January 2011 MLS Report

January 2011 MLS Report


Our average sales price has dropped 17% from December 2010. The evaporation of the high-end market has greatly affected our average monthly sold price which for the first time dipped under $200,000 in a long while. Our current monthly average sold price is $194,425 for the month of January.



• Average Sales Price -17% from December 2010

• Sold Units -31% from December 2010

• Listing Inventory +71 Units (4718 Actively listed for sale as of February 1)



This continues to put us in a strong buyer’s market with a listing inventory of just over a 17.8 month supply.



• Average List Price Under $350,000 (Down $39,939 from last month)

• Average Days on Market 132



Monthly Average Sold Price



• Average sold price is - 17% from last month

• Year over year -15.9%



Monthly Sold Units



• Year over year +68



Average Sold Price Year to Date

Year over year our year to date numbers have dipped a little.

2003 year end average sale price $ 186,137

2004 year end average sale price $ 210,048

2005 year end average sale price $ 254,080

2006 year end average sale price $ 264,498

2007 year end average sale price $ 273,408

2008 year end average sale price $256,498

2009 year end average sale price $234,379

2010 year to date average sale price $231,141



Rolling 12 months

Our rolling 12 months gives us a better look at our production. It helps to smooth out a month that jumps up and down. When we look at February 1st, 2010 to January 31st, 2011 we have 4,526 sold units and when we compare the year prior February 1st, 2009 to January 31st, 2010 we have a 87 unit gain (4,439 sold units). When we look at the same rolling 12 months for average sold price we see that we are only down by 2.0%. So the dates of 2/1/2010 to 1/31/2011 we have an average sold price of $229,930 while from 2/1/2009 to 1/31/2010 we had an average sold price $233,436.

Median Sold Price

Our Median sold price decreased this month by 12.5% from last month. Our national numbers lag by one month. Our median sales price continues its jagged path – up then down then up and now down. I am hoping that our January dip in median sold price is a onetime event. I am hoping we can see the national median sales price reverse its downward trend as well as WRAR’s.

Pending

Pending Sales – A sale is listed as pending when the contract has been signed but the transaction has not yet closed. Sales are typically finalized within one to two months from signing. With the new sales contract I am also counting Active Due Diligence and pending contracts. I look at the total pending units on a regular basis and this is how they chart out. Our pending index is dropping to our winter lows. In December we bottomed out about 575 units, we have since rebounded and have over 663 units that are pending – this is a 15% increase since the end of 2010. With the new contract in place this is a good start to 2011.

Market Absorption rate – The number of homes sold in January, 265 divided by the current listing inventory, 4,718 gives us a 17.8 month supply of single family homes. This increased by 5 months from last month. We need to get this inventory back under 12 months supply. With a large inventory and the low sales in January this affects our market absorption.

List to Sold price ratio – the average list price of the sold properties is $206,188 and the average sold price is $194,425 for January which gives us a 94.4% list to sold price ratio – a good increase from last month. We have now managed to stay under 95% for over a year and several months.

Days on Market – The average days on market for the sold properties is now at 132 for January. That is about 4.5 months to keep a property on the market. Only 11.3% of the properties were placed under contract in less than 15 days for the month of January.

Carolina & Kure Beach

There are currently 387 single family homes for sale and this represents little change from January 1, 2011 and 8.2% of our total WRAR inventory. The average list price is $390,006 and decrease of about $12,624 from January. In January there were 21 homes sold, divide that by the homes available and you have an 18.4 monthly supply of homes in Carolina and Kure Beach. The average sold price for the month of January was $230,953 and is down $37,893 from last month. When we look at a rolling 12 months for Carolina & Kure Beach we are up by 61 units and our sold prices are down 7.1% from the previous rolling 12 months.

This data was pulled on February 12, 2011, based on information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through January 31, 2011.