A recent study was just released by the FEDERAL HOUSING FINANCE AGENCY (FHFA) detailing the property value trends across the country titled "Record Home Price Declines in Fourth Quarter; Isolated Pockets of Strength". We all know the reality that our market has been slow and values have dropped but this study offers some very positive news for our region and helps put our market into the national perspective. I have been saying for a while that we are fortunate to be working and living in this market due to it's attractive geographic location and economic potential. We should feel the up-tick before the majority of the country due to this. I think the numbers help support this.

This study is thru the end of 2008. Here are some of the general findings:
Purchase-only Index:
1. Prices fell over the last four quarters in 44 states and Washington, D.C.
2. Four-quarter price declines exceeded five percent in 22 states and were in excess
of 10 percent in eight states.
3. All nine Census Divisions experienced price declines in the latest quarter. Prices
were weakest in the Pacific Census Division, which experienced a 7.1 percent
seasonally-adjusted price decline in the quarter and the West South Central
Division was strongest, with a seasonally-adjusted decline of 0.9 percent.

Here is what is positive to recognize here:
The NC market may have lost on an average of 3.66% in value of the past year but the US in general lost 8.27%. We are still ahead by 21+% for a 5 year period verses 12+5 across the US. This ranks us in the top half of the nation on a yearly loss basis but if ranked by the 5 year we would be at 19! What's important to note is that the majority of states that are above us and have lower losses are predominantly A) rural in nature thus having had lower appreciation (demand) over the past years and B) generally not considered as competitors for the burgeoning retirement and second home markets a lot of our real estate caters too. Of the more densely populated states that out rank us, they are located in northern climates; not many generally want to retire or relocate to a colder climate!

If you would like to buy or sell Wilmington, NC real estate, contact Sandy and Steve Thornton for all your home buying and selling needs. Specializing in Wilmington, Leland, Hampstead, Sneads Ferry, Jacksonville, Topsail Island including Surf City, Topsail Beach, North Topsail Beach, Beach and waterfront properties covering New Hanover County, Pender County, Brunswick County and Onslow County areas.