The Wilmington NC Real Estate stats have been a little more promising than the rest of the nation as a whole. However, the number of sales for our area in the first 6 months of 2011 are down 8% when compared to the same time last year. The good news is that sales are on the rise this year when they were on the decline last year.
July 2011 will be an important sales month because last July saw a whopping 30% decrease in sales from which we have yet to fully recover. If we continue at our current rate of increased sales, we will see the best real estate market that we have seen in over 2 years.
Click the graph below to open a larger version in a new browser window.
Prices remain low due to the size of our current inventory and the threat of more foreclosures. The average sales price is $251,000 which is only down 1% from June 2010. But, when compared to the full 6 months, the average price of single family homes is down 3%.
So, as you can see, Wilmington, NC real estate is still holding it’s own against the national statistics. Here is a video of the national statistics press conference.
*NOTE: The previous statistics are based on the sales of single-family homes in New Hanover, Brunswick, and Pender Counties only.