The Wilmington MLS Report, January 2018
One month down for 2018! Can you believe it?
Interest rates have moved up but very cautiously, which is a good thing. Predictions are that the rates will continue to inch upward.
We are looking forward to the spring market just around the corner it looks like we are ready to move into it full speed ahead. If you are considering selling, it’s time to start the process.
Give us a call so that we can stop by and give you some ideas of things that should be done before hitting the market. We can also give you a complete market analysis of your properties value.
BY THE WAY! – THANK YOU FOR YOUR REFERALS AND YOUR BUSINESS!
IF YOU WANT TO KNOW ABOUT THE WILMINGTON REAL ESTATE MARKET READ ON — IF NOT — FORWARD THIS EMAIL TO SOMEONE WHO MIGHT BE INTERESTED.
WE LOOK FORWARD TO HELPING YOU OR SOMEONE YOU KNOW.
Interest rates, continue to hold steady. With a strong market I would think they will move up. (That is only my opinion and that could get me in trouble) While these rates are still low it is still a great time to buy!
This has been going on for a very long time!
Homes that are priced right and ready to sell, continue to sell quickly and as you will see below the inventory continues to be low. Call us first, we will stop by and give you some ideas of things that
should be done before hitting the market. We will also give you a complete market analysis of your property value. We don’t want you to price your home to high and scare the buyers away,
nor do we want to price it to low and give it away, let’s get it right the first time!
The Following is a look at the housing market for Wilmington area. The area taken into consideration includes Northern Brunswick County, New Hanover County, & Pender County.
Please review all of the numbers and note the trends throughout.
Real Estate is our business, we continue to study it, review it, look for trends within it, and help others make good buying and selling decisions.
Here are the numbers, comparing 2017 to 2018. January 2017 to 2018 inventory (Active Listings) is at 2806 compared to an inventory of 3046 in 201 a decrease of -7.9% month to month.
In January 2018 there were 482 sold (Closed) units in January 2017 there were 518 sold (Closed) units a -6.9 % decrease. Are things slowing down? The only thing slowing down is the number of listings,
as that number picks up so will the sold units.
New listings, January 2018 have decreased but only a few units .6% from January 2017 there were 844 new to the market.
WE NEED NEW LISTINGS!
In the next month or so, the listings that are currently pending (under contract) to close have had an increase compared to January 2017 by 9.5%. Currently we have 714 units pending, which
is up by 62 units compared to last year!! If you have talked to anyone who is looking for property they will tell you that there is not a lot to choose from and new construction has become a viable option.
We do help buyers when buying NEW CONSTRUCTION, don’t forget. This is what is driving a lot of our buyers and may cause a shift in our local market.
I would love to have a discussion with you about this so give me a call.
If you want to buy, I can’t think of better motivation then to get in on some of the lowest interest rates we have seen.
For the 20th month in a row our median list price has increased, this month by 6.45% taking the median listing price to $319,250 up from $299,900 in January 2017.
(That includes the all properties, water front beach front)
With current inventory remaining low and with sales remaining VERY strong. We currently have an inventory (Absorption Rate) of 3.77 months. That’s -14.90% decrease in inventory from January 2017.
I continue to say: The bottom line to all of this is, we need inventory. It is a great time to sell!! Again, who do you know that is considering selling or buying?
With interest rates beginning to move up now is the time to buy!
Sold to list Ratio remains just above 97% for December meaning if a property is listed at $100,000 the average selling price would be $97,000. When buying, this is something to consider.
We are well aware of this statistic and that number should be considered, but only if the property is priced correctly.
Call the RUDOLPH TEAM and we can help!
The average days on market dropped to an average of 83 days compared to 96 days last January.
The price volume moved down slightly with the overall market moving up the overall volume going down the pricing of property’s maybe dropping to reflect the volume.
This would make since as inventory has decreased. I continue to watch this chart, we are seeing the lines moving closer together. I continue to watch these key indicators.
This data was gathered from FLEX MLS, which serves Southeastern North Carolina. The data gathered is directly from the MLS and will give you good and accurate information.
We have been watching the market for many years and have opinions on trends as well, however these graphs offer no opinion.
Always remember that “Rudolph NOSE Real Estate!”
Happy Valentine’s Day! Do something special with someone you love!