Local Real Estate Market Continues to Get Hotter

April’s sales numbers are in and it is clear that Wilmington area real estate is showing no signs of cooling down!  According to statistics released by the Wilmington Regional Association of Realtors (WRAR), the Cape Fear Region saw increases in the numbers of units sold, average and median sales prices, and new listings.  At the same time, the average number of days a listing spends on the market has dropped, indicating that homes are selling more quickly.  These trends are not likely to change any time soon as we head into summer, the traditional “hot season” for local real estate.

The chart below compares sales statistics from this year to last, for the period from January to April, as well as compares March 2015 numbers to April 2015 numbers.

       
Categories/Indicators Jan-Apr 2014 vs.
Jan-Apr 2015
April 2014 vs.
April 2015
March 2015 vs.
April 2015
Total Units Sold +14.48% +17.91% +8.97%
Average Sales Price +6.24% +4.71% +0.43%
Median Sales Price +3.97% +1.63% +3.47%
Total Dollars +21.60% +23.46% +9.44%
Average Days on Market -5.21% -7.58% -2.40%
New Listings +10.32% +7.13% +0.88%

 

What does this all mean for home buyers?  Well, it means that the market has become more competitive, and competition for homes will likely increase.  Buyers can expect available homes to sell more quickly and for higher prices, meaning they will have less wiggle room when it comes time to negotiate

If the current trend continues, a home listed today for $200,000 could command 6.24% more, or $212,480, by September. Does this mean you should buy now as opposed to later?  Not necessarily – only you can decide if now is the right time to buy.  An Exclusive Buyers Agent, like those at Just For Buyers Realty, can help you weigh the pros and cons.  Give us a call today at 910-202-4813.

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