The national media is playing up the continuing decline of real estate prices in the top 20 markets reported by the Case-Shiller Home Price Index on May 31. That must mean prices are dropping everywhere, right? Unfortunately for buyers who wish to continue “holding out” in the greater Wilmington area, that’s not the case.
According to the Core-Logic Home Price Index, which includes New Hanover, Brunswick and Pender Counties, real estate in Wilmington NC prices have actually increased 3.75% from a year ago. (April 2011 vs. April 2010)
Does that mean local prices are on a strong upward trend? No. The number of foreclosures continuing to enter the market are bound to moderate any near-term price increases. However, it does mean that buyers who believe they understand the greater real estate in Wilmington NC market based on what they’re hearing and seeing in the national media will be disappointed when their “low ball” offers are rejected.
That’s not to say there aren’t some excellent deals here. There are. If you’d like to work with a buyers’ broker who understands the local market and can help you identify the best buying opportunities for real estate in Wilmington NC, contact us at 910-202-4813 or [email protected].
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