Monday Market Update - February 14, 2011
Happy Valentine's Day! It's starting to feel a lot like Spring and I'm SOOO excited.
A lot going on in the real estate industry. Mortgage bond prices fell last week which resulted in interest rates ticking up a bit. They are still around 5% and that is great but I think the days of the 4% rate is behind us. I'm cautiously optimistic that rates won't skyrocket anytime in the near future but it's something we'll keep an eye on closely.
The average sold price for homes in January was $194,425. This is the first time in a LONG time that this number has dropped below $200,000. I think this is mostly because of the slower sales month we had in December and the fact that the high end market was REALLY slow over the holidays. Only 1 home sold in January over $700,000. That dramatically changes the average sales price. We've definitely seen an increase in activity and I think you'll see the numbers in February reflect that.
It is still a strong buyers market and it's more important than ever that sellers price their home compellingly to attract potential buyers. The foreclosures and short sales in our market continue to drive the prices down but I hope to see that level off this year. As I've said for months, it's never been a better time to be a buyer in this market.
If you have any questions or comments, please give us a call. We're here to help any way we can.
Have a great week!
Melanie Cameron, Broker 910.233.2840
Susan Harkins, Buyer Specialist, 910.431.2362
Gina Martin, Buyer Specialist, 910.619.1987
Alexa Winstead, Marketing/Closing Coordinator 910.202.2547
Diligently working to exceed real estate expectations in Wilmington, NC and surrounding areas including Ogden, Porters Neck, Wrightsville Beach, Carolina Beach, Castle Hayne, Leland, Burgaw, Rocky Point, and Hampstead.
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