Realtor.com has released new data on real estate market trends happening around the country. The report has found that inventory on the national level has declined by 21% compared to last November. In addition, the median age of inventory went down 3.4% compared to a year ago.? Median list prices are up by 4% nationally on a year-to-year comparison. How did our region fare?
In the Wilmington, NC area, the average list price of a home was $239,988 in November,?a 4.34% increase from November 2010; while the number of homes actively for sale in Wilmington dropped nearly 21%.
Our close neighbor, Raleigh-Durham-Chapel Hill, also saw an increase in list prices (3.8%) with a 21.36% drop in inventory. Fayetteville didn’t see the same numbers, but did have a slight 1.53% increase in price with a 7.66% drop in inventory.
This data suggests that there is rising optimism among sellers who are looking toward 2012. Our hope is that these numbers will continue to go in the right direction and give our local Real Estate companies and builders the momentum they need to have a bright 2012 year.