Although residential real estate industry professionals hoped that home sale prices had hit bottom last year, prices continue to fall with no sign of recovery in sight.

“In my mind, we’re sitting in a lake with a sailboat and we’re not going anywhere. We can see the shore, but there’s no wind blowing. There’s nothing leading us in a direction,” said David Flory, Wilmington mortgage consultant with Cunningham and Company Mortgage Bankers, who writes a monthly newsletter that compiles local real estate data from various reports.

Home sales prices continue to drop, while the number of days homes are on the market is the highest it’s ever been here. Also, the number of units sold is slightly down from this time last year. Meanwhile, a flood of potential foreclosures further threatens home sales prices.

According to the latest data from the Wilmington Regional Association of Realtors, the average home sales price from January to May this year is $213,629. This time last year the average home sales price was $223,669. Year over year, prices have continued to fall since the peak in 2007, when the January to May average home sales price was $268,675.

One indicator for home sales prices is how many months it would take to sell current inventory at the current sales rate, said Jim Wallace, CEO of Intracoastal Realty. For example, one to four months’ supply equals good appreciation, five to nine months’ supply equals modest appreciation and double digit supply results in falling prices. “We currently have a 15-month supply in all of New Hanover County when you take in consideration all listings,”  Wallace said.

Similarly, the average number of days listings were on the market before they were sold has increased from 130 last year to 143 days from January to May this year.

Although the total number of  units sold is down from last year, the difference is relatively small given the first time homebuyer’s tax credit that was available through April last year. Total units sold so far this year are 1,748. At this time last year, the total units sold was 1,861, a difference of 113 units.

The number of new listings  entering the multiple listing service has dropped from last year, which could eventually help stabilize home prices. The number of new listings last month was 783 compared to 846 new listings in May 2010 and 887 in May 2009.

National real estate expert Steve Harney is keeping an eye out for a flood of foreclosed properties entering the market, which would cause home prices to plummet. The reason why these properties have not entered the market yet is because many of them are tied up in litigation, he said.

“We expect foreclosure properties  to increase over the next 12 months, thus it could put additional pressure on pricing.” said Tim Milam, owner/broker of Coldwell Banker Sea Coast Realty.

According to the North Carolina Administrative Office of the Courts, foreclosures in New Hanover County rose by 160 percent from 720 foreclosures in 2007 to 1,881 in 2010. At the end of last month, New Hanover County had 1,777 foreclosures year-to-date.

The number of foreclosures in Brunswick County rose by 245 percent over the same time period. There were 491 foreclosures in that county in 2007 and 1,693 in 2010. In Brunswick County last month there were 1,577 foreclosures. Foreclosures also have grown steadily in Pender County from 239 in 2007 to 571 last May. This year, it has dipped to 499 foreclosures, as of May 2011.

Some interesting trends in local sub-markets aren’t evident in the general data.

Through last month, the number of sales of Wrightsville Beach homes was 28 compared to 20 sales last year, Wallace said. However, the average sales price at Wrightsville Beach has dipped from $848,200 in 2010 to $764,386 this year.

The Camp Lejeune Marine Corps base in Jacksonville has continued to fuel new homes sales, Milam said. “Pressure on pricing of re-sale homes is a factor because the developers/builders have adapted very well to the market and are capturing a high rate of the buyers with their new homes and communities,” he said.

Meanwhile, foreclosures remain low because many Marines will lease their homes if they move away and the rental market is strong there, he said.