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Archive for the ‘Research’ Category

Local Residential Market Off to Promising Start in 2011

Wednesday, January 26th, 2011

By Karen Parkin, ARM®, GRI – 2011 WRAR President

2011 is going to be an exciting year for our local real estate market. During the fourth quarter of 2010, our residential market showed significant signs of improvement over year-end 2009. This is an extraordinary sign that the market is stabilizing which will offer many potential homeowners and REALTORS® reason to continue being optimistic heading into the rest of this year.  

While analyzing the growth within these six major zip codes in our region – 28403, 28405, 28409, 28411, 28412 and 28451, an average of the zip codes shows:

   • Our average sales price had an increase of 3.2% from year-
   end 2009.
   • Of the 2,587 sellers in 2010, 28.4% paid some sort of concession
   toward the purchase of the house.
   • Our list to sales price ratio for 2010 was 94.65%, a slight decrease
   from 95.12% for year-end 2009.
   • The average list price of the sold properties was $260,379,
   up 3.7% from year-end 2009.
   • The average number of days a property remained on the market
   for 2010 was 123 days, compared to 132 days for year-end 2009.
   • The median sold price of $195,000 for 2010 was an
   increase of 2.7% from year-end 2009.

The areas of focus in this analysis were: 

   • Sellers Concessions – The amount of money a seller of a house
   contributes toward the buyers purchase.
   • List Price – The amount of money a home is listed on the market.
   • Selling Price – The price the seller accepts for his or her house.
   • 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 to Sales Price Ratio – The difference between the list price
   and the selling price
   shown as a percentage.

Year-End Average Selling Price Chart – 2009 vs. 2010


 
28403 Zip Code

• The average selling price of $210,977 increased .8% from year-end 2009 average selling price of $209,290.
• 22% of sellers in 2010 paid a concession compared to 16% in year-end 2009.
• The average list price of $228,082 for 2010 increased 1.9% over year-end 2009 average list price of $223,749.
• The average number of days a property remained on the market for 2010 was 135 days, compared to 142 days for year-end 2009.
• The median sold price of $166,000 for 2010 decreased 2.0% from year-end 2009.
• Sold homes in 2010 received 92.5% of the asking price, a decrease from 93.5% year-end 2009.

28405 Zip Code

• The average selling price of $276,251 increased 10.5% from year-end 2009 average selling price of $250,111. The best of all the zip codes.
• 28% of sellers in 2010 paid a concession compared to 22% for year-end 2009.
• The average list price of $298,717 for 2010 increased 12.3% from year-end 2009 average list price of $265,960. The best of all the zip codes.
• The average number of days a property remained on the market for 2010 was 136 days, compared to 138 days for year-end 2009.
• The median sold price of $175,000 for 2010 decreased 2.8% from year-end 2009.
• Sold homes in 2010 received 92.4% of the asking price, a decrease from 94.0% for year-end 2009.

28409 Zip Code

• The average selling price of $290,323 decreased .3% over year-end 2009 average selling price of $291,089.
• 19% of sellers in 2010 paid a concession compared to 19% in year-end 2009. The best of all the zip codes.
• The average list price of $310,292 for 2010 decreased .7% over year-end 2009 average list price of $312,455.
• The average number of days a property remained on the market for 2010 was 130 days, compared to 133 days for year-end 2009.
• The median sold price of $237,000 for 2010 increased .9% from year-end 2009.
• Sold homes in 2010 received 93.5% of the asking price, an increase from 93.1% for year-end 2009.

28411 Zip Code

• The average selling price of $295,135 increased 3.4% over year-end 2009 average selling price of $285,407.
• 33% of sellers in 2010 paid a concession compared to 22.0% in year-end 2009.
• The average list price of $310,732 for 2010 increased 1.7% over the year-end 2009 average list price of $305,422.
• The average number of days a property remained on the market for 2010 was 113 days, compared to 126 days for year-end 2009. The best of all the zip codes.
• The median sold price of $223,000 for 2010 increased 3.7% from year-end 2009. The best of all the zip codes.
• Sold homes in 2010 received 94.9% of the asking price, an increase from 93.4% for year-end 2009.

28412 Zip Code

• The average selling price of $192,063 decreased .9% over year-end 2009 average selling price of $193,872.
• 31% of sellers in 2010 paid a concession compared to 27% in year-end 2009.
• The average list price of $201,121 for 2010 decreased .8% over the year-end 2009 average list price of $202,816.
• The average number of days a property remained on the market for 2010 was 116 days, compared to 139 days for year-end 2009.
• The median sold price of $165,000 for 2010 decreased 5.7% from year-end 2009.
• Sold homes in 2010 received 95.50% of the asking price, a decrease from 95.59% for year-end 2009.

28451 Zip Code

• The average selling price of $217,300 decreased .5% over year-end 2009 average selling price of $218,553.
• 32% of sellers in 2010 paid a concession compared to 31% in year-end 2009.
• The average list price of $221,983 for 2010 decreased .3% over the year-end 2009 average list price of $222,802.
• The average number of days a property remained on the market for 2010 was 113 days, compared to 124 days for year-end 2009.
• The median sold price of $190,060 for 2010 increased 3.6% from year-end 2009.
• Sold homes in 2010 received 97.8% of the asking price, an decrease from 98.0% for year-end 2009.  The best of all the zip codes.

Summary

During 2010, we experienced a positive increase in the average sold price compared to 2009 by 3.2%. We also had an increase of 2.4% in the number of homes sold over 2009. 

Three of the zip codes we analyzed had average sold price increases from .8% to 10.5% over year-end 2009 while the other three zip codes had average sold price decreases from .3% to .9%. This is excellent progress for our local market; the three zip codes that had price decreases were all less than 1.0%. One year ago, we were looking at decreases of 9.9% to 24.2% for these different zip codes. Only two zip codes had an increase in the list to sales price ratio for the 2010 while four had a slight decrease from year-end 2009. Three zip codes had an increase in average list price from 1.7% to 12.3% over year end 2009.

Concessions offered to buyers were offered in 19% to 33% of the transactions in 2010. Our median sales price for 2010 ($195,000) reflects a gain of 2.7% from year-end 2009 ($189,900). Our overall average days on market was 123 days, a decrease of 9 days from year-end 2009. Sellers in 28451 got about 97.8% of their asking price while those in 28405 only got 92.4% of their asking price. Four zip codes had an increase in units sold over 2009.

The last two years will be looked at as the years in which our market bottomed out and started to stabilize. 2011 presents us with a housing opportunity that makes it the most affordable in generations. Contact a REALTOR® today to help you take advantage of this once in a lifetime opportunity. Now might be your best chance ever to achieve the American dream of homeownership.

An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated, for the period Jan. 1, 2005 through December 31, 2010 – data pulled on January 17, 2011.

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