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1st quarter housing stats indicate local market and economy are improving

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WILMINGTON, NC (NEWS RELEASE FROM WILMINGTON REGIONAL ASSOCIATION OF REALTORS) - Spring is in full swing and our local housing market continues to show signs that our economy is improving; new home construction rose 7.2% in March, an upswing in housing inventory for sale, pending sales are rising, job market is improving and 30 year fixed mortgage rates remain in the upper range of 4.75%. As improvement in the job market grows, that will lead to greater willingness to buy which will slowly increase purchase activity. 2011 presents us with a housing opportunity that makes it the most affordable in generations.

Comparing 1st Quarter of 2010 with 1st Quarter of 2011, we should remember a few facts:
· 1st Quarter 2010 had a major push with government incentives to help real estate along – mainly the First Time Home Buyer Tax Credit of $8,000 that was available until April 30, 2010.

· 1st Quarter 2011 we had a market that had a large number of foreclosures and short sales which have a tendency to bring market values down. Also, mortgage lenders have tighten credit which makes for a difficult purchase market.

· 1st Quarter unit numbers are higher in 2011 than 2010 even with no Home Buyer Tax Credit. The unit numbers in certain zip codes are down (zip codes are noted below).

· 1st Quarter average and median home prices declined
Over the last couple of years an analysis of six major zip codes – 28403, 28405, 28409, 28411, 28412 and 28451 was conducted. The areas of focus in this analysis were:

· Average Sold Price – The total number of properties divided by the total sales volume for the 3 month period in that zip code.

· Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.

· List Price – The amount of money a home is listed on the market.

· Selling Price – The price the seller accepts for his or her house.

· 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 to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.

Analyzing the growth within the six major zip codes in our region, an average of the zip codes shows:

· Our average sales price has decreased by 10.7% from 1st Quarter 2010.

· Of the 482 sellers in 1st Quarter – 32.7% paid some sort of concession toward the purchase of the house.

· Our list to sales price ratio for 1st Quarter is 93.9% a slight decrease from 95.1% for 1st Quarter 2010.

· The average list price of the sold properties is $230,330 and is down 6.2% from 1st Quarter 2010.

· The average number of days a property remained on the market for 1st Quarter was 133 days compared to 126 days for 1st Quarter 2010.

· The median sold price of $174,832 for 1st Quarter has decreased 7.8% from 1st Quarter 2010.
As we look at the 1st Quarter of 2011 and do our comparison of 1st Quarter 2010, we need to highlight 2 zip codes that have improved in most areas. 28403 and 28412 both showed a growth in average sales price between 1.3% and 10.3% over the 1st quarter of 2010. Their average list price also had a growth of 1.3% to 14.7% and just 28403 had a growth in Median sold price of 3.0%. Both zip codes also showed a growth in the number of sold homes from 1st Quarter 2010.

While 28412 showed a better list to sales price ratio of 95.2%, 28403 managed to drop to 89.7%. This is also evidenced by the fact that seller concessions for 28403 were the lowest at 20% of the transactions while 28412 had over 41% of the transactions report a seller concession. Both zip codes had the number of days on the market increase between 18 and 30 days.

28403 Zip Code
The average selling price of $212,161 has increased 10.3% from 1st Quarter 2010 average selling price of $192,352.
20% of sellers paid a concession compared to 23% in 1st Quarter 2010.
The average list price of $236,468 for 1st Quarter has increased 14.7% over 1st Quarter 2010 average list price of $206,196.
The average number of days a property remained on the market for 1st Quarter was 147 days compared to 129 days for 1st Quarter 2010.
The median sold price of $148,250 for 1st Quarter has increased 3.0% from 1st Quarter 2010.
Sold homes in 1st Quarter received 89.7% of the asking price, a decrease from 93.2% 1st Quarter 2010.

28405 Zip Code
The average selling price of $199,072 has decreased 26.3% from 1st Quarter 2010 average selling price of $270,011.
32% of sellers in 1st Quarter paid a concession compared to 35% for 1st Quarter 2010.
The average list price of $209,954 for 1st Quarter has decreased 28.1% from 1st Quarter 2010 average list price of $291,813.
The average number of days a property remained on the market for 1st Quarter was 131 days compared to 175 days for 1st Quarter 2010.
The median sold price of $160,000 for 1st Quarter has decreased 7.6% from 1st Quarter 2010.
Sold homes in 1st Quarter received 94.8% of the asking price, a increase from 92.5% for 1st Quarter 2010.

28409 Zip Code
The average selling price of $247,811 has decreased 7.1% from 1st Quarter 2010 average selling price of $266,729.
34% of sellers in 1st Quarter paid a concession compared to 18% in 1st Quarter 2010.
The average list price of $266,653 for 1st Quarter has decreased 2.9% over 1st Quarter 2010 average list price of $274,584.
The average number of days a property remained on the market for 1st Quarter was 139 days compared to 141 days for 1st Quarter 2010.
The median sold price of $215,000 for 1st Quarter has decreased 5.4% from 1st Quarter 2010.
Sold homes in 1st Quarter received 92.9% of the asking price, a decrease from 97.1% for 1st Quarter 2010.

28411 Zip Code
The average selling price of $278,268 has decreased 9.2% over 1st Quarter 2010 average selling price of $306,521.
36% of sellers in 1st Quarter paid a concession compared to 30% in 1st Quarter 2010.
The average list price of $297,313 for 1st Quarter has decreased 8.2% over the 1st Quarter 2010 average list price of $323,832.
The average number of days a property remained on the market for 1st Quarter was 129 days compared to 112 days for 1st Quarter 2010.
The median sold price of $208,950 for 1st Quarter has decreased 12.6% from 1st Quarter 2010.
Sold homes in 1st Quarter received 93.5% of the asking price, a decrease from 94.6% for 1st Quarter 2010.

28412 Zip Code
The average selling price of $181,470 has increased 1.3% over 1st Quarter 2010 average selling price of $179,143.
41% of sellers in 1st Quarter paid a concession compared to 27% in 1st Quarter 2010.
The average list price of $190,519 for 1st Quarter has increased 1.3% over the 1st Quarter 2010 average list price of $188,159.
The average number of days a property remained on the market for 1st Quarter was 130 days compared to 105 days for 1st Quarter 2010.
The median sold price of $159,000 for 1st Quarter has decreased 2.8% from 1st Quarter 2010.
Sold homes in 1st Quarter received 95.25% of the asking price, a increase from 95.21% for 1st Quarter 2010.

28451 Zip Code
The average selling price of $186,767 has decreased 13.8% from 1st Quarter 2010 average selling price of $216,782.
29% of sellers in 1st Quarter paid a concession compared to 25% in 1st Quarter 2010.
The average list price of $192,875 for 1st Quarter has decreased 13.0% over the 1st Quarter 2010 average list price of $221,802.
The average number of days a property remained on the market for 1st Quarter was 130 days compared to 116 days for 1st Quarter 2010.
The median sold price of $168,000 for 1st Quarter has decreased 10.0% from 1st Quarter 2010.
Sold homes in 1st Quarter received 96.8% of the asking price, a decrease from 97.7% for 1st Quarter 2010.

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