When will the market return to normal?
It’s the most common question friends, associates and clients ask.
The answer: it’s already happened.
Skeptical? Of course. You’ve seen the charts and graphs. Everything is down…down from the peak of “the bubble,” that is.
However, compared to before the bubble, when markets were actually “normal,” the southeastern North Carolina market is in great shape.
The Wilmington, NC area saw the bubble start to gain momentum in 2002, when the number of homes sold annual jumped by 23% (from 3847 in 2001 to 4897in 2002). In 2002, the average sales price was $179,104.
This year, with two months of reporting still to come, we have sold 4657 homes at an average sales price of $217,255. Fact: we are selling MORE homes at HIGHER prices than we were before the bubble started to build.
Why are so many people surprised to hear that?
Because nearly every source reporting on the condition of the real estate market compares today’s figures to the peak of the bubble. For those who believe the rate of sales and the prices associated with the bubble were normal, today’s numbers will appear lackluster at best. For those who compare today’s numbers to the truly “normal” time before the bubble run-up, the news is downright positive.
Too bad positive news doesn’t drive ratings or readership…
