Whether you’ve been watching the Wilmington real estate market closely to determine the best time to sell your home or you’re just a casual observer, you may be wondering just how our market is shaping up this year. Below we’ll share a few insights about how the Wilmington market has performed in the first six months of 2014, and what we can expect as we move into the autumn and winter.
Prices Indicate the Wilmington Market is Healthy
One of the best indicators of market health is the median sales price, and in this regard the situation in Wilmington is looking very good. From January through June 2014, the median sales price was about $192,000, reflecting an increase of 7.56 percent over the same period in 2013. If this median price holds (or gets better) through the end of 2014, it will represent the best year Wilmington real estate has seen since 2008.
If you’re a homeowner and you’re considering a sale, now might be the right time to get things moving. Contact the Keith Beatty Team offices at (910) 509-1924 and we’ll share how you can get your listing up quickly to take advantage of the peak summer season.
Total Sales Saw a Slight Decline
Although median prices are up the total number of property transactions actually declined a bit, dropping about 1.1 percent when comparing the first half of 2014 against that of 2013. This was somewhat expected as 2013 saw the highest number of real estate sales in the Wilmington area since 2007. As the local real estate market is quite healthy this decline shouldn’t get any worse, and if the summer season holds up we may see sales rebound into positive territory to close out 2014.
New Listings Numbers Indicate Market Diversity
New property listings saw growth of about 3.5 percent in the first half of 2014, rising from 5,424 to 5,618. This reflects the superb amount of diversity in the Wilmington real estate market, allowing buyers the chance to browse through a variety of homes in order to find that perfect fit. The amount of new listings has increased in each of the past few years, so if the trend holds you can expect to see even more properties on the market in the second half of 2014.
Home Sellers: You’ll Need a Solid Marketing Plan
If you’re thinking about upgrading your home or it’s time to sell and move on from the Wilmington area, you’re going to need professional real estate marketing to ensure your home sells in a timely manner. With a median of 129 days on the market – more than four months – selling your home can be incredibly challenging without professional help.
The Keith Beatty Team is here to assist you with every aspect of your sale, from determining your listing price to handling the closing paperwork. Contact us today to learn how we can help make your Wilmington real estate transaction quick and painless.