the largest segment of those new housing starts, increased 4.7 percent in June. Multifamily housing starts, considered a volatile segment of the market, jumped 12.8 percent last month.
Housing starts were nearly 24 percent higher in June compared to last year at that time.
“Housing continues to be the one sector of the U.S. economy that is outperforming expectations,” Michael Gapen, an economist at Barclays, told Reuters.
Inventory levels dropping…
Inventory of for-sale single-family homes, condos, townhouses, and co-ops dropped more than 19 percent in June compared to a year ago, reports in its analysis of 146 markets nationwide.
Of the 146 markets across the U.S. that analyzed, only three markets did not see inventory levels fall year-over-year, including Denver, Philadelphia, and Shreveport-Bossier City, La.
Meanwhile, the median national list price rose 2.68 percent in June compared to June 2011, reports.
“Low inventories, combined with steadily rising list prices are positive signs that the overall market is gaining traction and is entering a recovery mode,” noted in a statement on the housing data.
Expect Results:
Your Real Estate Market Report is provided by Justin Donaton of Coastwalk Real Estate. Data is courtesy of the Wilmington Association of REALTORS MLS and/or the National Association of REALTORS.
Justin does not just "list" properties, he sells them! To get your home SOLD for the highest possible price, call Justin at 910-352-0998.
Justin has been the #1 Agent on Pleasure Island since 2006. He has the highest dollar volume of sales, and has had the most number of closings. His business is built on hard work and high-impact marketing.
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The Weekly Real Estate Market Report is a Paid Advertisement Compliments of Coastwalk Real Estate.