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