Good afternoon and Happy Father's day!
I thought you might like to be updated periodically about the market conditions in Wilmington. A business associate, David Flory over at Cunningham & Company provided us with the following statistics
"The number of sold homes in May is up 14.7% from last month. Our monthly average sold price is up 15.4% from last month. We have reversed our last three months trend of sold prices in the $230,000 to $240,000 range, notice the dip in the chart for 2008. The last couple of years we have seen a steady monthly average sales price, look at the chart and you can see our brief decline for 2008 in the average sales price with the increase in May."
"From what I have seen for May – our numbers were HOT! An increase in average sales price of 15% over last month and an increase in sold units of 14.7% from last month. Our year over year is ahead by only $1,878 or .07%. I could not agree any stronger that now is the best time to buy. It is a real Buyers Market. We have a few plus factors – Our listing inventory grows as anticipated and the average list price has remained stable. Our absorption rate has 12.2 months of housing supply, but it is going down and actually went down 2 months worth. The amount of sellers paying concessions is 22.1%, we want this number going down and it did go down from last month. Then I look at the factors that are slowing us down. Our average days on the market are 112 days which is typical for a buyers market it went up by 2 days over last month. Our sold units over last year same month is down by 25.2%. One area I continue to look at is the Pending Inventory, and based on the current numbers I think we will see June’s sold numbers about the same as May’s sold units."
This data was pulled on June 11, 2008. Based on information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through May 31, 2008.
Source: David Flory, Cunningham & Company Mortgage Bankers
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