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Archive for the ‘Market Reports’ Category

Your Local Real Estate Market Analysis: 3Q 2011 Zip Code Report

Friday, October 21st, 2011

By Karen Parkin, ARM®, GRI
President, Wilmington Regional Association of REALTORS®

When analyzing six major zip codes in our region – 28403, 28405, 28409, 28411, 28412 and 28451 – all had an average sold price increase of 2.9% to 17.9% over 2nd quarter 2011. Only one zip code had an increase in the list to sales price ratio for 3rd Quarter, while five had a slight decrease from 2nd quarter 2011. Sellers in 28451 got about 97.4% of their asking price while those in 28403 only got 92.9% of their asking price.

All six zip codes had an increase in average list price from 3.8% to 16.3%. Concessions offered to buyers are now offered in 24% to 38% of the transactions in 3rd Quarter 2011. Our median sales price for 4 zip codes reflects an increase from 4.2% to 9.7%.

Our overall average days on the market increased for three zip codes from 146 days to about 185 while 28405 and 28411 had an average decrease of 15 days. Zip code 28412 had an average decrease of 3 days. Just four zip codes had an increase in units over 2nd Quarter 2011.

Evaluating the growth within these six major zip codes, an average of the zip codes shows for the third quarter of 2011:

•  Our average sales price has increased by 6.7% from 2nd Quarter 2011.
•  Of the 688 sellers in 3rd Quarter – 34.3% paid some sort of concession toward the purchase of the house.
•  Our list to sales price ratio for 3rd Quarter is 94.8% an increase from 93.9% for 1st Quarter 2011.
•  The average list price of the sold properties is $256,239 and is up 7.3% from 2nd Quarter 2011.
•  The average number of days a property remained on the market for 3rd Quarter was 152 days, compared to 144 days for 2nd Quarter 2011.
•  The median sold price of $183,625 for 3rd Quarter has increased 4.9% from 2nd Quarter 2011.

Over the last couple of years an analysis of six major zip codes – 28403, 28405, 28409, 28411, 28412 and 28451 was conducted.  The areas of focus are:

•  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.

2011 3rd Quater MLS Zip Code Report - Wilmington NC Real Estate

3rd Quarter 2011            28403 Zip Code

•    The average selling price of $198,995 has increased 5.5% from 2nd Quarter 2011 average selling price of $188,703.
•    24% of sellers paid a concession compared to 32% in 2nd quarter 2011. The best of all the zip codes.
•    The average list price of $214,048 for 3rd Quarter has increased 7.4% over 2nd Quarter 2011 average list price of $199,355.
•    The average number of days a property remained on the market for 3rd Quarter was 185 days compared to 152 days for 2nd Quarter 2011.
•    The median sold price of $152,000 for 3rd Quarter has decreased 6.5% from 2nd Quarter 2011.
•    Sold homes in 3rd Quarter received 92.9% of the asking price, a decrease from 94.6% for 2nd Quarter 2011.

3rd Quarter 2011            28405 Zip Code

•    The average selling price of $306,887 has increased 17.9% from 2nd Quarter 2011 average selling price of $260,313. The best of all the zip codes.
•    33% of sellers in 3rd Quarter paid a concession compared to 27% for 2nd Quarter 2011.
•    The average list price of $328,307 for 3rd Quarter has increased 16.3% from 2nd Quarter 2011 average list price of $282,317. The best of all the zip codes.
•    The average number of days a property remained on the market for 3rd Quarter was 153 days compared to 168 days for 2nd Quarter 2011.
•    The median sold price of $181,000 for 3rd Quarter has increased 9.7% from 2nd Quarter 2011. The best of all the zip codes.
•    Sold homes in 3rd Quarter received 93.4% of the asking price, an increase from 92.2% for 2nd Quarter 2011.

3rd Quarter 2011            28409 Zip Code

•    The average selling price of $275,951 has increased 2.9% from 2nd Quarter 2011 average selling price of $268,049.
•    38% of sellers in 3rd Quarter paid a concession compared to 27% in 2nd Quarter 2011.
•    The average list price of $291,370 for 3rd Quarter has increased 3.8% over 2nd Quarter 2011 average list price of $280,576.
•    The average number of days a property remained on the market for 3rd Quarter was 167 days compared to 140 days for 2nd Quarter 2011.
•    The median sold price of $240,260 for 3rd Quarter has increased 4.8% from 2nd Quarter 2011.
•    Sold homes in 3rd Quarter received 94.7% of the asking price, a decrease from 95.5% from the 2nd Quarter 2011.

3rd Quarter 2011            28411 Zip Code

•    The average selling price of $292,563 has increased 4.3% over 2nd Quarter 2011 average selling price of $280,456.
•    38% of sellers in 3rd Quarter paid a concession compared to 38% in 2nd Quarter 2011.
•    The average list price of $310,570 for 3rd Quarter has increased 4.9% over the 2nd Quarter 2011 average list price of $295,959.
•    The average number of days a property remained on the market for 3rd Quarter was 132 days compared to 147 days for 2nd Quarter 2011. The best of all the zip codes.
•    The median sold price of $205,000 for 3rd Quarter has decreased 10.4% from 2nd Quarter 2011.
•    Sold homes in 3rd Quarter received 94.2% of the asking price, a decrease from 94.7% for 2nd Quarter 2011.

3rd Quarter 2011            28412 Zip Code

•    The average selling price of $176,618 has increased 4.2% over 2nd Quarter 2011 average selling price of $169,420.
•    36% of sellers in 3rd Quarter paid a concession compared to 35% in 2nd Quarter 2011.
•    The average list price of $183,000 for 3rd Quarter has increased 4.2% over the 2nd Quarter 2011 average list price of $175,362.
•    The average number of days a property remained on the market for 3rd Quarter was 141 days compared to 144 days for 2nd Quarter 2011.
•    The median sold price of $156,250 for 3rd Quarter has increased 4.2% from 2nd Quarter 2011.
•    Sold homes in 3rd Quarter received 96.5% of the asking price, a decrease from 96.6% for 2nd Quarter 2011.

3rd Quarter 2011            28451 Zip Code

•    The average selling price of $204,052 has increased 4.7% from 2nd Quarter 2011 average selling price of $194,803.
•    33% of sellers in 3rd Quarter paid a concession compared to 36% in 2nd Quarter 2011.
•    The average list price of $209,499 for 3rd Quarter has increased 5.1% over the 2nd Quarter 2011 average list price of $199,419.
•    The average number of days a property remained on the market for 3rd Quarter was 146 days compared to 114 days for 2nd Quarter 2011.
•    The median sold price of $179,000 for 3rd Quarter has increased 8.6% from 2nd Quarter 2011.
•    Sold homes in 2nd Quarter received 97.4% of the asking price, a decrease from 97.6% for 2nd Quarter 2011. The best of all the zip codes.

We continue to see limited growth in our market. Our third quarter shows growth in average sales price and median sales over last quarter. On a national basis, our current annualized pace is at 5.0 million units, several improving factors on a national as well as local basis are:

•    Job creation (though slowly – 103,000 reported nationally as of October 4th)
•    Stock market recovery from 2008
•    Rising rents and larger pool of qualified renters
•    Buyers want distressed properties – buying at deep discounts
•    International buyers cashing in on the weakened dollar
•    Smart money chasing real estate
•    Mortgage rates at historic low levels

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 January 1, 2005 through September 30, 2011 – data pulled on October 14, 2011. 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.

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