This quote is from WWAY 3 from the president of Homebuilders “The possibility of homeownership is more obtainable for buyers in our market now than it has been for years,” said WCFHBA President John Lancaster of Venture Homes of the Carolinas. “More buyers are beginning to enter the market again thanks to renewed confidence as housing prices stabilize while the fed maintains all time low interest rates.”

Syracuse NY held the top spot on most affordable homes, with some smaller housing markets following close by Mansfield, Ohio; Bay City, Mich.; Monroe, Mich.; and Lansing-East Lansing, Mich.  Lancaster says “Our market is greatly influenced by what happens up north, so the numbers out of places like New York, Pennsylvania and Ohio are encouraging,”. 

That is encouraging news when the news lately has not been so positive.

Please take a minute to tour our website and search the Wilmington NC real estate area to find the house, neighborhood and price that you are looking for.  We have an inhouse Lender – Alpha Mortgage and an inhouse Insurance Agency – Real Mark Insurance and would be happy to give you contact information so that you have a “One Stop” Shop to buy real estate.   We make it easy for you.  Coldwell Banker Sea Coast Realty and Kay Baker and Associates.  Search all Wilmington NC real estate on www.cbbaker.com

Monthly Average Sold Price
Our monthly average sold price is down by .03% from last month and up 8.4% from July 2009. Our average sold price is down by $707.00 from last month. July average sold price ($237,467) shows an increase of 1.3% from year end 2009. Our average sold price is up by $18,501 over last July.

Monthly Sold Units
This is the first monthly decline in the number of homes sold in Wilmington, NC when compared to previous year. The number of sold homes is down 32.3% from last month and down 22.2% from July 2009. Last month we had 517 sold units and this month only 350 sold units, last year in July we had 450 sold units. Due to the First Time Home Buyer increase in sales, a lot of these sales were pushed up and people that might have been planning to buy in July moved up their purchase to coincide with the tax credit.

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 $227,930
While our current year to date numbers are lower than Year End 2009 they do show promising signs that our sales are on the upswing. The first seven months of 2010 has a 358 sold unit gain over first seven months of 2009. The average sales price is down 1.9% for the first seven months of 2010 than the first seven months of 2009. Our median sales price is just 1.7% behind 2009.

Rolling 12 months
Another bright spot is the rolling 12 month numbers. When we look at August 1st, 2009 to July 31th, 2010 we have 4,725 sold units and when we compare August 1st, 2008 to July 31th, 2009 we have a 684 unit gain (4,041 sold units). When we look at the same rolling 12 months for average sold price we see that we are only down by 3.6%. So the dates of 8/1/2009 to 7/31/2010 we have an average sold price of $231,630 while from 8/1/2008 to 7/31/2009 we had an average sold price $240,403.
Median Sold Price
Our Median sold price is up 1.6% from last month, about $189,950. While we have not dipped as low as the National Median we seem to have turned the corner while the national median is showing a slight increase. I would anticipate over the next couple of months to continue to see this median increase.

Pending
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. We are actually up 6.3% from last month and we are down just 12.5% from August 16, 2009. With the tax credit benefits expired it will be interesting to see if our sales can improve going into late summer and early fall.

Market Absorption rate – The number of homes sold in July, 350 divided by the current listing inventory, 5,604 gives us an 16.0 month supply of single family homes. This increased by 5.0 months from last month. We need to get this inventory back under 12 months. 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 $250,624 and the average sold price is $237,467 for July which gives us a 94.8% list to sold price ratio – a increase of .4% from last month. We have now managed to stay under 95% for over a year.
Seller Concessions – We had 21.7% of sold properties report a sales concession for July, an decrease of 8.7%. We want this number to go lower.
Days on Market – The average days on market for the sold properties is now at 121 for July. That is about 4 months to keep a property on the market. Only 17.7% of the properties were placed under contract in less than 15 days for the month of July.
Carolina & Kure Beach
There are currently 499 single family homes for sale at Carolina and Kure Beaches and this represents an 17 unit decrease over July 1, 2010 and 8.9% of our total WRAR inventory. The average list price is $424,999 an increase of about $6,474 from July. In July there were 42 homes sold, divide that by the homes available and you have a 11.8 monthly supply of homes in Carolina and Kure Beach – this is by far our best monthly supply level in a long time. The average sold price for the month of July was $272,612 and is down $83,634 from last month. When we look at our rolling 12 months August 1, 2009 to July 31, 2010 we have 317 homes sold at an average price of $289,532. While August 1, 2008 to July 31, 2009 we had 242 homes sold at an average price of $322,450.
This data was pulled on August 14, 2010, based on information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through July 31, 2010.

Compliments of David Flory NMLS #91592

Mortgage Consultant
Cunningham & Company Mortgage Bankers
910-352-8273 cell
910-313-0045 office
davidf@cunninghammortgage.com
www.cunninghammortgage.com

Rendering by Creative Illustration Media, INC. LS&P Architects

Wilmington NC is going to get it’s own state of the art  Convention Center.  After waiting for approvals and site plans, an opening date has been set for the Historic Downtown Wilmington Convention Center on the Cape Fear River. 

The grand opening is set for Thursday January 13, 2011 at 9:30 am.  The public is invited and there will be a ribbon cutting ceremony with the mayor and other community leaders.  Following the ceremony, there will be a BizTech Expo with technology and business vendors.  On January 15 a black tie event will be held by the Greater Wilmington Chamber of Commerce, with proceeds benefiting the Cape Fear Future initiative.  

A couple of big companies have signed contracts to hold their conventions here for the next couple of years.  This will bring added revenue to Wilmington NC and expose our area and all it’s natural treasures and great Wilmington NC real estate opportunities.  

Please explore our website for the most up to date listings of all Wilmington NC real estate and waterfront properties.  www.cbbaker.com or call us and we will personally select properties that will fit your real estate needs or portfolio.

To view the home pictured please visit www.AskMeAboutWilmington.com

Starting April 5, 2010 the Government will be paying homeowners in default, to relocate. The new program will demand lenders to honor short sales whereby the homeowner can sell the property for less than the mortgage payoff. The Obama administration is trying a different approach to assist more than 5 Million households who are behind on their mortgages. In turn, the homeowner will receive $1500 for relocation assistance and the lender $1000 for expediting the short sale process.  

This arrangement could prove very beneficial to the homeowner, as they will not suffer further credit damage and they will get reassurance from the lender that they will not be sued for the balance. And, under this arrangement, the number of potential  foreclosed homes on the market should drastically decrease which in turn, should improve the  overall housing market.

Finally, short sales will have their day! If you are facing a foreclosure, and need assistance, we are specialists in the Wilmington NC real estate short sale and foreclosure market. We are there for you every step of the way. Just give us a call or email kaybaker@ec.rr.com.

And, if you are looking to purchase a short sale or foreclosure, we have you covered there, as well.  We have a Certified Distressed Property broker on our team and will help you with your short sale or  purchase a short sale or foreclosure with complete knowledge of the process.  Read more here

Some of the things you need to keep in mind are:

1. Make a list of things that you would like to have done to the interior and the exterior of the home. 

2.  Do your homework and ask friends for referrals of cleaning companies.  Check out references before you hand over the keys to you home.

3.  Make sure that the cleaning company handles taxes for their employees, has insurance and is bonded.

4. Get an estimate for services and make sure it is detailed.  Your idea of a cleaning might be different than theirs.

5.  Make sure that the company can schedule days to fit your schedule and whether or not they supply the cleaning equipment and supplies.

6.  A professional cleaning job can make your home shine and show well. 

7.  Call us to help you sell your home!

So, start your real estate search today at www.cbbaker.com.  You can find a new home as well as get seller advice.  You can search by price range, map, schools, neighborhoods and more.

The Wilmington NC real estate market is really making a bounce back with the number of showings at Coldwell Banker Sea Coast up a whopping 72% over December! There were 2757 showings of our very own listings in January! That is amazing.

If you are in the market to sell your home this year, now is the time to be getting your home on the market. You don’t want to be left behind when we get into our Spring selling season this year. The Northeast market is rebounding, as well. When that happens, those buyers will be here in the Spring to purchase .

And Wilmington NC home buyers, don’t forget the clock is ticking for the tax credit. If you would like to search for homes in Wilmington, NC by price range, schools, map, zip codes and even neighborhoods, my website does it all at www.cbbaker.com. Please feel free to contact me at kaybaker@ec.rr.com.

There are signs of a recovering economy as a recent jobs report listing cities with jobs growth over 1% for period July-October 2009, listed Wilmington NC in the top ten cities for jobs growth during that period. The list was compiled by the Bureau of Labor Statistics. There were 77 cities that saw jobs increase during that period and 19 cities saw growth of over 1%. Wilmington NC jobs increased by 2.1% while Merced, Calif saw a 2.7% increase and Raleigh-Cary 1.3%. That is really good news for the Cape Fear Region.

The housing market seems to be experiencing a comeback, as the market has had 4 consecutive months of sales increases over 2008.

Wilmington NC Real Estate

If you are thinking about purchasing Wilmington, NC real estate, please take advantage of the $8000 tax credit. What an opportunity for homebuyers! And, you can search for Wilmington NC homes by neighborhood, schools, maps, zip codes, price and more at www.cbbaker.com. Please feel free to contact me at kaybaker@ec.rr.com or 910232-0363. We are here to assist you with your real estate needs every step of the way.

Congress is extending the $8,000 stimulus package to first time home buyers and buyers who have not purchased a personal residence within the last 3  years.  Also an extra bonus to home buyers is a $6,500 stimulus to homeowners who have owned their home for 5 years and would like to purchase a personal residence.  Both stimulus plans require that the buyer be under contract by April 30. 2010 and close by June 30, 2010.  If you have been thinking about purchasing your first home or a move up home, NOW is the time to do it.

The housing market continues to show signs of improvement day after day. Looking at the very latest local data and trends is key to making a sound buying or selling decision in any particular market. That’s one of the most important services we offer our clients.  We are the local experts, use our knowledge to your advantage.

Wilmington, NC Foreclosures, Short Sales

We can send you detailed information on the latest listings, Wilmington, NC foreclosures, short sales and more. There prices won’t last for long. Many homes sell within 48-72 hours of listing. Be the first to know about them. Call or email kaybaker@seacoastrealty.com today!

According to the National Association of Realtors, First time home buyers are driving the market to a rebound as home sales in September bounced back strongly. Home sales are at the highest level in 2 years! And, here in my home town, Wilmington NC real estate is on the move, as well.

$8000 Tax Credit

NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Adding to the real estate market recovery is that home affordability is the best it has been since 1970. And, with the added $8000 tax credit. Buyers are jumping in to take advantage of this once in a life time opportunity.

The market housing supply is the lowest it has been in over  two years nationwide and that in itself is a strong signal that the market is on the rebound.

Wilmington NC Real Estate

Don’t wait to take advantage of this great time to buy real estate, start your search today online at www.cbbaker.com. You can search homes in Wilmington, NC by price range, neighborhoods, zip code, schools, map and more. And, please contact us for a detailed list of foreclosures and short sales at kaybaker@ec.rr.com or 910 232-0363. You will receive a list right in your inbox or on your mobile phone.