Just Released:
Wilmington NC Real Estate = Third Quarter Report by Zip Code

By R.J. Alex, 2013 President, Wilmington Regional Association of Realtors®

When analyzing ten major zip codes in our region – 28403, 28405, 28409, 28411, 28412, 28451, 28480, 28428, 28449, and 28443 – an average of the zip codes for the third quarter of 2013 shows that:

  • Our average sales price has increased by 5.5% from Year End 2012.
  • Of the 1,346 sellers in 3rd Quarter – 26.30% paid some sort of concession toward the purchase of the house.
  • Our list to sales price ratio for 3rd Quarter is 96.74%, an increase from 95.25% for Year End 2012.
  • The average list price of sold properties is $267,970 and is up 3.8% from Year End 2012.
  • The average number of days a property remained on the market for 3rd Quarter was 114 days, compared to 144 days for Year End 2012.
  • The median sold price of $212,928 for 3rd Quarter has increased 9.2% from Year End 2012.

The areas of focus in this analysis were:

  • Selling Price – The price the seller accepts for his or her house.
  • Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
  • List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.
  • Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
  • List Price – The amount of money a home is listed on the market.
  • Median Price – The middle price of all the properties sold in the given time period.

Percent Changes: 3rd Quarter 2013 vs. Year End 2012

28403 Zip Code

  • The average selling price of $204,700 has increased 4.8% from Year End 2012 average selling price of $195,385.
  • 22% of sellers paid a concession compared to 22% for Year End 2012.
  • The average list price of $214,045 has increased 3.5% from Year End 2012 average list price of $206,807.
  • The average number of days a property remained on the market for 3rd Quarter was 109 days compared to 169 days for Year End 2012.
  • The median sold price of $173,700 for 3rd Quarter has increased 10.5% from Year End 2012.
  • Sold homes in the 3rd Quarter received 95.63% of the asking price, an increase from 94.48% for Year End 2012.

28405 Zip Code

  • The average selling price of $291,898 has increased 14.4% from Year End 2012 average selling price of $255,129.
  • 20% of sellers in 3rd Quarter paid a concession compared to 28% for Year End 2012.
  • The average list price of $304,545 for 3rd Quarter has increased 12.0% from Year End 2012 average list price of $271,880.
  • The average number of days a property remained on the market for 3rd Quarter was 129 days compared to 150 days for Year End 2012.
  • The median sold price of $192,989 for 3rd Quarter has increased 13.2% from Year End 2012.
  • Sold homes in 3rd Quarter received 95.85% of the asking price, an increase from 93.84% for Year End 2012.

28409 Zip Code

  • The average selling price of $298,753 has increased 17.5% from Year End 2012 average selling price of $254,193.
  • 31% of sellers in 3rd Quarter paid a concession compared to 35% for Year End 2012.
  • The average list price of $308,862 for 3rd Quarter has increased 17.3% over Year End 2012 average list price of $263,394. The best of all zip codes.
  • The average number of days a property remained on the market for 3rd Quarter was 103 days compared to 123 days for Year End 2012.
  • The median sold price of $247,500 for 3rd Quarter has increased 12.5% from Year End 2012.
  • Sold homes in 3rd Quarter received 96.73% of the asking price, an increase from 96.51% from Year End 2012.

28411 Zip Code

  • The average selling price of $267,337 has increased 1.2% from Year End 2012 average selling price of $264,199.
  • 32% of sellers in 3rd Quarter paid a concession compared to 42% in Year End 2012.
  • The average list price of $275,161 for 3rd Quarter has decreased .9% over Year End 2012 average list price of $277,757.
  • The average number of days a property remained on the market for 3rd Quarter was 104 days compared to 122 days for Year End 2012.
  • The median sold price of $217,500 for 3rd Quarter has increased .8% from Year End 2012.
  • Sold homes in 3rd Quarter received 97.16% of the asking price, an increase from 95.12% for Year End 2012.

28412 Zip Code

  • The average selling price of $210,184 has increased 19.4% over Year End 2012 average selling price of $176,084. The best of all zip codes.
  • 27% of sellers in 3rd Quarter paid a concession compared to 30% for Year End Quarter 2012.
  • The average list price of $213,882 for 3rd Quarter has increased 17.3% over Year End 2012 average list price of $182,304.  The best of all zip codes.
  • The average number of days a property remained on the market for 3rd Quarter was 82 days compared to 121 days for Year End 2012. The best of all zip codes.
  • The median sold price of $174,250 for 3rd Quarter has increased 13.5% from Year End 2012. The best of all zip codes.
  • Sold homes in 3rd Quarter received 98.27% of the asking price, an increase from 96.59% for Year End 2012.

28451 Zip Code

  • The average selling price of $208,439 has increased 6.6% from Year End 2012 average selling price of $195,446.
  • 23% of sellers in 3rd Quarter paid a concession compared to 27% for Year End 2012.
  • The average list price of $212,012 for 3rd Quarter has increased 6.5% over Year End 2012 average list price of $199,156.
  • The average number of days a property remained on the market for 3rd Quarter was 115 days compared to 146 days for Year End 2012.
  • The median sold price of $180,000 for 3rd Quarter has increased 5.9% from Year End 2012.
  • Sold homes in 3rd Quarter received 98.31% of the asking price, an increase from 98.14% for Year End 2012.

28480 Zip Code

  • The average selling price of $745,550 has decreased .8% from Year End 2012 average selling price of $751,320.
  • 10% of sellers in 3rd Quarter paid a concession compared to 7% in Year End 2012. The best of all zip codes.
  • The average list price of $813,103 for 3rd Quarter has decreased 2.9% over Year End 2012 average list price of $837,261.
  • The average number of days a property remained on the market for 3rd Quarter was 247 days compared to 291 days for Year End 2012.
  • The median sold price of $587,000 for 3rd Quarter has decreased 6.4% from Year End 2012.
  • Sold homes in 3rd Quarter received 91.69% of the asking price, an increase from 89.74% for Year End 2012.

28428 Zip Code

  • The average selling price of $274,869 has increased 3.7% from Year End 2012 average selling price of $265,146.
  • 18% of sellers in 3rd Quarter paid a concession compared to 17% for Year End 2012.
  • The average list price of $287,147 for 3rd Quarter has increased 3.2% over Year End 2012 average list price of $278,143.
  • The average number of days a property remained on the market for 3rd Quarter was 184 days compared to 160 days for Year End 2012.
  • The median sold price of $233,500 for 3rd Quarter has increased 1.4% from Year End 2012.
  • Sold homes in 3rd Quarter received 95.72% of the asking price, an increase from 95.33% for Year End 2012.

28449 Zip Code

  • The average selling price of $291,612 has decreased 15.5% over Year End 2012 average selling price of $345,291.
  • 13% of sellers in 3rd Quarter paid a concession compared to 21% for Year End 2012.
  • The average list price of $303,299 for 3rd Quarter has decreased 17.7% over Year End 2012 average list price of $368,454.
  • The average number of days a property remained on the market for 3rd Quarter was 130 days compared to 199 days for Year End 2012.
  • The median sold price of $250,000 for 3rd Quarter has decreased 22.5% from Year End 2012.
  • Sold homes in 3rd Quarter received 96.15% of the asking price, an increase from 93.71% for Year End 2012.

28443 Zip Code

  • The average selling price of $236,723 has increased 2.4% over Year End 2012 average selling price of $231,222.
  • 36% of sellers in 3rd Quarter paid a concession compared to 42% for Year End 2012.
  • The average list price of $240,285 for 3rd Quarter has increased 1.4% over Year End 2012 average list price of $237,038.
  • The average number of days a property remained on the market for 3rd Quarter was 114 days compared to 137 days for Year End 2012.
  • The median sold price of $225,000 for 3rd Quarter has increased .9% from Year End 2012.
  • Sold homes in 3rd Quarter received 98.52% of the asking price, an increase from 97.55% for Year End 2012. The best of all zip codes.

Eight out of ten zip codes reported an increase in the average sales price, while nine out of ten zip codes had the list to sales price ratio above 95%. Sellers are getting closer to their asking price, which is a good sign that real estate is recovering. Nine zip codes also reported fewer days on the market. For more market data that covers our entire MLS, please Click Here. Take advantage of these exceptional opportunities to invest in the American Dream of homeownership. Contact a Realtor® today!

An Analysis of information from the Wilmington Regional Association of Realtors® Incorporated, for the period Jan. 1, 2005 through September 30, 2013 – data pulled on October 12, 2013. Average sold numbers for specific neighborhoods within each zip code can be higher or lower than these stated averages. It is highly recommend that you consult a Realtor® to determine how these numbers specifically relate to your neighborhood. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

DISCLOSURE: REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. These REALTORS® are also members of WRAR as their local association. As members of the media and press, we ask that you assist us in protecting this MARK by adhering to the specific guidelines which are specified hereafter. Newspapers – please refer to Letter of the Law: Part Two – V. Special Cases, A. In News Releases to ensure proper use of term (AP and UPI style guidelines are acceptable). Media – please refer to Letter of the Law: Part Five – Protection & Compliance Procedures to ensure proper use of term (specifically Section II B).