Home sales in the Wilmington, North Carolina area are still showing a rapid decline from last month’s reports. The Wilmington Regional Association of Realtors in North Carolina states: “Wilmington Home sales totaled 365 in September, down from 418 in August and 433 in September 2007… The slowest September since 2002… and down by more than half from the September, 2005. Declines were 15% y/o/y… Average days… on the market jumped to 114 days in September from 85 in September 2007. The average price of homes sold fell to $235,068 in September from $271,598 in August and $272,828 in September 2007.” (Star News Online, Oct. 16)
Many expectations for local seller profits to northeast transfers are devastating. The profit margins are decreasing while the “baby boomers of the northeast like New York, New Jersey, and Connecticut are really benefiting from this “buyers” market that we are seeing on a national basis. Not only are buyers from all areas benefiting from price drops in the $300’s to $600 ranges but also the UNCW students are showing an interest of opportunity cost due to rent versus owning their own home. Wilmington is full of small ranch style home that are available for a competitive price when comparing the expense of rent, which is why many condominiums and apartments that normally fill occupancy from students at Cape Fear Community College and UNCW are also dropping their prices.
The upside of course is that if you are a “home buyer” in this market then you have been given the advantage if approved by mortgage lenders. Many financial advisors are advising to lock in low rates with local banks to help achieve status of approval.
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