Here are the stats for single family, stick built homes in New Hanover, Brunswick, & Pender counties in 2010 through 2011:
- The average number of homes sold in 2011 was down 11%. (2010 = 333 & 2011 = 298 homes sold per month) (3996 total for 2010 & 3576 total for 2011)
- The average number of days these properties stayed on the market before they were sold was up 16% (2010 = 129 days & 2011 = 150 days)
- And the most important stat: The average sales price of homes sold in 2011 was down only 3%. (2010 = $245,059 & 2011 = $237,750)
What does all of this mean? This means that (of course) fewer people were able to buy homes last year, so a lot of homes stayed on the market longer. These are the areas where you will see the most price reductions and value loss. However, some of these numbers can be misleading. For example: The average sales price was only down by about $8000 this year, but IF mostly $550,000 homes were sold last year and this year we have a mix of $1,000,000 and $70,000 homes sold, the average would be around $535,000. This makes it look like the market hasn’t changed much, but in fact, it means higher income families can afford more expensive homes (eg. $1,000,000) and lower income families have to sell their homes for much less (eg. $70,000).
In other words, there is a large difference between the rich and not so rich. That being said, there are signs of people going back to work and legislation being considered to help investors buy more homes. This COULD stabilize home prices and result in a sales price increase in 2012. Let us hope this is the case.