I REALLY tried to be optimistic about where our Wilmington, NC Real Estate market was headed. But I can’t control the facts. And the fact is that we have been consistently down in ALMOST EVERY category that I track since August. (single family stick built home sales, average days on market, & average sales price in New Hanover, Brunswick, & Pender Counties)
Currently the average sales price is $226,085 and the total number of homes sold (based on my above criteria) is 221 in November. The average days on market is 148 days which is actually at it’s lowest since February this year. So homes are selling faster but only at lower prices. Now, this does not mean if you are currently on the market or thinking about selling your house, that you should give your house away. It just means that property values are set lower and your house needs to be priced right in order to sell.
Who sets the market value? The answer is the people who purchase the homes in your area. When the public (this includes you) buys a home, what they paid for it helps set the value of the homes that are similar to it in that area. Think of it this way, when one gas station lowers the prices of their products, the gas station across the street has to also lower their prices in order to compete.
I hope this information was helpful to you. Contact me if you have questions.
I will have more information on things that affect your area real estate market in future blog posts.