Housing Market Report - September 2017
Every housing market is unique, however the national opinion is that housing markets are stalling even though buyers and showings are still high because there remains a housing shortage. Mortgage rates are still low and buyer-friendly but housing prices have reached unaffordable levels for a lot of home buyers. To compound the problem, existing homeowners are less interested in moving.
Median Sales Price of Wilmington Area single family homes increased 9.8% to $268,906 and 15.8% to $176,000 for Condos/Townhomes. Days on Market (DOM) decreased 14.1% for Single Family homes and 5.3% for Condos/Townhomes. The condo/Townhome segment had the highest price gains. Monthly Inventory Supply was down 20.7% for Single-Family homes and 27.1% for Condos/Townhomes. The housing group that sold the fatsest at 76 days were homes under $150,000.
New Listings were up 6.3% for Single-Family homes but down 11% for Condos/Townhomes. Pending Sales were up 16.7% for Single-Family homes and 5.7% for Condos/Townhomes. Inventory was down 13.5% for Single-Family homes and 15.2% for Condos/Townhomes.
+23.9% | Price Range with the Strongest Sales | $450,001 or More
+28.6% | Bedroom Count with Strongest Sales | 1 Bedroom or Fewer
+15.4% | Property Type with Strongest Sales | Condo/Townhome
+3.8% | Year Over Year Change in Closed Sales
+6.9% | Year Over Year Change in Median Sales Price
-14.8% | Year Over Year Change in Homes for Sale
Number of properties that are newly listed in a given month
The number of actual sales in a given month
Days on Market Until Sale
How long a home for sale has been on the market
Median Sales Price
Exactly half the homes sold are above this price and exactly half are below.
Inventory of Homes for Sale
The number of available homes for sale at the end of the most recent month
Months Supply of Inventory
The number of months it would take for all the current homes for sale on the market to sell. Foe example, if there are 100 homes on the market and 20 homes sell each month, there is a 5 month supply of homes for sale.
Typically, a market that favors Sellers has less than 6 months of supply , and more than 6 months of supply favors the Buyer.
|Key Metrics||Sep-16||Sep-17||% Change||YTD 2016||YTD 2017||% Change|
|Days on Market Until Sale||88||77||-12.5%||97||88||-9.3%|
|Median Sales Price||$225,000||$240.500||6.9%||$218,500||$233,670||6.9%|
|Average Sales Price||$259,692||$293,205||12.9%||$261,598||$283,088||8.2%|
|Percent of List Price Received||97.3%||97.1%||0.2%||96.9%||97.2||0.3%|
|Housing Affordability Index||131||119||-9.2%||135||122||-9.6%|
|Inventory of Homes for Sale||5064||4312||-14.8%||––||––||––|
|Months Supply of Inventory||5.9||4.5||-23.7%||––||––||––|