Local Market News

Following are some key statistics to keep you informed as to how the Wilmington-area market is moving.

There were 5,664 homes on the market as of June 1^st - a listing inventory in excess of a 13- month supply. With inventories still high and 30-year fixed rates back down to a historic low (averaging 4.72% with 0.7 points for the week ending June 10, 2010) the area is still experiencing a strong buyers market.

There were 433 homes sold in May, an increase of 15.5% from May last year. This is the ninth monthly increase in year-over-year sales. The First Time Homebuyers Tax Credit has no doubt contributed to this increase, and I would expect the increases to continue thru June (transactions must close by June 30^th in order to claim the tax credit). 

The average list price of the sold properties was $233,513 and the average sold price was $220,644 for a 94.5% list-to-sold price ratio in May.  The average number of days on the market for the sold properties was 124 days.

The average sold price has remained fairly consistent since March with the average being $221,016 in March and $221,246 in April.  This is a 5.9% decrease from the year-end average and a 14.1% decrease from last May.  Following are the annual average sales prices for recent years:  

This data was pulled on June 12, 2010, based on information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through May 31, 2010.