What the June Wilmington Market Means for You

Want to sell your Wilmington Home? Get a FREE home value report

Want to buy an Wilmington Home? Search all homes for sale

I wanted to give you a quick update on the state of the Wilmington market, it being the middle of the summer with things heating up.

Spring was a great, busy season and summer has seen no change. Compared to last June, we sold 15% more properties this June. The average sales price rose about 3% in that same period. Median home sale price (half sold above this price, half sold below) rose $6,500 year over year as well.

It's a good indicator of where prices are going and where sellers are really able to increase the sales price of a home.

Days on market is dropping as well, and that's a good thing. Last year the average days a home spent on the market was 104 days, and this year that number sped up to 96 days, or just over three months. That right there tells you that homes are selling very quickly.

“

Looking at this year compared to last, it's a great time to sell.

”

The caveat to this is that the higher the price point you get into, the higher the average number of days a home spends on the market. Homes priced $300,000 and less are not sitting on the market for long; we're seeing multiple offers, sometimes within a week. Things are really moving in that price range.

Compared to last year when we saw 1,010 listings, this year we saw 1,034. A few more properties have been listed - historically this is a busier time of the year. In short, it's still a great time to be selling a home.

If you've been thinking about buying or selling a home, your time may be running out. Give me a call for a free consultation and let's talk about achieving your goals soon.

Is It Too Late to Sell Your Wilmington Home?

Want to sell your Wilmington Home? Get a FREE home value report

Want to buy an Wilmington Home? Search all homes for sale

As we start heading into late fall and early winter, many sellers ask, "Is this a good time to sell? Or should we wait until January?" Actually, now is a great time to sell.

First, there is less competition this time of year. The common idea is that it's better to sell during the spring. While there are many buyers out in the spring, there are also more homes on the market. With less competition, you can usually hold your sales price higher than you could in the spring.

Secondly, prospective buyers in the spring are seriously motivated. They don't have as much time to wait and think about things. These highly-motivated buyers lead to more successful sales in the fall and winter.

Don't believe the people who say that the market stops during colder months. We sell homes all year. If you have any questions, give us a call or send us an email. We would be happy to help you!

Wilmington Real Estate Market Update

Want to sell your Wilmington Home? Get a FREE home value report

Want to buy an Wilmington Home? Search all homes for sale

A lot of people have been wanting to know whether we're in a buyer's market or a seller's market, and the answer to this question can be determined by how much supply you have in a given market. When there are more homes in a market, the buyers have the advantage, and when there are less homes, sellers have the advantage. 

In our area, it depends on the price range you're looking at to determine if you're in a buyer's or seller's market. If your home's value falls under $300K, then you're going to find 5 months of inventory, and that will put you in a seller's market.

Above $300K is a market that's really favoring the buyers because there is a 10-month supply of homes. This means that buyers will have a much stronger negotiating position. This factor, along with low interest rates, will allow a lot of buyers to purchase homes this year. If you have good credit, you shouldn't have too much trouble getting a home loan. 

I also want you to know that some zip codes in our area are seeing significant increase in home prices, such as the 28409 area (8% increase in a year). Overall, home prices aren't going through the roof, but this year will be a great one to sell a home. We expect a lot of first-time buyers to come out because homes are so affordable right now.

If you're interested in buying or selling a home in Wilmington, please don't hesitate to contact me!