Porters Neck Real Market Report

Posted by Buddy Blake on Tuesday, October 25, 2016 at 8:44 PM By Buddy Blake / October 25, 2016 Comment

Let's Take a Look....

at the real estate market. Currently there are 12 sales pending in the market overall, leaving 34 listings still for sale. The resulting pending ratio is 26.1% (12 divided by 46). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!

The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.

"Current inventory is described as mildly active."

Taking a closer look, we notice that the $300K - $400K price range of Wilmington homes has a relatively large number of contracts pending sale. We also notice that the $400K - $500K. We also notice that the $400K - $500K price range has a relatively large inventory of properties for sale at 11 listings. The median list price (or asking price) for all properties in this market is $532,000. price range has a relatively large inventory of properties for sale at 11 listings. The median list price (or asking price) for all properties in this market is $532,000.

A total of 31 contracts have closed in the last 6 months with a median sold price of $470,000. Breaking it down, we notice that the $400K - $500K price range contains the highest number of sold listings.

Alternatively, a total of 27 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $400K - $500K price range has the highest number of off-market listings at 11 properties.