Greetings AND Welcome to the 2009 Review;
As you may have heard, real estate was down this past year. But there are some clear signs that locally, we may have hit bottom in 2009 and this coming year will be much better. I've compiled some data on sales, prices, and inventory, and compared those figures with the past decade.
The year at a glance:
—Home sales fell by 12% from 08 - 09, which was bad, but it was better than last year, when sales fell 28% from 07 - 08. In some areas, home sales surprisingly increased. In Carolina Beach, home sales increased by 24% from 08 - 09. In some areas of Wilmington, the number of sales fell by over 25%.
—The only price range that increased in sales was the under $200k range. Homes in that price range have shown a steady increase over the past several years.
—Average prices fell 10%. The hardest hit areas were Carolina and Kure Beach, which saw a decrease of around 20%.
—Inventory is falling. In every category except for under $100k, there are fewer homes for sale than this time last year.
Consider the following:
—The current inventory of homes for sale in New Hanover County is at the lowest level in several years.
—The last four months of 2009 saw home sales increase from the same period 2008.
—The average selling price per square foot is at its lowest level since 2004.
Low inventory + low prices + increase sales will begin to lead to price stabilization and eventually prices will begin to go up!
Random numbers of a somewhat intriguing nature:
The biggest, the smallest, the priciest, the cheapest, the oldest, and much more,
go here to find the extremes of what sold in NH County in 2009
Click on the links at left to navigate the 2009 Year in Review