Search MLSOpen Houses
Quick Search Heading
MLS ID:
Price:
Beds:
Baths:
Subdivision:
 

Archive for October, 2008

3rd Quarter 2008 MLS Report

Thursday, October 30th, 2008

By Susan Lacy CRS, GRI, SRES, President, Wilmington Regional Association of REALTORS®

 

“Where are those happy days, they seem so hard to find…nothing else can save me S.O.S.” Abba’s 1975 hit single “S.O.S.” seems to be the tune of the day. Our government has been working with the Treasury Department, the Federal Reserve and Congress to throw a lifesaver out to our financial community to help get through our current credit turmoil. With the potential recovery of the credit markets and the amount of housing inventory available this makes the next two quarters very desirable to purchase real estate.

 

Analyzing the growth within the five major Wilmington zip codes, the third quarter average sales price has decreased 7.5% over year end 2007. The third quarter average sales price has decreased 9.5% over third quarter 2007. 

 

Over the last couple of years, an analysis conducted shows the areas of focus 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

 

  • 17.8% of sellers in 2007 paid a concession compared to 20.6% of sellers in the third quarter of 2008.  20.1% of sellers paid a concession in third quarter 2007, compared to 20.6% of sellers for third quarter 2008.
  • Sellers received 95.9% of the asking price in the third quarter of 2008, compared to 97.0% in the third quarter of 2007.  For year-end 2007, sellers received 96.9% of their asking price.
  • The number of homes that went under contract in 15 days or less are as follows:

2005 – 57.9%                                                                                   2006 – 39.2% 

2007 – 22.6%

2008 – 18.6% 1st quarter

2008 – 16.9% 2nd quarter

            2008 – 15.5% 3rd quarter

 

All five zip codes had an increase in concessions offered to buyers on the sales price; concessions are now offered in 13% to 27% of the transactions in the third quarter.

 

Our market has experienced a decline of 29.3% in number of homes sold in third quarter 2007 compared to third quarter 2008.

 

Our list to sales price ratio for the third quarter is 95.9% a slight decrease from 97.0% for first three quarters of 2007. Sellers in 28412 got about 97.14% of their asking price while those in 28403 only got 94.3% of their asking price.

 

We are truly in a buyer’s market. The inventory of available homes continues to be very strong while interest rates continue to remain low.

 

 

Third Quarter 2008                         28403 Zip Code

 

q  The average selling price, of $254,668 has increased 2.52% over the 2007 year-end average selling price of $248,171.

q  17.5% of sellers in year-end 2007 paid a concession, compared to 21.7% in third quarter 2008.

q  The average list price of $270,062 for third quarter has increased 4.7% over the 2007 year-end average list price of $257,737.

q  The average number of days a property remained on the market for third quarter was 119 days, compared to 82 days for year end 2007.

q  The median sold price of $164,900 for third quarter has decreased 20.5% from year end 2007.

q  Sold homes in third quarter received 94.3% of the asking price, a decrease from 96.3% year end 2007.

 

 

Third Quarter 2008                         28405 Zip Code

 

q  The average selling price, of $305,700 has decreased 13.0% over the 2007 year-end average selling price of $351,466.

q  15.1% of sellers in year-end 2007 paid a concession, compared to 17.5% in third quarter 2008.

q  The average list price of $318,503 for third quarter has decreased 13.1% over the 2007 year-end average list price of $366,588.

q  The average number of days a property remained on the market for third quarter was 105 days, compared to 102 days for year end 2007.

q  The median sold price of $190,000 for third quarter has decreased 10.6% from year end 2007.

q  Sold homes in third quarter received 95.9% of the asking price, a increase from 95.8% year end 2007.

 

 

Third Quarter 2008                         28409 Zip Code

 

q  The average selling price, of $329,576 has increased 1.4% over the 2007 year-end average selling price of $325,071.

q  15.9% of sellers in year-end 2007 paid a concession, compared to 13.4% in third quarter 2008.

q  The average list price of $347,507 for third quarter has increased 2.9% over the 2007 year-end average list price of $337,633.

q  The average number of days a property remained on the market for third quarter was 124 days, compared to 93 days for year end 2007.

q  The median sold price of $288,000 for third quarter has increased 3.4% from year end 2007.

q  Sold homes in third quarter received 94.8% of the asking price, a decrease from 96.2% year end 2007.

 

 

Third Quarter 2008                         28411 Zip Code

 

q  The average selling price, of $286,163 has decreased 11.1% over the 2007 year-end average selling price of $321,740.

q  19.4% of sellers in year-end 2007 paid a concession, compared to 27.6% in third quarter 2008.

q  The average list price of $295,878 for third quarter has decreased 10.6% over the 2007 year-end average list price of $331,142.

q  The average number of days a property remained on the market for third quarter was 113 days, compared to 91 days for year end 2007.

q  The median sold price of $239,900 for third quarter has decreased 3.1% from year end 2007.

q  Sold homes in third quarter received 96.7% of the asking price, a decrease from 97.1% year end 2007.

 

 

Third Quarter 2008                         28412 Zip Code

 

q  The average selling price, of $203,902 has decreased 13.1% over the 2007 year-end average selling price of $234,638.

q  19.9% of sellers in year-end 2007 paid a concession, compared to 21.3% in third quarter 2008.

q  The average list price of $209,908 for third quarter has decreased 12.6% over the 2007 year-end average list price of $240,276.

q  The average number of days a property remained on the market for third quarter was 132 days, compared to 86 days for year end 2007.

q  The median sold price of $200,000 for third quarter has decreased 2.4% from year end 2007.

q  Sold homes in third quarter received 97.1% of the asking price, a decrease from 97.6% year end 2007.

 

An Analysis of information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through September 30, 2008 – data pulled on October 13, 2008

 

 

Copyright © 2008 THEWilmingtonMLS.com | All Rights Reserved - Sitemap
Wilmington NC Web Design | Site Designed And Hosted By Securenet Information Technologies