Wilmington NC Real Estate Information on Wilmington NC
The Real Estate Market in Wilmington NC is on Fire!
Within the last 6 months, we have seen over 1,500 homes sell in the city of Wilmington NC. The median sold price of those sold properties was just a little over $260.000. The price range between $200K and $300K has seen the highest number of sold homes.
Although the real estate market in Wilmington is strong, we still have had some properties that were listed, but did not sell. A total of 626 homes were listed and either were pulled from the Wilmington MLS or expired without a sale. All in all, we have a very good sales rate of properties that get listed, that do ultimately result in a sale.
One powerful measurement of the market is the DOM or the Days on Market – which reflects how long a home was on the market before it was put under contract. Currently the homes for sale in Wilmington that did get an accepted offer – took 98 days — so the DOM was 98.
When we look a little closer at the homes in Wilmington that have sold within the last 30 days – we see a substantial decrease in the DOM – down to 42 days. This shows that the real estate market is steadily increasing.
More Wilmington Stats
Some additional real estate statistics that are not as well known outside of the industry are Absorption Rate and List to Sell Ratio.
Absorption Rate: Absorption Rate looks at the level of inventory and the time that inventory takes to sell. Using those calculations, we can look at this important real estate stat. If no new listings were to hit the market, how long would it take to sell through the existing active homes for sale? For Wilmington – that is 3.6 months. Which is outstanding.
List to Sell Ratio: List to Sell Ratio is pretty much what is sounds like. Many people look to the price of the Active homes for sale to see what a property is worth. Its important to understand that most homes do not sell for the list price. The List to Sell Ratio shows what percentage of the list price, the home actually sold for. Nation-wide, that number is about 93%. In Wilmington NC – that is 97.8% which is once again…outstanding.