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Real Estate - Residential

Report: Average Home Prices Increased In 28405 Last Year

By J. Elias O'Neal, posted Jan 27, 2014

Homeowners selling their residences in the 28405 zip code fetched better listing prices in 2013 and were more likely to receive their asking price, according to data recently released by the Wilmington Regional Realtors Association (WRAR).
 
The average selling price for a home in the 28405 zip code, which includes the Landfall, Mayfaire, Kings Grant and Northchase neighborhoods, increased from $255,129 at year-end 2012 to $293,443 at year-end 2013 – a 15 percent increase, according to a report released by the realty organization.

The year-end WRAR report highlights the average selling price, days on the market and list and median prices for the 10 major zip codes in the region: 28403, 28405, 28409, 28411, 28412, 28451, 28480, 28428, 28449 and 28443. The report also examines the percentage of seller concessions and list-to-sales price ratios in each zip code.  

Last year, the average list price for a home in the 28405 zip code was $307,332, the best in all of the zip codes, according to the report. That was a 13 percent increase over $271,880 from year-end 2012. A home in a 28405 neighborhood also received 95.48 percent of its asking price in 2013 – up from 93.84 percent in 2012, the report stated.

Overall, the average listing price in 2013 throughout the 10 zip codes was $265,246. That was up 2.9 percent from $257,982 posted in year-end 2012, according to the report. 

The list-to-sales price ratio – the difference between the list price and the selling price – also improved throughout the region, growing to 96.41 percent in 2013 over 95.26 percent recorded at year-end 2012, the report stated.

Other top performing zip codes included the Masonboro area, or the 28409 zip code region, where the average selling price increased 11.8 percent from $254,193 in year-end 2012 to $284,192 in 2013, according to the report.
 
The Myrtle Grove and Monkey Junction area in the 28412 zip code, which is experiencing a surge in new single-family residential construction, saw its average selling price increase 9.5 percent to $192,753 in 2013 versus $176,084 in year-end 2012.
 
Beach communities saw mixed pricing growth in 2013.

Kure Beach and the surrounding 28449 zip code was the only beach community to see its average selling price increase, according to the report. The average sell price for a home rose 6.5 to $367,716 last year – up from $345,291 in year-end 2012.

The 28480 zip code, which includes Wrightsville Beach, experienced a slight decrease in its average selling price – falling to $727,210 in 2013 compared to $751,320 in 2012, according to the report.

Carolina Beach and the surrounding 28428 zip code also experienced a slight 1.7 decrease. The average price for a home in 2013 was $260,637 compared with $265,146 in year-end 2012.

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