December Wilmington NC real estate Stats:
2010 is now behind us and the year’s numbers did not finish to far from our 2009 figures. We managed to sell more units in 2010 (4,509) than in 2009 (4,369). Our average sales price for 2010 is $231,182 while in 2009 our average sales price was $234,353 a decrease of 1.4%; last month this decrease was 1.9%. Our median sales price for 2010 is $184,500 while in 2009 our median sales price was $185,000. Our average days on the market for 2010 were 128 days while in 2009 they were 136. I really believe we have turned the corner.
December’s average sales price has managed to exceed last December by 5.4%. Sold units are 5 units over last year and up 57 from last month. In the month of December we saw a decrease of 360 homes in our listing inventory, we have 4,647 homes on the market as of January 1st. This continues to put us in a strong buyer’s market with a listing inventory of just over a 12.6 month supply. With the sales in December this affects our month supply with an improvement of 4 months from last month. Our average list price has stayed below the $400,000 range for the whole year; we are currently at $349,003. Our average listing inventory price peaked in the month of June at $386,624; the average listing price has now dropped 9.7% since its peak this year. In December we saw a decrease in our seller concessions, it is now 26.4%. Our average days on the market remain 144 days. The list to sold ratio has dropped some more to 92.7% this number needs to continue to get better. The number of homes that sold in 15 days or less continues to remain very low, 13.6% of December sold homes. The 30-year fixed-rate mortgage (FRM) averaged 4.77% with an average 0.8 points for the week ending January 6, 2011. We have hit historic lows in mortgage rates and they are possibly on the rebound.
Despite all the media comments about our markets we are still lending money for residential mortgages. If a client has income and credit and some sort of down payment; they can get a mortgage. It goes to the basic three C’s – Capacity, Collateral and Character.
In December we saw a decrease in listing inventory of 360 units. We are about 109 units under January 1, 2009 and 502 units under January 1, 2008. We have 4,647 single family homes for sale in our MLS. The average list price of $349,003 is down by $4,462 from last month. The average list price has decreased by 9.7% from its peak in June 2010.
Monthly Average Sold Price
Our monthly average sold price is down by 5.7% from last month and up 5.4% from December 2009 and down 2.2% from December 2008. Our average sold price is down by $14,244.00 from last month. December average sold price ($235,091) shows an increase of .03% from year end 2009. Our average sold price is up by $11,981 from last December and down $5,218.00 from December 2008.
Monthly Sold Units
This month’s increase in the number of homes sold when compared to previous year is up 5 units. The number of sold homes is up 57 homes from last month and up 22.0% from December 2009. In December we had 368 sold units and last month 311 sold units, last year in December we had 363 sold units.
Average Sold Price Year to Date
Year over year our year to date numbers have dipped a little.
2003 year end average sale price $ 186,137
2004 year end average sale price $ 210,048
2005 year end average sale price $ 254,080
2006 year end average sale price $ 264,498
2007 year end average sale price $ 273,408
2008 year end average sale price $256,498
2009 year end average sale price $234,379
2010 year to date average sale price $231,182
While our 2010 year end numbers are lower than year end 2009 they do show promising signs that our sales are on the upswing. 2010 has a 140 sold unit gain over 2009. The average sales price is down 1.4% for 2010 compared to 2009. Our median sales price is just .03% behind 2009.
Median Sold Price
Our Median sold price decreased this month by 5.2% from last month. Our national numbers lag by one month. Our median sales price continues its jagged path – up then down then up and now down. I am hoping we can see the national median sales price reverse its downward trend as well as WRAR’s.
Pending Sales – A sale is listed as pending when the contract has been signed but the transaction has not yet closed. Sales are typically finalized within one to two months from signing. I look at the total pending units on a regular basis and this is how they chart out. We saw our peak pending numbers about May 3rd. Our pending index is dropping to our winter lows; December is 14.3% down from last month and down 7.5% from last year this time.
Market Absorption rate – The number of homes sold in December, 368 divided by the current listing inventory, 4647 gives us a 12.6 month supply of single family homes. This decreased by 4 months from last month – Great. We need to get this inventory back under 12 months. With a large inventory and the sales in December this affects our market absorption. With rates where they are and plenty of inventory; we can get this number down.
List to Sold price ratio – the average list price of the sold properties is $253,608 and the average sold price is $235,090 for December which gives us a 92.7% list to sold price ratio – a .50% change from last month. We have now managed to stay under 95% for over a year and several months. I want to quit counting the number of months and get this trend reversed.
Seller Concessions – We had 26.4% of sold properties report a sales concession for December, a decrease of 1.8%. We want this number to go lower.
Days on Market – The average days on market for the sold properties is now at 144 for December. That is almost 5 months to keep a property on the market. Only 13.6% of the properties were placed under contract in less than 15 days for the month of December.
Carolina & Kure Beach
There are currently 392 single family homes for sale and this represents no change from December 1, 2010 and 8.4% of our total WRAR inventory. The average list price is $402,630 and increase of about $705 from December. In December there were 26 homes sold, divide that by the homes available and you have a 15.0 monthly supply of homes in Carolina and Kure Beach. The average sold price for the month of December was $268,846 and is up $14,929 from last month. 2010 year end comes up just short of production in average sold price – 2010 finished with an average sold price of $279,492 while in 2009 the year end average sold price was $298,083 an decrease of 6.2%.
This data was pulled on January 10, 2011, based on information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through December 31, 2010.
Long and Short Term Mortgages drop during first week of New Year
Freddie Mac released the results of its Primary Mortgage Market Survey®. The survey results showed lower mortgage rates for both long- and short-term rates.
30-year fixed-rate mortgage (FRM) averaged 4.77 percent with an average 0.8 point for the week ending January 6, 2011, down from last week when it averaged 4.86 percent. Last year at this time, the 30-year FRM averaged 5.09 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Mortgage rates began the New Year a little lower this week and remained below those at the start of 2010, which should help aid the recovery in the housing market.
“Low mortgage rates are an important factor in housing affordability, which in November was the highest since records began in 1971, according to the National Association of Realtors®. Not surprisingly, the Realtors® also reported that pending existing home sales rose for the second consecutive month in November to the strongest pace since April when the homebuyer tax credit expired. More recently, mortgage applications for home purchases at the end of 2010 were roughly running at the same rate as the beginning of the year, according to the Mortgage Bankers Association.”
30 Year Fixed Rates
source: David Flory, Cunningham Mortgage | Wilmington Regional Association of Realtors MLS