April figures better than March

By Wayne Faulkner
Business Editor

Published: Wednesday, May 14, 2008

Wilmington-area home sales rose in April from March levels, but remained much lower than in April 2007, according to data from the Wilmington Regional Association of Realtors.

Sales of single-family homes -- defined as houses, townhouses and condominiums -- rose to 415 in April from 399 in March, but were down 29.5 percent from the 589 homes closed in April 2007.

But that represented a year-over-year improvement from March, when sales were down 39.5 percent compared with a year earlier.

The sales are for homes that closed in the period. Contracts on those homes might have been signed one to two months or more before closing, and therefore represent buying activity in early spring or late winter.

Additionally, the Wilmington-area multiple listing service -- which covers New Hanover, Pender and parts of Brunswick and other area counties -- includes new construction housing in its figures. The national Realtor data includes only resales.

Real estate agents say they have seen a pickup in the local market, with more buyers out looking. That anecdotal view has not yet been clearly borne out in the monthly statistics. In a typical year, sales would be expected to climb from their holiday and winter lows as the weather warms and general business activity picks up.

But the narrowing in the year-over-year gap could point to a bottoming out or a turnaround in the Wilmington-area housing market. Those statistics have waffled, though, with February sales down only 22.7 percent from a year earlier.

The median price of homes closed in April was the same as in March -- $200,000. The price, however, was down 7.6 percent from $216,500 in April 2007, according to the local Realtors’ data. Median means that half the homes sold for more and half for less.

The average price of homes closed in April was $246,296, up 4.5 percent from March’s $235,661 but down 14.2 percent from the $287,186 average in April 2007.

The median and average prices are for homes sold and closed and do not necessarily reflect the value of all homes. They are seen, though, as an indicator of the market’s direction.

Wayne Faulkner: 343-2329

wayne.faulkner@starnewsonline.com

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