Average home selling prices surge in most area zip codes

By J. Elias O'Neal

A prospective seller with a residence in the 28412 zip code has a better chance of selling their home faster than the rest of the Wilmington region and fetching their asking price, according to data released Monday by the Wilmington Regional Association of Realtors (WRAR).

The average selling price for a home in the 28412 zip code, which includes much of south Wilmington, Pine Valley, Echo Farms and Beau Rivage neighborhoods, increased from $176,084 at year-end 2012 to $210,184 during the third quarter of 2013 – a 19.4 percent increase, according to a report released by the realty organization.

The quarterly WRAR report highlights the average selling price, days on the market and list and median prices for the 10 major zip codes in the region: 28403, 28405, 28409, 28411, 28412, 28451, 28480, 28428, 28449 and 28443. The report also examines the percentage of seller concessions and list to sales price ratios in each zip code.  

Last quarter, the average list price for a home in the 28412 zip code was $213,882 – a 17.3 percent increase over $182,304 from year-end 2012 – the best in all of the zip codes, according to the report.

The average number of days a 28412 residence remained on the market also outperformed other regional zip codes, with the average home selling within 82 days during the third quarter of 2013 – 32 days less than an average residence listed for sale in the region.

Overall, the average sales price for third quarter 2013 throughout the 10 zip codes was $259,246. That’s up 5.5 percent from $245,825 posted in year-end 2012, according to the report. 

The list to sales price ratio – the difference between the list price and the selling price – also improved throughout the region, growing to 96.74 percent during the third quarter of 2013 over 95.25 percent recorded at year-end 2012, the report stated.

Other top performing zip codes included the Myrtle Grove area, or the 28409 zip code region, where the average selling price increased 17.5 percent from $254,193 in year-end 2012 to $298,753 during the third quarter of 2013, according to the report.

The Landfall and Mayfaire area in the 28405 zip code, which is experiencing an uptick in new single-family residential construction, saw its average selling price jump 14.4 percent from $255,129 in year-end 2012 to $291,898 during the third quarter of 2013.

But despite the spike in average selling prices for a residence on the mainland, some beach communities did not experience robust pricing growth.

Kure Beach and the surrounding 28449 zip code saw its average selling price plummet 15.5 percent from $345,291 in year-end 2012 to $291,612 during the third quarter of 2013.

The 28480 zip code, which includes Wrightsville Beach, also experienced a slight decrease in its average selling price – falling from $751,320 in year-end 2012 to $745,550 during the third quarter of 2013, according to the report.

Carolina Beach was the only beach community in the report to see its average selling price increase. Houses for sell there rose 3.7 percent from $265,146 at year-end 2012 to $274,869 during the third quarter of 2013.