Monday Market Update - October 11, 2010

Happy Monday! I hope you were able to get out and enjoy this beautiful weather. It’s a beautiful time of year.

Well, the numbers for September are in and it was a tough month. We saw a decrease of 176 homes in our listing inventory. We currently have 5,391 single family homes on the market as of October 1st. This continues to put us in a strong buyers market with a 14.2 month supply of homes. Our average list price remains below $400,000 and is currently at $365,898 and the average days on the market are 134. The list to sale price ratio is down .6% from last month and is currently at 93%. Our list to sale price ratio has now been under 95% for an entire year.

Our monthly average sold price is down 4.9% ($11,662) from last month and down 14.2% ($37,141) from September 2009. The average sold price for September was $224,539. Last month, there were 378 sold units.

While our current year to date numbers are lower than Year End 2009 they do show promising signs that our sales are on the upswing. The first nine months of 2010 has a 345 sold unit gain over the first nine months of 2009. The average sales price is down 3.3% for the first nine months of 2010 compared to the first nine months of 2009. Our average sold price year to date is at $228,535.

The 30 year fixed-rate mortgage averaged 4.27% last month. Interest rates are incredibly low and there’s never been a better time to be a buyer. To put it bluntly, MONEY IS CHEAP! I’ve never seen a better opportunity for buyers in my 16 years in this business. If you own your home and are not interested in selling, consider refinancing. If you need help or have questions about any of this, just give us a call. We’re glad to talk it over with you.

Have a great week and remember The Cameron Team for all your real estate needs!

The Cameron Team

Melanie Cameron, Broker 910.233.2840

Susan Harkins, Buyer Specialist, 910.431.2362

Michelle Roberts, Buyer Specialist, 910-431-5686

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 and Hampstead.