As real estate agents, we want to be as accurate in our market assessments as possible.
Many clients know that the market fluctuates but studying trends and predicting future growth can be confusing. Having a solid understanding of where we are now can help. By looking at the last three years of data, we can provide a snapshot of where we stand today.
Days on Market
Days on market have continued to drop to just under 40 days on average. This number is normally calculated by taking the last 30 to 60 days of sold listings, adding together the number of days on the market for each listing before it moved to pending status and dividing by the total number of listings.
The following graph shows the average days on market for the past three years. In the Wilmington area, there continues to be fewer available homes to sell and the prices of homes have risen with a huge buyer demand. In a nutshell, there are more buyers than the current inventory.
Homes overall are selling for less than two percent of the asking price when priced appropriately. But what do we mean by priced appropriately
Many clients get stars in their eyes when it comes to pricing their home. They are understandably proud of the updates they have made to the home and feel they should be able to get more money for this house they love than the other homes in the area.
It is important to work with your real estate agent to determine an appropriate price that reflects its current market value and fits in with comparable homes in the area. If you can determine a price that makes your house attractive to buyers and yet satisfies your financial expectations, you will have a house that sells quickly.
Current Hot Spot
Right now, we are seeing an influx of clients coming from other parts of the country. This is due to many reasons, such as retirement and the strengthening trend of telecommuting for work.
The question is, what will this do to our market?
As our closed sales continue to rise, the answer may be – it’s very good!
New construction is ripe for the picking, with new homes being built in all areas, and I don't see that slowing down anytime soon. Our market may miss out on the more affordable price points, such as the sub $200,000, but we do see more and more projects pushing to the outskirts of Wilmington. With the new bypass and land opportunities available, there is certainly an opportunity to grow.
With all the wonderful things to do in the Wilmington area as a whole, our market is becoming a true hot spot for many!
With a mortgage background stretching over the course of eight years and several years of experience in the Real Estate industry, Tyson Emery has proven that he gets the job done. His Real Estate career has allowed him the privilege to work with several clients, which has consistently landed him in the top one percent every year. As an owner along with Kirk Pugh and Becky Brown, KBT Realty has continued to grow by providing an environment to agents that concentrates on training and personal growth. Their philosophy is to figure out what you are good at and help you become great.