The Wilmington, NC realty market has it’s own statistics and should be our main source of information. The reports we all hear on network news circuits, can be misleading. However, that is not to say that national statistics should be ignored. On the contrary, national stats may or may not be a precursor to our future local conditions.
Now, that being said, we should also point out the a “decline” in the housing market can equally be misleading. Look at it like this: One month you make $3000 of income. The next month you make $5000. Then finally, the following month, you make $3500. Is your income up or down? Well the answer is, it depends on how you look at it. Clearly you made more in the last month than in the first. But the difference between the 2nd and 3rd month is drastically lower.
Like the above analogy, the Wilmington, NC realty market saw a steep 34% decline in single family homes sold over the last month. However, we only had a 21% drop from the previous month and a 20% drop from this time last year. This is due, in part to an increase in purchases last month from the tax credit buyers. So you could say that the decline is not totally because of the economy, but because of the special circumstances of the tax credit.
Experts believe that the housing market will once again level out or increase because of the all time low interest rates. But one thing is for sure, the Wilmington, NC realty market is doing a lot better than the national market.