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Back You are here: Home News Local and State News Real Estate Market Sales Your Local Real Estate Market Analysis: 2nd Quarter 2012 Zip Code Report

Your Local Real Estate Market Analysis: 2nd Quarter 2012 Zip Code Report

By: Ashley Garner
2012 WRAR President

28409 Zip Code - The average selling price of $257,223 has decreased 6.5% from 1st Quarter 2012 average selling price of $275,226; 36% of sellers in 2nd Quarter paid a concession, compared to 24% in 1st Quarter 2012; The average list price of $268,054 for 2nd Quarter has decreased 5.9% over 1st Quarter 2012 average list price of $284,807; The average number of days a property remained on the market for 2nd Quarter was 142 days, compared to 178 days for 1st Quarter 2012; The median sold price of $221,265 for 2nd Quarter has decreased 9.7% from 1st Quarter 2012; Sold homes in 2nd Quarter received 95.96% of the asking price, a decrease from 96.64% from the 1st Quarter 2012.
28411 Zip Code - The average selling price of $250,776 has decreased 2.5% from 1st Quarter 2012 average selling price of $257,147; 43% of sellers in 2nd Quarter paid a concession, compared to 35% in 1st Quarter 2012; The average list price of $262,205 for 2nd Quarter has decreased 2.6% over the 1st Quarter 2012 average list price of $269,096; The average number of days a property remained on the market for 2nd Quarter was 130 days, compared to 163 days for 1st Quarter 2012; The median sold price of $250,776 for 2nd Quarter has increased 12.3% from 1st Quarter 2012; Sold homes in 2nd Quarter received 95.64% of the asking price, an increase from 95.56% for 1st Quarter 2012.
28412 Zip Code - The average selling price of $177,535 has increased 6.0% over 1st Quarter 2012 average selling price of $167,516; 32% of sellers in 2nd Quarter paid a concession, compared to 33% in 1st Quarter 2012; The average list price of $182,301 for 2nd Quarter has increased 4.5% over the 1st Quarter 2012 average list price of $174,412; The average number of days a property remained on the market for 2nd Quarter was 114 days, compared to 163 days for 1st Quarter 2012. The best of all the Zip Codes; The median sold price of $155,000 for 2nd Quarter has increased 10.7% from 1st Quarter 2012;  Sold homes in 2nd Quarter received 97.39% of the asking price, an increase from 96.05% for 1st Quarter 2012. The best of all the Zip Codes.
28451 Zip Code - The average selling price of $199,131 has increased 10.8% from 1st Quarter 2012 average selling price of $179,690; 31% of sellers in 2nd Quarter paid a concession, compared to 27% in 1st Quarter 2012; The average list price of $203,511 for 2nd Quarter has increased 10.7% over the 1st Quarter 2012 average list price of $183,914. The average number of days a property remained on the market for 2nd Quarter was 160 days, compared to 160 days for 1st Quarter 2012. The median sold price of $180,450 for 2nd Quarter has increased 20.7% from 1st Quarter 2012. The best of all the Zip Codes. Sold homes in 2nd Quarter received 97.85% of the asking price, an increase from 97.70% for 1st Quarter 2012.
As we continue on our path to recovery, four out of six zip codes reported an increase in the average sales price. We have five zip codes that have the List to Sales price ratio above 95% which is the first time this has occurred in a long time. A good sign that real estate is recovering is that clients are getting closer to their asking price. All six zip codes reported fewer days on the market by an average of 26 days. We have five zip codes that reported an increase in the median sold price for an average of 6.6%.
Our 2nd Quarter of 2012 has several improving factors on a nation al and local basis which makes now the most opportune time to purchase a home. Here are just a few more thoughts from around the country: Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes. Two-thirds of all U.S. households who own their home currently are enjoying these benefits. Social Benefits of Homeownership and Stable Housing- NAR April 2012; Lawrence Yun, NAR chief economist, said “there are many improving factors that are helping home sales. "Historically high housing affordability conditions, ongoing job creation, a solid stock market recovery, rising rents, a larger pool of qualified renters, a pent-up demand and improving confidence are drawing buyers to the market."; Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates hitting record lows with the 30 year fixed rate mortgage (FRM) averaged 3.56 percent with an average 0.7 point for the week ending July 12, 2012, down from last week when it averaged 3.62 percent. Last year at this time, the 30-year FRM averaged 4.51 percent. "Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week allowing fixed mortgage rates to reach yet another record low. Only 80,000 net new jobs were added to the economy last month, not enough to lower the unemployment rate from 8.2 percent. This was the concern of the Federal Reserve's monetary policy meeting held June 19-20. Minutes released from that meeting on July 11, revealed that a few members felt further monetary stimulus was needed to promote satisfactory growth in employment to meet the Committee's goal." Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.